Abstract
Abstract Insurance transfers and spreads risk, including climate change risk. It can provide direct financial protection to those affected by climate change. It has received attention for its regulatory function in influencing policyholder behaviour. This is sometimes called ‘insurance as governance’, a form of private contractual regulation. This article examines the functions and limits of insurance in climate-related compensation and in governing complex climate-related risks by describing the variable performance of such insurance schemes in China. We show that insurance can perform a useful regulatory function in adaptation to climate change. However, we equally make clear that insurance can play this role only if an appropriate regulatory framework is provided. The case of China illustrates how the very lack of such a regulatory framework limits the role that insurers can play in climate change adaptation.
Highlights
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Summary
Editor-in-Chief Alexander Zahar, Southwest University of Political Science and Law, Chongqing, China Associate Editor, Reviews Hao Zhang, The Chinese University of Hong Kong, China Chair of the Advisory Board Robert Glicksman, George Washington University, USA Advisory Board Jutta Brunnée, University of Toronto, Canada Daniel A. University of California, Berkeley, USA David Freestone, George Washington University, USA Michael B.
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