Climate mispricing in US property will be tough to fix

2019 ◽  
Keyword(s):  
Climate Change ◽  
Mortgage Lending ◽  
Flood Insurance ◽  
Risk Area ◽  
High Risk Area ◽  
Content Type ◽  
Sea Levels ◽  
Residential Mortgage ◽  
Mortgage Backed Securities ◽  
Climate Change Risks

Subject Climate change risks and housing gmarket dynamics. Significance Climate change is raising sea levels and increasing the incidence of high-intensity storms. The risks associated with owning a home in a high-risk area are rising, but US flood insurance premiums, mortgage lending and property values are underpricing these risks. Impacts Investors may grow wary of residential-mortgage-backed securities as these assets can be packaged from the same at-risk regions. High-cost storms are a major risk to homeowners and mortgage lenders, and will be increasingly considered ahead of transactions. Private insurers are priced out of US flood insurance, but policy will enable more private activity as the market grows.

Emerging climate changes and the risks to the operation of building assets in the UK

2016 ◽  
Vol 14 (1) ◽  
pp. 21-35 ◽  
Author(s):  
Abdullah Alzahrani ◽  
Halim Boussabaine ◽  
Ali Nasser Alzaed
Keyword(s):  
Climate Change ◽  
Climate Changes ◽  
Mitigation Strategies ◽  
Future Climate Change ◽  
Climate Change Scenarios ◽  
Content Type ◽  
Starting Point ◽  
Climate Change Risks ◽  
The Uk ◽  
The Impact

Purpose – The purpose of this paper is to report results from a survey on emerging climate changes and the risks to the operation of building assets in the UK. The property sector is facing major challenges as a result of projected climate change scenarios. Predictions concerning future climate change and the subsequent impact on building operations are still subject to a high degree of uncertainty. However, it is important that building stockholders consider a range of possible future risks that may influence the operation of their assets. Design/methodology/approach – The literature review and questionnaire are used to elicit and assess the likelihood of occurrence of climate change risks impacting building operations. The survey was carried out among building stockowners and professionals in the UK. Statistical methods were used to rank and compare the findings. Findings – The majority of the respondents strongly agreed that the list of risks that were elicited from the literature will have an impact on their building assets within a 0-5 years’ time horizon. It was found that the professionals were most concerned about higher energy prices and an increase in operation costs in general; they were least concerned about an electricity blackout. Research limitations/implications – This paper is limited to the UK, and regional variations are not explored. Nevertheless, the buildings’ operation risk study provides a starting point for further investigations into the emerging risks from climate change, and their impact on the operation of building stock. Future work could investigate direct mapping between climate risks and the financial value of properties. Originality/value – Findings of this paper can help professionals and building stockowners improve their understanding of climate change risks and the impact on their assets. This paper could also help these individuals to formulate appropriate adaptation and mitigation strategies.

Central Asian states face high climate change risks

2019 ◽  
Keyword(s):  
Climate Change ◽  
Central Asia ◽  
Irrigation Canals ◽  
Content Type ◽  
Climate Change Responses ◽  
Central Asian ◽  
Climate Change Risks ◽  
The World ◽  
Summer Temperatures ◽  
International Climate

Subject Climate change in Central Asia. Significance As the Central Asian states emerge from months of sweltering summer temperatures, attention is increasingly turning to the effects of climate change. In a region always short of rainfall and dependent on glacier-fed rivers, rising global temperatures look set to have deeper and swifter impacts than in many other parts of the world. Impacts International climate change responses will have limited impacts on Central Asian specifics. Regional structures may become more effective as the situation's urgency becomes apparent. One part-solution involves repairing irrigation canals to reduce massive leakage.

scholarly journals The Resilience of Banjarmasin City in disaster management

2021 ◽  
Vol 916 (1) ◽  
pp. 012032
Author(s):  
A Fatmawati
Keyword(s):  
Climate Change ◽  
Sea Level ◽  
Tidal Marsh ◽  
Swot Analysis ◽  
Disaster Mitigation ◽  
Urban Flooding ◽  
Risk Area ◽  
High Risk Area ◽  
Planning Strategy ◽  
City Policy

Abstract Banjarmasin City is regarded as the capital of South Kalimantan Province, acknowledged as the high-risk area of 2 major issues, such as flood due to sea-level rise, and settlement fire. Banjarmasin is located in tidal marsh zone with elevation of 0.16m below the sea level which relatively leads to annual urban flooding. Floods occur in Banjarmasin in 2021 become one of threats to city resilience. Thus, building city resilience against the unexpected climate change is of importance to create a suistanable and livable city. This study focuses on resilient city of Banjarmasin by utilizing the two different methods of analysis, including: public and SWOT analysis. Public analysis is utilized to assess Banjarmasin City policy of manifestation of city resilience. SWOT analysis is applied to identify various factors systematically in formulating the planning strategy. The results indicated that innovation in handling disaster by the local government towards resilient city has been apparent through several programs of disaster mitigation by collaborating with private sectors or institutions, with aims: to provide maximum public services, to promote climate change awareness to all levels of society, and to handle river issues such as river normalization.

Settlement payouts will promote US whistle-blowing

2016 ◽  
Keyword(s):  
Securities And Exchange Commission ◽  
Class Action ◽  
Department Of Justice ◽  
Content Type ◽  
Whistle Blowing ◽  
Enforcement Action ◽  
Residential Mortgage ◽  
Mortgage Backed Securities ◽  
Limited Class ◽  
A Company

Significance The marked increase in 2015 expenses stems in part from Goldman's 5.1-billion-dollar settlement with the Department of Justice (DoJ) and various federal and state regulators announced on January 14 relating to the firm's securitisation, underwriting and sale of residential mortgage-backed securities from 2005 to 2007. On January 15, the Securities and Exchange Commission (SEC) announced a 700,000-dollar award to a whistle-blower, the first-ever such award to a company outsider for analysis that led to a successful enforcement action. Impacts The SEC's whistle-blower payout to an outsider may incentivise further 'bounty-hunting' against corporations by external experts. Business-friendly judicial decisions that have limited class action recoveries will not necessarily restrict whistle-blower claims. The salience of the Sanders campaign among primary voters skews post-election political headwinds against deregulation-friendly Democrats.

scholarly journals Implications of transforming climate change risks into security risks

2018 ◽  
Vol 27 (5) ◽  
pp. 460-477
Author(s):  
Ksenia Chmutina ◽  
Peter Fussey ◽  
Andrew Dainty ◽  
Lee Bosher
Keyword(s):  
Climate Change ◽  
Critical Discourse Analysis ◽  
Political Action ◽  
Methodological Approach ◽  
National Level ◽  
Ghg Emissions ◽  
Security Risk ◽  
Content Type ◽  
Climate Change Risks ◽  
The Uk

Purpose A number of severe weather events have influenced a shift in UK policy concerning how climate-induced hazards are managed. Whist this shift has encouraged improvements in emergency management and preparedness, the risk of climate change is increasingly becoming securitised within policy discourses, and enmeshed with broader agendas traditionally associated with human-induced threats. Climate change is seen as a security risk because it can impede development of a nation. The purpose of this paper is to explore the evolution of the securitisation of climate change, and interrogates how such framings influence a range of conceptual and policy focused approaches towards both security and climate change. Design/methodology/approach Drawing upon the UK context, the paper uses a novel methodological approach combining critical discourse analysis and focus groups with security experts and policymakers. Findings The resulting policy landscape appears inexorably skewed towards short-term decision cycles that do little to mitigate longer-term threats to the nation’s assets. Whilst a prominent political action on a global level is required in order to mitigate the root causes (i.e. GHG emissions), national level efforts focus on adaptation (preparedness to the impacts of climate-induced hazards), and are forming part of the security agenda. Originality/value These issues are not restricted to the UK: understanding the role of security and its relationship to climate change becomes more pressing and urgent, as it informs the consequences of securitising climate change risks for development-disaster risk system.

Climate Change and the Risk of Malaria Transmission in Iran

2019 ◽  
Vol 57 (1) ◽  
pp. 50-64
Author(s):  
Ahmad Ali Hanafi-Bojd ◽  
Hassan Vatandoost ◽  
Mohammad Reza Yaghoobi-Ershadi
Keyword(s):  
Climate Change ◽  
High Risk ◽  
Malaria Vectors ◽  
Ecological Niches ◽  
Climate Change Scenarios ◽  
Area At Risk ◽  
Risk Area ◽  
High Risk Area ◽  
Anopheles Fluviatilis ◽  
Risk Areas

Abstract Climate change is an important factor affecting the dynamics of the vectors population and, hence, the risk of vector-borne diseases. This study aimed to predict the environmental suitability for malaria vectors in Iran under climate change scenarios in 2030s and 2050s. Literature search was performed to find documents on the spatial distribution of Anopheles stephensi Liston, 1901, Anopheles culicifacies s.l. Giles, 1901, Anopheles fluviatilis s.l. James, 1902, Anopheles superpictus s.l. Grassi, 1899, Anopheles dthali Patton, 1905, Anopheles maculipennis s.l. Meigen, 1818, and Anopheles sacharovi Favre, 1903 (Diptera: Culicidae) published between 1970 and 2017. The bioclimatic data under three climate change scenarios (representative concentration pathway 2.6 [RCP2.6], RCP4.5, and RCP8.5) and MaxEnt model were used to predict the ecological niches for each species. Comparison between the two study periods under the three scenarios for each species revealed that RCP8.5 would reduce the area at risk for An. culicifacies s.l., An. dthali and An. superpictus s.l. in the 2050s compared to the 2030s, but the reverse will be induced by RCP2.6 and RCP4.5 scenarios. For An. fluviatilis s.l., RCP2.6 will reduce the risk areas in the 2050s, whereas an increase is expected under the two other scenarios. Moreover, all scenarios would decrease the high-risk areas of An. maculipennis s.l. in the 2050s. For An. sacharovi, RCP2.6 would increase its high-risk areas, whereas RCP4.5 and RCP8.5 would decrease its exposure. The high-risk area of An. stephensi is expected to increase under RCP8.5 in the 2030s and RCP4.5 in 2050s, but it will be almost unchanged or reduced under other scenarios.

Why people commit public procurement fraud? The fraud diamond view

2019 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ni Wayan Rustiarini ◽  
Sutrisno T. ◽  
Nurkholis Nurkholis ◽  
Wuryan Andayani
Keyword(s):  
Literature Review ◽  
Internal Control ◽  
Public Procurement ◽  
Risk Area ◽  
High Risk Area ◽  
Content Type ◽  
The Public ◽  
The Government ◽  
The One ◽  
Procurement Fraud

Purpose This paper aims to discuss the factors that cause individuals to commit fraud, especially in the public procurement context. All this time, an empirical review of public procurement fraud has only focused on the macro and micro level, as well as its losses on the country's economy. This paper highlights individuals’ fraudulent behavior from the four elements of the fraud diamond theory, namely, pressure, opportunity, rationalization and capability. Design/methodology/approach This paper is a literature review that discusses the fraudulent behavior of bureaucrat as a procurement official in the context of public procurement. This review uses fraud diamond theory as its theoretical framework to explain the attributes to do fraud. Findings Public procurement is a high-risk area for fraud (corruption), particularly in the government institution. It cannot be denied that the situation factor (pressure and opportunity) will interact with psychological aspects (rationalization) and individual capability to direct the individuals to commit fraud. This study discusses how existing pressure (motivation) and opportunities are used by individuals who have the capability to rationalize their actions. This literature review also endeavors to shed light on the strategy to prevent, detect and control the causes of fraud. Practical implications This paper provides an understanding of regulators, auditors and other employees in recognizing the characteristics and nature of fraud antecedents. This understanding can help prevent various forms of procurement fraud that occur within their organizations. This paper also can be a guideline to assist public sector organizations in designing effective internal control systems to prevent fraud in the process and practice of public procurement. Social implications Public procurement has a central role that enables the government to allocate the budget effectively and efficiently. Compliance in implementing procurement rules and procedures will improve the quality of public services. Originality/value There exists relatively little study outlining the factors underlying of bureaucrats’ (procurement official) opportunistic behavior on procurement activities. The authors focused on bureaucrats’ behavior because they have unique positions of power and responsibility of the procurement process. On the one hand, they have a crucial role in serving the public and safeguarding public assets. On the other hand, they have the ability to collaborate with politicians and business actors in corrupt procurement practices. Therefore, the discussion on this topic is very relevant and interesting.

Coastal tourism space in the context of climate change: discourses and strategies

2016 ◽  
Vol 8 (5) ◽  
pp. 549-559 ◽  
Author(s):  
Dominic Lapointe ◽  
Coralie Lebon ◽  
Alexis Guillemard
Keyword(s):  
Climate Change ◽  
Climate Change Adaptation ◽  
Adaptation Strategy ◽  
Tourism Industry ◽  
Coastal Tourism ◽  
Adaptation To Climate Change ◽  
Content Type ◽  
Sea Levels ◽  
Rising Sea Levels ◽  
The Impact

Purpose The purpose of the paper is to explore how climate change and the discourses about adaptation to climate change are altering the spatial development of the tourism industry in coastal destinations. The paper also identifies how tourist development and climate change adaptation can be combined to transform space and place, especially in coastal tourism areas. Design/methodology/approach Using a theoretical approach based on the concept of production of space, the study focuses on relational space, relationships expressed through representations of space and social practices. A case study method is used to analyze the socio-geographic processes at work in the adaptation to climate change in a coastal tourism community in Quebec, Canada. The analysis of the study utilized Nvivo with thematic textual queries. Findings The results reveal an adaptation process at work, based on a “hold the line” strategy, where private stakeholders choose to invest in defensive structures to mitigate the impact of rising sea levels and erosion. This strategy reflects coordinated action in the face of the risk and to protect high-value land property. Research limitations/implications This research illustrates how tourism and climate change adaptation discourses intersect. It also reveals how tourism development promotes the values and image of coastal space and how this can conflict with an efficient climate change adaptation strategy. Originality/value This research provides guidelines for coastal tourism communities, enabling them to design their own climate change adaptation strategy, taking into account how the different social discourses and tourism practices interact with climate change adaptation. It also provides some insights into the criteria that influence an effective climate change adaptation strategy.

scholarly journals THE STUDY OF INSURANCE PREMIUM RATE GIS MAPPING CONSIDERING THE STORM AND FLOOD HAZARD RISKS

2016 ◽  
Vol XLI-B8 ◽  
pp. 95-98
Author(s):  
J. S. Lee ◽  
I. S. Lee
Keyword(s):  
Adverse Selection ◽  
Flood Hazard ◽  
Insurance Premium ◽  
Gis Mapping ◽  
Flood Insurance ◽  
Gis Analysis ◽  
Risk Area ◽  
High Risk Area ◽  
Premium Rate ◽  
Insurance Rate

Recently, the number of natural disaster occurrence is increasing because of abnormal changes of weather in Korea. In Korea the storm and flood insurance system is in effect to prevent these natural disasters. The national storm and flood insurance Premium rate is very low and the risk of adverse selection resides because of choosing by who lives in high risk area. To solve these problems, the storm and flood insurance rate map are required. In this study, the prototype of storm and flood insurance premium rate map of the Ulsan, Korea was made and the method of GIS analysis for the insurance premium rate calculating and the procedure of the Ulsan storm and flood insurance rate map were researched.

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