Insurance models and climate risk assessments in a historical context
2016 (English)In: Financial History Review, ISSN 0968-5650, E-ISSN 1474-0052, Vol. 23, no 2, 219-243 p., doi:10.1017/s096856501600010XArticle in journal (Refereed) Published
Adaptation to the consequences of climate change has developed as a growing field of concern in the insurance business. However, climate related risks is not entirely a new field in insurance. Historically, a large number of insurance organizational choices and strategies have been used to mitigate the financial impacts of extreme events and uncertainties associated with climate change. Taking the case of forest in Sweden, this paper reviews the ways in which climate related risks such as storm/wind and fire risks have been assured. The study shows that climate related risks generally has increased over time and that major hazard events have been decisive for the strategy and organization choices. The 20th century development shows that corporate insurance coverage increased by higher anticipated risk, while self-insurance and public insurance was reduced. However, in more recent time the expansion of corporate insurance has stagnated. Raised premiums and tighten terms following historically extreme weather events has led government and forest owners to assume more climate risks.
Place, publisher, year, edition, pages
Cambridge: Cambridge Journals , 2016. Vol. 23, no 2, 219-243 p., doi:10.1017/s096856501600010X
insurance, forest fire, climate change, adaptation, forest
Research subject Economic History
IdentifiersURN: urn:nbn:se:umu:diva-124980DOI: 10.1017/S096856501600010XOAI: oai:DiVA.org:umu-124980DiVA: diva2:957151