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Back to the future: Climate change resilience, self-insurance, and market insurance (Olivier Mahul, Brookings)

The ongoing policy discussions about climate change resilience and the role of prevention and insurance, including the recent blog by Matthew Kahn and Somik Lall, reminded me of the 1985 science fiction movie “Back to the Future,” where a teenager is accidentally sent three decades back in a time-traveling automobile built by his eccentric scientist friend “Doc” Brown. It may be indeed worthwhile to go back to the future and return to the foundations of the economics of risk and insurance because some fundamental concepts developed more than half a century ago may be still very relevant to inform policy actions on climate change resilience.

Back to the future: Climate change resilience, self-insurance, and market insurance (brookings.edu)