Climate and solar signals in property damage losses from hurricanes affecting the United States
The authors show that historical property damage losses from US hurricanes contain climate signals. The methodology is based on a statistical model that combines a specification for the number of loss events with a specification for the amount of loss per event. Separate models are developed for ann...
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ftrepec:oai:RePEc:spr:nathaz:v:58:y:2011:i:1:p:541-557 2023-05-15T17:30:20+02:00 Climate and solar signals in property damage losses from hurricanes affecting the United States Thomas Jagger James Elsner R. Burch http://hdl.handle.net/10.1007/s11069-010-9685-4 unknown http://hdl.handle.net/10.1007/s11069-010-9685-4 article ftrepec 2020-12-04T13:35:35Z The authors show that historical property damage losses from US hurricanes contain climate signals. The methodology is based on a statistical model that combines a specification for the number of loss events with a specification for the amount of loss per event. Separate models are developed for annual and extreme losses. A Markov chain Monte Carlo procedure is used to generate posterior samples from the models. Results indicate the chance of at least one loss event increases when the springtime north–south surface pressure gradient over the North Atlantic is weaker than normal, the Atlantic ocean is warmer than normal, El Niño is absent, and sunspots are few. However, given at least one loss event, the magnitude of the loss per annum is related only to ocean temperature. The 50-year return level for a loss event is largest under a scenario featuring a warm Atlantic Ocean, a weak North Atlantic surface pressure gradient, El Niño, and few sunspots. The work provides a framework for anticipating hurricane losses on seasonal and multi-year time scales. Copyright Springer Science+Business Media B.V. 2011 Hurricanes, Property damage, Loss model, Environment, Risk compound Poisson, MCMC Article in Journal/Newspaper North Atlantic RePEc (Research Papers in Economics) |
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Open Polar |
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RePEc (Research Papers in Economics) |
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The authors show that historical property damage losses from US hurricanes contain climate signals. The methodology is based on a statistical model that combines a specification for the number of loss events with a specification for the amount of loss per event. Separate models are developed for annual and extreme losses. A Markov chain Monte Carlo procedure is used to generate posterior samples from the models. Results indicate the chance of at least one loss event increases when the springtime north–south surface pressure gradient over the North Atlantic is weaker than normal, the Atlantic ocean is warmer than normal, El Niño is absent, and sunspots are few. However, given at least one loss event, the magnitude of the loss per annum is related only to ocean temperature. The 50-year return level for a loss event is largest under a scenario featuring a warm Atlantic Ocean, a weak North Atlantic surface pressure gradient, El Niño, and few sunspots. The work provides a framework for anticipating hurricane losses on seasonal and multi-year time scales. Copyright Springer Science+Business Media B.V. 2011 Hurricanes, Property damage, Loss model, Environment, Risk compound Poisson, MCMC |
format |
Article in Journal/Newspaper |
author |
Thomas Jagger James Elsner R. Burch |
spellingShingle |
Thomas Jagger James Elsner R. Burch Climate and solar signals in property damage losses from hurricanes affecting the United States |
author_facet |
Thomas Jagger James Elsner R. Burch |
author_sort |
Thomas Jagger |
title |
Climate and solar signals in property damage losses from hurricanes affecting the United States |
title_short |
Climate and solar signals in property damage losses from hurricanes affecting the United States |
title_full |
Climate and solar signals in property damage losses from hurricanes affecting the United States |
title_fullStr |
Climate and solar signals in property damage losses from hurricanes affecting the United States |
title_full_unstemmed |
Climate and solar signals in property damage losses from hurricanes affecting the United States |
title_sort |
climate and solar signals in property damage losses from hurricanes affecting the united states |
url |
http://hdl.handle.net/10.1007/s11069-010-9685-4 |
genre |
North Atlantic |
genre_facet |
North Atlantic |
op_relation |
http://hdl.handle.net/10.1007/s11069-010-9685-4 |
_version_ |
1766126690704031744 |