Rescaling index insurance for climate and development in Africa
In: Economy and society, Band 50, Heft 2, S. 248-274
ISSN: 1469-5766
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In: Economy and society, Band 50, Heft 2, S. 248-274
ISSN: 1469-5766
Amid the proliferating uncertainties of globalised modernity, development institutions have deployed insurance to transfer risk across more geographic and hazard domains. This chapter first explores why insurance and other risk transfer tools are increasingly popular responses in development practice. It then argues that this embrace can paradoxically proliferate uncertainties when insurance contracts fail to pay out, illustrated with reference to drought insurance in Malawi and pandemic insurance in the Democratic Republic of Congo. The chapter closes by envisioning how insurance might be refashioned from a 'technology of hubris' to a 'technology of humility', suggesting some principles for more relational deployments of insurance that could begin to recuperate its promise as a technique of mutual solidarity and sustainable risk-sharing.
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The planet's changing climatology poses epistemological and practical problems for insurance institutions underwriting weather or property risks: models based on meticulously calculated empirical event frequencies will not project risk in a changing climate system. Seeking to explain the unprecedented scale of recent insured losses, media pieces regularly articulate a narrative that links climate change to an immanently insecure future. This logic has prompted some scholars to place climate change in a new category of risks generated by industrial society that are fundamentally incalculable and uninsurable. This dissertation challenges the epistemological assumptions and empirical validity of the "uninsurability hypothesis" using the case study of (re)insurance and catastrophe modeling for North Atlantic tropical cyclones. In so doing, it turns a critical eye on the depoliticized discourse of climate change emergency.The research analyzes the development of insurance institutions and definitions of climate change risk over time, applying the theory that risks are reconstructed phenomenon of multiple contingency which always embody contested classificatory and causal stories. Research included over forty extended interviews with academic, regulatory, and private sector employees; observation at thirteen industry, academic, and regulatory conferences; and qualitative and quantitative analysis of corporate and regulatory documents and datasets. The findings trace new constellations of science, value, and fear that are emerging within the (re)insurance industry as it attempts to assess and manage climate risks and secure new paths to accumulation. Three major themes emerge. First, the dynamics of climate change are being integrated into circuits of insurance and financial capital. The perception of climate risk may buoy the (re)industry's business prospects in the short term by reproducing uncertainty and allowing firms to exclude certain risks from all-perils coverage and repackage them into new products. Climate risks may be incorporated into the central contradictory dynamic of the catastrophe reinsurance market, which requires the continual recurrence of catastrophic losses and devaluation in order to sustain pricing and accumulation in the long term. Meanwhile, investment capital is accessing new risk premiums from the insurance sector through catastrophe bonds, the market for which demonstrates a strategic and selective attempt to capture "returns on place" by finance capital, rather than an "escape" from uninsurable places on the part of (re)insurers.Second, within both the industry and scientific community, the question of how climate change is influencing catastrophic losses or will do so in the future is far from settled, despite its representation as a closed "matter of fact". Furthermore, most (re)insurers do not currently account for climate change in their daily underwriting and pricing, and often cite the possibility of compensating for climate effects through future annual adjustments to prices and policies. This apparent contradiction between discourse and practice is the result of a complex set of institutional, political, and economic factors rather than a systematic attempt to deceive the public or exaggerate risks. Third, privatized economies of science - and particularly probabilistic catastrophe models - are central tools for climate risk management through (re)insurance markets. The expertise of PhD-credentialed scientists is increasingly used in industry contexts to publicize climate change risks, legitimate moves towards five-year forward-looking catastrophe models, and to commodify climate risks into financial exposures and assets. These findings draw our attention the (re)insurance industry's dependence on the perpetual multiplication of fear and value via technocientific risk identification, and suggest the profound limitations of attempts to manage climate risks and anxieties through market mechanisms.
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In: The International Journal of Environmental, Cultural, Economic, and Social Sustainability: Annual Review, Band 1, Heft 1, S. 22-29
In: Bulletin of the World Health Organization: the international journal of public health = Bulletin de l'Organisation Mondiale de la Santé, Band 89, Heft 2, S. 157-160
ISSN: 1564-0604
In: International Journal of Sustainable Society, Band 2, Heft 1, S. 17
ISSN: 1756-2546
Weather risk is an issue of extraordinary concern in the face of climate change, not least for rural agricultural households in developing countries. Governments and international donors currently promote 'climate insurance', financial mechanisms that make payouts following extreme weather events. Technologically innovative insurance programmes are heralded as promising strategies for decreasing poverty and improving resilience in countries that are heavily dependent on smallholder agriculture. New subsidies will amount to hundreds of millions of dollars, yet funders and advocates have thus far neglected the social and ecological ramifications of these policies. Reviews have focused largely on near-term economic effects and practical challenges. This briefing draws on an initial inventory of potential adverse effects of insurance programmes on local agricultural systems that we have recently assembled. Our review shows that farmers with insurance may alter their land-use strategies or their involvement in social networks previously used to mitigate climate risk. Both processes constitute crucial feedbacks on the environmental and the social systems respectively. Based on our study, we suggest preliminary principles for avoiding maladaptive outcomes, including recommendations for designing appropriate impact studies and insurance programmes. Before implementation, pilot projects should assess existing local risk-management strategies, financial instruments, and extant state agricultural and social protection policies. Participatory processes should be designed to anticipate and appraise potential effects of insurance – including those resulting from changing land use – and interactions with existing public policies. Several recommendations for improvements to the elaboration and design of future agricultural insurance programmes follow from our analysis: 1. Evaluate priorities 2. Encourage diversity 3. Adapt policies 4. Choose the right scale 5. Limit coverage to extremes 6. Tie insurance to ecologically sound strategies Current and future 'climate insurance' projects should be combined with consciously designed programmes to invest in and foster farmer-led learning on sustainable agricultural techniques. Policies linking insurance coverage and subsidies to diversified and ecologically sensitive cultivation may provide new frameworks for the design of insurance programmes in developing countries. This also requires rethinking the accepted wisdom on bundling insurance with inputs, which may make social-ecological systems and smallholders more fragile and vulnerable in the face of a changing climate.
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In: Issues in accounting education, Band 31, Heft 1, S. 91-109
ISSN: 1558-7983
ABSTRACTThis study expands upon the current literature regarding how potential employers perceive the value of online accounting education at both the undergraduate and graduate level. Experimental results demonstrate that employers are significantly more willing to offer employment to an entry-level job applicant whose baccalaureate degree in accounting, from an AACSB-accredited institution, was obtained in a traditional (on campus) or hybrid (blended learning) environment as opposed to an online environment. The reputation of the educational institution as suggested by publication ratings does not significantly affect willingness to hire. Further results suggest that Big 4 employers are equally willing to hire the online accounting graduate as employers from most other types of firms. In addition, employers appear to be more accepting of lower-level, as opposed to upper-level, online accounting coursework and favor applicants who complete a baccalaureate degree on campus and an M.B.A. online, or vice versa, over those who complete both degrees online. Practitioners and students should be aware that, within the aforementioned boundaries, accounting firms are becoming more willing to hire accounting graduates whose academic career includes some online content.
In: The International Journal of Environmental, Cultural, Economic, and Social Sustainability: Annual Review, Band 2, Heft 5, S. 167-174
In: The journal of development studies, Band 55, Heft 6, S. 1221-1239
ISSN: 1743-9140
In: South African review of sociology: journal of the South African Sociological Association, Band 36, Heft 2, S. 238-268
ISSN: 2072-1978
In: Journal of Information, Communication & Ethics in Society, 2019, 17(1), 42-60
SSRN
Background Despite their burden of a triple epidemic of silicosis, tuberculosis and HIV infection, little is known about the mortality experience of miners from the South African mining industry once they leave employment. Such information is important because of the size and dispersion of this population across a number of countries and the progressive nature of these diseases. Methods This study included 306,297 South African miners who left the industry during 2001–2013. The study aimed to calculate crude and standardised mortality rates, identify secular trends in mortality and model demographic and occupational risk factors for mortality. Results Crude mortality rates peaked in the first year after exit (32.8/1000 person-years), decreasing with each year from exit. Overall mortality was 20% higher than in the general population. Adjusted annual mortality halved over the 12 year period. Mortality predictors were being a black miner [adjusted hazard ratio (aHR) 3.30; 95% confidence interval (CI) 3.15–3.46]; underground work (aHR 1.33; 95% CI 1.28–1.39); and gold aHR 1.15 (95% CI 1.12–1.19) or multiple commodity employment (aHR 1.15; 95% CI 1.11–1.19). Conclusions This is the first long-term mortality assessment in the large ex-miner population from the South African mining industry. Mortality patterns follow that of the national HIV-tuberculosis epidemic and antiretroviral treatment availability. However, ex-miners have further elevated mortality and a very high mortality risk in the year after leaving the workforce. Coordinated action between the mining industry, governments and non-governmental organisations is needed to reduce the impact of this precarious transition.
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In: Journal of the International AIDS Society, Band 18, Heft 2S1
ISSN: 1758-2652
Adolescents and young adults are at increased risk for HIV due to the many developmental, psychological, social, and structural transitions that converge in this period of the lifespan. In addition, adolescent deaths resulting from HIV continue to rise despite declines in other age groups. There are also young key populations (YKPs) that bear disproportionate burdens of HIV and are the most vulnerable, including young men who have sex with men (MSM), transgender youth, young people who inject drugs, and adolescent and young adult sex workers. As a society, we must do more to stop new HIV infections and untimely HIV‐related deaths through both primary and secondary prevention and better management approaches. Using an interwoven prevention and treatment cascade approach, the starting point for all interventions must be HIV counselling and testing. Subsequent interventions for both HIV‐negative and HIV‐positive youth must be "adolescent‐centred," occur within the socio‐ecological context of young people and take advantage of the innovations and technologies that youth have easily incorporated into their daily lives. In order to achieve the global goals of zero infections, zero discrimination and zero deaths, a sustained focus on HIV research, policy and advocacy for YKPs must occur.
In: The journal of development studies, Band 55, Heft 6, S. 1221-1239
ISSN: 1743-9140
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