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Disaster Insurance Reimagined: Protection in a Time of Increasing Risk

Autor Paula Jarzabkowski, Konstantinos Chalkias, Eugenia Cacciatori, Rebecca Bednarek
en Limba Engleză Hardback – aug 2023
This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Academic and offered as a free PDF download from OUP and selected open access locations.This book examines the growing role and importance of 'Protection Gap Entities' (PGEs), not-for-profit entities providing insurance protection that would otherwise be unavailable within a purely private sector context. Around the world, PGEs and the insurance instruments they use are becoming increasingly crucial in making sure that funds are available to rebuild after disasters. These PGEs, typically developed as collaborations between governments and the insurance industry, enable insurance to continue at a time when climate change, urbanization, global interdependence, and geo-political instability are making disaster insurance increasingly expensive or unavailable. Given their growing importance, understanding the role of PGEs in both insurance protection and their potential to create a more resilient society is critical. Disaster Insurance Reimagined uses practical examples from different countries to explain how PGEs step in to maintain disaster insurance and how their work can, but does not always, improve financial and physical resilience to disaster. Drawing on 5 years of research into 17 entities that provide insurance cover in 49 countries, the authors examine the strengths, limitations, and evolution of PGEs in providing disaster protection in the face of a growing insurance crisis. They provide an accessible discussion of disaster insurance, its complexities, and the transformation it needs to undergo in order to remain relevant and to contribute to meaningful disaster protection. PGEs and their work offer a path to re-imagining disaster insurance as a key tool in an ecosystem that has societal protection from disaster at its heart.
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Specificații

ISBN-13: 9780192865168
ISBN-10: 0192865161
Pagini: 176
Dimensiuni: 163 x 241 x 15 mm
Greutate: 0.43 kg
Editura: OUP OXFORD
Colecția OUP Oxford
Locul publicării:Oxford, United Kingdom

Recenzii

As the rising frequency, severity and variety of catastrophic loss events challenge the efficacy - and perhaps even the relevance - of the traditional insurance model, the authors identify and analyze a diverse set of promising but ad hoc collaborative programs for managing catastrophe risks. From this survey emerges a practical framework through which governments, the private sector, and impacted communities may constructively engage to develop holistic and sustainable solutions to some of today's most difficult-to-insure risks.
How can individuals, cities and societies insure against increasingly extreme disasters? Protection Gap Entities, as organizational innovations created between market and state, are an answer. This important and superbly clear book shows how PGEs aim to correct insurance market disequilibrium and to re-imagine insurability in a riskier world. Based on immersion in PGEs across the globe, the authors demonstrate the varied operational challenges they face as they try to save insurance from its own paradoxes. But this is much more than a book about insurance; its subject matter is urgent and existential. For this reason, it should be read widely by social scientists and policymakers
Who pays for our increasing global disasters? This brilliantly researched book highlights how this complex problem depends on a fine-tuned balancing of paradoxical tensions. Anyone that wants to make more transparent the hidden realities of disaster responses, financial markets and the paradoxical tensions that inform them must read this book
This timely book is essential reading for anybody with a stake in insurability at a time of intensifying natural disasters: from risk specialists to those interested in building resilient systems in the face of climate change, such as governments, development and humanitarian organizations. The way the authors discuss Protection Gap Entities (PGEs) via interlinked paradoxes is illuminating. Readers will learn to appreciate the fine balance on which insurance is built, encompassing questions of knowledge, responsibility, and market structure. I would use the authors' conceptual framework not only to discuss specialist topics around disaster insurability, but also to teach insurance fundamentals to diverse audiences, from technical experts to policymakers.
Many have observed the limitations of private insurance when it comes to financial protection from disasters. When people face disasters without insurance, harm and heartache multiplies. With this book, we finally have the tools to understand why those limitations exist and the critical role played by Protection Gap Entities (PGEs) when those limitations cannot be overcome by the private sector alone. This book is essential reading; not only for what it teaches us about the complex landscape of insurance today, but also for the ways it pushes us to think creatively about how to build more sustainable and humane forms of social protection in the future. A timely, stimulating, major contribution.
The frequency and intensity of weather extremes is increasing due to climate change. Most affected regions are well advised to establish new and strengthen already existing disaster risk pooling arrangements. The book provides strong evidence for the effectiveness of Protection Gap Entities (PGEs) in helping close the disaster loss gap, not least as they comprehensively convene risk owners and often incentivise prevention and preparedness. A must read for decision makers aiming to strengthen disaster resilience in a comprehensive and sustainable fashion
This book is essential and riveting reading for policymakers and risk professionals interested in how we build financial and physical resilience to disasters. It provides a ground-breaking exposition of the vital role public-private partnerships (Protection Gap Entities - PGEs) play in covering insurance protection gaps. It provides an insightful tour of developed and developing insurance markets confronting disasters from earthquake, flood, cyclone, and drought to terrorism. Based on an unprecedented multi-stakeholder dataset from 17 PGEs providing disaster insurance in 49 countries, Paula and her co-authors explain why PGEs are established, how they evolve, and imagine what future role they can play in enabling insurability in the face of escalating risk.
In face of extreme weather, terrorist attacks, seismological disasters, financial collapse, and other calamities, how can we do disaster insurance well? This timely and deeply researched book, based on hundreds of interviews and hours of fieldwork across multiple countries, provides essential learning lessons for academics and practitioners alike. An outstanding contribution to unveiling the complexities of the disaster insurance system, it also illuminates crucially how cross-sector collaborations can be leveraged to bring about economic stability and greater equity.
This book reimagines disaster insurance at times where the world is facing compounding crises that can further widen the protection gap. As the climate and disaster risk finance and insurance landscape is quickly evolving, especially in emerging markets and developing economies, this book provides the reader with the right tools to understand how protection gap entities can help governments, firms and households access disaster insurance solutions and reduce the protection gap.
Disaster Insurance Reimagined: Protection in a Time of Increasing Risk is a must-read book for all catastrophe insurance professionals and all others interested in the role insurance can play in dealing with the growing loss from both the rise in exposure and climate change. Clever and easy to read, this work provides framework, sets the issues at stake and makes explicit the underlying philosophy by which catastrophe insurance is provided in very different jurisdictions.

Notă biografică

Paula Jarzabkowski is a Professor of Strategic Management at the University of Queensland and City, University of London. Her research examines the practice of strategy and markets in complex, pluralistic, and paradoxical contexts and she is noted for her innovations in large-scale qualitative, ethnographic methods. She is the co-author of Making a Market for Acts of God (OUP 2015) and co-editor of The Oxford Handbook of Organizational Paradox (OUP 2017; paperback 2019).Konstantinos Chalkias is a Senior Lecturer in Management at Birkbeck, University of London. He studies strategizing within organizations and markets, and is also interested in interorganizational contexts that are described by paradoxical tensions. His research has been published in journals such as The British Journal of Management and Strategic Organization.Eugenia Cacciatori is Senior Lecturer in Management at Bayes Business School, City, University of London. Her research explores the organizational processes of innovation, with a focus on organizational solutions - particularly digital technologies - that allow diverse expertise to be brought to bear on complex problems within and across organizations. Her work has been published in journals including Journal of Management Studies and Organization Studies.Rebecca Bednarek is Associate Professor at Victoria University Wellington. She studies strategic tensions (or paradoxes) and strategizing practices and has explored these in the global reinsurance market as well as in the science sector; she is also an expert in qualitative methods. She is the co-author of Making a Market for Acts of God (OUP 2015).