Building financial and insurance resilience in the context of climate change
2017
Miškić, Miroslav (Faculty for Technical Sciences, Novi Sad (Serbia)) | Ćorić, Goran (Singidunum University, Belgrade (Serbia)) | Vukosavljević, Danijela (Faculty for management, Sremski Karlovci (Serbia))
The key challenge for individuals, businesses and governments would be the building financial and insurance resilience in changing climate. It becomes important issue for the financial management to create financial protection and insurance means to manage the financial losses, reducing the economic impact of disaster events, and supporting better recovery. In accordance with that the Paper provides an overview of the field and desk research of potential income implications of climate change for the financial management of disaster risks and losses. Desk research is based on Serbian case and its experience with the 2014 floods. Key findings of the field research provided in Serbia in 2016 on managing the risk of natural disasters, floods, fires, earthquakes as a part of organizational risk in 92 manufacturing firms, banks and insurance companies is also provided in the Paper. The methods used are: statistical description, X2 test and liner regression models. The results of both researches on risk management of floods showed that: companies calculate the impact of this risk to their year revenues as small, also a non-strategic approach of the Serbian government can be seen, as a financial gap of 65% in covering the losses. The research results pointed also to low awareness of the problem on the corporate and national level. The contribution of the Paper is to support further development of country and local plans for more effectively reducing the economic disruption of disaster events and policy approaches to supporting the penetration of disaster finance and insurance coverage and the capacity of insurance markets to absorb these risks. Also, to support the improvement of the culture of risk management of business sector in this field. Key
Show more [+] Less [-]AGROVOC Keywords
Bibliographic information
This bibliographic record has been provided by Matica Srpska Library