Disaster risk insurance and catastrophe models in risk-prone small Caribbean islands
Bibliographic Data
| ID | 4940666 |
|---|---|
| Authors | Antonio R T Joyette (Adjunct Lecturer, Centre for Natural Resource and Environmental Management University of the West Indies Barbados), Antonio Joyette, Leonard A Nurse (Senior Lecturer, Centre for Natural Resource and Environmental Management University of the West Indies Barbados), Leonard Nurse, Roger S Pulwarty (0000-0001-8924-392X, Senior Advisor for Climate and Director, National Integrated Drought Information System, National Oceanic and Atmospheric Administration United States) |
| Year | 2015 |
| Volume | 39 |
| Issue | 3 |
| Pages | 467-492 |
| Publication date | 2015-07-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Disasters (JOURNAL) |
| Journal identifiers | ISSN: 0361-3666 • E-ISSN: 1467-7717 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/disa.12118 |
| PMID | 25546529 |
| OpenAlex | W2019915097 |
| Language | EN |
| Citations received | 4 |
| References cited | 19 |
Post-catastrophe recovery and financial liquidity have long challenged small Caribbean islands. These states are vulnerable to multifarious natural hazards that often cause considerable socioeconomic dislocation. Such events inflict heavy losses on businesses and households, and significantly disrupt all aspects of government operations. After Hurricane Ivan devastated the economies of some islands in September 2004-with estimated losses of as much as 200 per cent of gross domestic product in some cases-regional governments, aided by the World Bank and international donors, approved the creation of a regional catastrophe insurance scheme. This parametric-based mechanism is underpinned by derivatives-based catastrophe modelling whose outputs determine policy triggers and pay outs. Hazard models, particularly catastrophe models, are not widely accepted as yet. Despite recent advancements, major concerns have rendered them peripheral tools for many establishments. This paper reviews the region's vulnerabilities and examines constraints on the application of these models and suggests a means of improving their efficacy and acceptability
Actuarial science · Business · Caribbean region · Casualty insurance · Development economics · Economic growth · Economics · Environmental health · Geography · Government (linguistics · Gross domestic product · Hazard · Insurance policy · Latin Americans · Market liquidity · Natural disaster · Natural hazard · Poison control · Political science · Population · Product (mathematics · Risk pool · Small Island Developing States · Socioeconomic status · Agricultural risk and resilience · Global Energy and Sustainability Research · Insurance and Financial Risk Management · Medicine · Finance
| Unique citing works | 4 |
|---|---|
| Citations per year | 0,57 |
| Citation span | 2019 - 2023 (5) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 4 |