Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Climate Change Adaptation: Health, Distribution and Poverty Location: B003 Session Chair: Olivier Bargain, University of Bordeaux | |
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Gone With the Wind? Climate Shocks, Insurance Demand and Well-Being University of Bordeaux, France Natural disasters are becoming more frequent and more intense, presenting new challenges for climate insurance. To better understand insurance take-up, the literature focuses on experimental evidence and the short-run impact of actual disasters. By contrast, we explore the medium-run consequences of a natural disaster. We use an original survey of Swedish forest owners interviewed three years after Gudrun, the ‘storm of the century’, which caused extensive damage to southern Swedish forests in January 2005. We first document the timing of insurance take-up in response to past hurricanes, then focus on the response to Gudrun. We exploit the quasi-random spatial nature of the storm while conditioning on owners’ and forests’ characteristics observed through satellite imagery. Our empirical analysis provides evidence of a persistent effect of actual damages on insurance demand. This is consistent with a long-term impact on subjective well-being, possibly due to capital destruction, non-pecuniary losses, and fear. This welfare impact is partly mitigated by owners’ insurance coverage. | |