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Working Paper
Last Resort Insurance: Wildfires and the Regulation of a Crashing Market
Taylor, Reid; Turland, Madeline; Weill, Joakim A. (2025-03-26)
An increasing number of people are denied home insurance coverage in the private market and must instead turn to state-sponsored plans known as “Insurers of Last Resort.” This paper examines how insurers of last resort interact with the private market under increasing disaster risks. We first present a simple model of an adversely selected insurance market, highlighting that the insurer of last resort allows strict price regulation to be compatible with full insurance. We then empirically study the California non-renewal moratoriums, a regulation that forced insurers to supply insurance ...
Working Papers , Paper 2510

Journal Article
To save a city
Davies, Phil (2006-09)
How far should government power extend into private markets in the wake of a disaster?
Fedgazette , Volume 18 , Issue Sep , Pages 7-10

Journal Article
After the flood: flood insurance and wetlands restoration are two policies that hold both promise and problems for flood control. Will they be able to handle the next disaster?
Clement, Douglas (2001-11)
Fedgazette , Volume 13 , Issue Nov , Pages 8-11

Journal Article
Understanding the Linkages between Climate Change and Inequality in the United States
Avtar, Ruchi; Blickle, Kristian S.; Chakrabarti, Rajashri; Janakiraman, Janavi; Pinkovskiy, Maxim L. (2023-06-01)
The authors conduct a review of the existing academic literature to outline possible links between climate change and inequality in the United States. First, researchers have shown that the impact of both physical and transition risks may be uneven across location, income, race, and age. This is driven by a region’s geography as well as its ability to adapt. Second, measures that individuals and governments take to adapt to climate change and to transition to lower emissions risk increasing inequality. Finally, while federal aid and insurance coverage can mitigate the direct impact of ...
Economic Policy Review , Volume 29 , Issue 1 , Pages 1-39

Working Paper
The rising tide lifts some interest rates: climate change, natural disasters, and loan pricing
Correa, Ricardo; He, Ai; Herpfer, Christoph; Lel, Ugur (2022-06-02)
We investigate how corporate loan costs are affected by climate change-related natural disasters. We construct granular measures of borrowers’ exposure to natural disasters and then disentangle the direct effects of disasters from the effects of lenders updating their beliefs about the impact of future disasters. Following a climate change-related disaster, spreads on loans of at-risk, yet unaffected borrowers, spike and are amplified when attention to climate change is high. Weaker borrowers with the most extreme exposure to these disasters suffer the highest increase in spreads. ...
International Finance Discussion Papers , Paper 1345

Working Paper
Reconstruction Multipliers
Trezzi, Riccardo; Porcelli, Francesco (2014-10-01)
Following the 2009 L'Aquila earthquake, financing of reconstruction by the Italian central government resulted in a sharp and unanticipated discontinuity in grants across municipalities that were ex-ante very similar. Using the emergency financing law as an instrument, we identify the causal effect of municipal government spending on local activity, controlling for the negative supply shock from the earthquake. In our estimates, this "reconstruction multiplier" is around unity, and we show that the grants provided public insurance. Economic activity contracted in municipalities that did not ...
Finance and Economics Discussion Series , Paper 2014-79

Working Paper
Climate Risks in the U.S. Banking Sector: Evidence from Operational Losses and Extreme Storms
Berger, Allen N.; Curti, Filippo; Lazaryan, Nika; Mihov, Atanas; Roman, Raluca A. (2023-12-19)
Using supervisory data from large U.S. bank holding companies (BHCs), we document that BHCs suffer more operational losses during episodes of extreme storms. Among different operational loss types, losses due to external fraud, BHCs’ failure to meet obligations to clients and faulty business practices, damage to physical assets, and business disruption drive this relation. Event study estimations corroborate our baseline findings. We further show that BHCs with past exposure to extreme storms reduce operational losses from future exposure to storms. Overall, our findings provide new ...
Working Papers , Paper 21-31

Journal Article
Targeted charitable giving : Good intentions, unintended consequences
Nash, Betty Joyce (2011-04)
Related links: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2011/q2/feature1_weblinks.cfm
Econ Focus , Volume 15 , Issue 2Q , Pages 19

Report
Do Mortgage Lenders Respond to Flood Risk?
Blickle, Kristian S.; Perry, Evan; Santos, João A. C. (2024-05-01)
Using unique nationwide property-level mortgage, flood risk, and flood map data, we analyze whether lenders respond to flood risk that is not captured in FEMA flood maps. We find that lenders are less willing to originate mortgages and charge higher rates for lower LTV loans that face “un-mapped” flood risk. This effect is weaker for high income applicants, as well as non-banks and small local banks. However, we find evidence that non-banks and local banks are more likely to securitize/sell mortgages to borrowers prone to flood risk. Taken together, our results are indicative that ...
Staff Reports , Paper 1101

Journal Article
Who needs downtowns, anyway?
Davies, Phil (2006-09)
Were historic business districts worth saving? City leaders thought so.
Fedgazette , Volume 18 , Issue Sep , Pages 8

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