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Climate Change Impacts on Insurance in Florida

Title: Climate Change Impacts on Insurance in Florida.
Name(s): Medders, Lorilee, author
Type of Resource: text
Genre: Text
Book Part
Date Issued: 2017-11-29
Physical Form: computer
online resource
Extent: 1 online resource
Language(s): English
Abstract/Description: Climate change presents added risks as well as related opportunities for the insurance industry and financial sector. Implications must be evaluated for property, casualty and life insurance industry segments as well as for the financial sector more broadly. While climate change exacerbates the existing volatility of these markets, it also inherently creates opportunities for product development. Florida is a unique contributor to both the risk and opportunity since the state is the world’s largest insured catastrophe region. The state of Florida itself is heavily leveraged as insurer for much of the cost of extreme weather in the form of hurricanes and other tropical storms. Unlike other insurance risk bearers, however, this state cost of risk cannot be offset by commensurate market opportunity. Increased volatility in insurance, reinsurance, and capital markets are all challenges for Florida, with potentially adverse collateral effects on residual insurance market pressures, policyholder assessments, state debt, and tax strategies. Insurance industry initiatives, to the extent they are successful, can have a balancing effect on these challenges.
Identifier: FSU_libsubv1_scholarship_submission_1515443777_1ab230c3 (IID), 10.17125/fci2017.ch06 (DOI)
Keywords: Disaster risk, Catastrophes, Insurance, Reinsurance, Economic loss, Risk reduction, Insurability
Publication Note: Terms and Conditions: Readers may view, browse, and/or download material for temporary copying purposes only, provided these uses are for noncommercial personal purposes. Except as provided by law, this material may not be further reproduced, distributed, transmitted, modified, adapted, performed, displayed, published, or sold in whole or in part, without prior written permission from the Florida Climate Institute.
Persistent Link to This Record:
Host Institution: FSU
Is Part Of: Florida's Climate: Changes, Variations, & Impacts.
Issue: iss. Edition 1

Choose the citation style.
Medders, L. (2017). Climate Change Impacts on Insurance in Florida. Florida's Climate: Changes, Variations, & Impacts. Retrieved from