Download This PaperInsurance
The Law of Adaptation to Climate Change, Chapter 14 (edited by Michael B. Gerrard and Katrina Fischer Kuh, American Bar Association, 2012)
32 Pages Posted: 20 Apr 2013
Date Written: 2012
Abstract
The United States' efforts to build resilience to climate change's impacts depend in part on harnessing the power of the insurance industry. Insurance provides essential capacity for communities both in the United States and worldwide to adapt to climate change's impacts. Not only does insurance coverage provide necessary risk management and funding to help communities cope with risks, but insurance pricing also can provide price signals and incentives for more resilient practices. Unfortunately, the current state of the insurance industry in the United States, both in the private insurance market and in government-provided insurance lines, falls far short of the mark and can even hinder adaptive practices. This chapter will examine some of the ways in which insurance may promote or hinder climate resilience in the United States.
Keywords: climate change, risk management, insurance, catastrophic financial loss, adaptation to climate change
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