Preprints
https://doi.org/10.5194/egusphere-2022-498
https://doi.org/10.5194/egusphere-2022-498
07 Jul 2022
 | 07 Jul 2022

Review article: Design and Evaluation of Weather Index Insurance for Multi-Hazard Resilience and Food Insecurity

Marcos Roberto Benso, Gabriela Chiquito Gesualdo, Greicelene Jesus Silva, Luis Miguel Castillo Rápalo, Fabrício Alonso Richmond Navarro, Roberto Fray Silva, and Eduardo Mario Mendiondo

Abstract. The urgency of accelerating disaster risk resilience also promotes preferred systematic reviews of the methods for design and evaluation of risk transfer tools. This paper aims to provide a state-of-art weather index insurance design, thereby including methods for natural hazards’ indices calculation, vulnerability assessment and risk pricing. We applied the Preferred Reporting Items for Systematic reviews and Meta-Analyses (PRISMA) using the Scopus database. First, 364 peer-reviewed articles from 2010 to present were screened for a bibliometric analysis and then, the 34 most cited articles from the past five years were systematically analyzed. Our results demonstrate that despite a great research effort on index insurance, the majority of them focused on food insecurity through agricultural and crop insurance. Also, climate change and basis risks were found highly relevant for weather index insurance, but weakly developed, suggesting challenges around food insecurity. Special focus was given to drought hazards, while other hazards such as temperature variation, excessive rainfall and wildfires were slightly covered. Emerging areas, namely agricultural, hydrological, and sustainable index insurance found promissory for insurance. Also, current state-of-the-art lacks methods for incorporating multi-hazard risk evaluation in vulnerability assessment and risk pricing. Most studies considered only single-hazard risk, and the multi-hazard risk studies assumed independence between hazards. Thus, we summarized the most common methods for calculating indices, estimating losses using indices, pricing risks, and evaluating insurance index policies. This review promotes a starting point in weather index insurance design towards a multi-hazard resilient society.

Journal article(s) based on this preprint

06 Apr 2023
Review article: Design and evaluation of weather index insurance for multi-hazard resilience and food insecurity
Marcos Roberto Benso, Gabriela Chiquito Gesualdo, Roberto Fray Silva, Greicelene Jesus Silva, Luis Miguel Castillo Rápalo, Fabricio Alonso Richmond Navarro, Patricia Angélica Alves Marques, José Antônio Marengo, and Eduardo Mario Mendiondo
Nat. Hazards Earth Syst. Sci., 23, 1335–1354, https://doi.org/10.5194/nhess-23-1335-2023,https://doi.org/10.5194/nhess-23-1335-2023, 2023
Short summary

Marcos Roberto Benso et al.

Interactive discussion

Status: closed

Comment types: AC – author | RC – referee | CC – community | EC – editor | CEC – chief editor | : Report abuse
  • RC1: 'Comment on egusphere-2022-498', Anonymous Referee #1, 26 Jul 2022
    • AC2: 'Reply on RC1', Marcos Roberto Benso, 01 Aug 2022
  • CC1: 'Comment on egusphere-2022-498', Qianjin Dong, 28 Jul 2022
    • AC1: 'Reply on CC1', Marcos Roberto Benso, 01 Aug 2022
  • RC2: 'Comment on egusphere-2022-498', Anonymous Referee #2, 02 Aug 2022
    • AC3: 'Reply on RC2', Marcos Roberto Benso, 17 Aug 2022

Interactive discussion

Status: closed

Comment types: AC – author | RC – referee | CC – community | EC – editor | CEC – chief editor | : Report abuse
  • RC1: 'Comment on egusphere-2022-498', Anonymous Referee #1, 26 Jul 2022
    • AC2: 'Reply on RC1', Marcos Roberto Benso, 01 Aug 2022
  • CC1: 'Comment on egusphere-2022-498', Qianjin Dong, 28 Jul 2022
    • AC1: 'Reply on CC1', Marcos Roberto Benso, 01 Aug 2022
  • RC2: 'Comment on egusphere-2022-498', Anonymous Referee #2, 02 Aug 2022
    • AC3: 'Reply on RC2', Marcos Roberto Benso, 17 Aug 2022

Peer review completion

AR: Author's response | RR: Referee report | ED: Editor decision | EF: Editorial file upload
ED: Reconsider after major revisions (further review by editor and referees) (06 Sep 2022) by Vassiliki Kotroni
AR by Marcos Roberto Benso on behalf of the Authors (25 Oct 2022)  Author's response   Author's tracked changes   Manuscript 
ED: Referee Nomination & Report Request started (01 Nov 2022) by Vassiliki Kotroni
RR by Anonymous Referee #1 (11 Nov 2022)
RR by Anonymous Referee #3 (27 Nov 2022)
ED: Reconsider after major revisions (further review by editor and referees) (06 Dec 2022) by Vassiliki Kotroni
AR by Marcos Roberto Benso on behalf of the Authors (24 Jan 2023)  Author's response   Author's tracked changes   Manuscript 
EF by Polina Shvedko (26 Jan 2023)  Supplement 
ED: Referee Nomination & Report Request started (27 Jan 2023) by Vassiliki Kotroni
RR by Anonymous Referee #1 (01 Feb 2023)
RR by Anonymous Referee #3 (02 Feb 2023)
ED: Publish subject to minor revisions (review by editor) (02 Feb 2023) by Vassiliki Kotroni
AR by Marcos Roberto Benso on behalf of the Authors (14 Feb 2023)  Author's response   Author's tracked changes   Manuscript 
ED: Publish as is (22 Feb 2023) by Vassiliki Kotroni
AR by Marcos Roberto Benso on behalf of the Authors (09 Mar 2023)  Manuscript 

Journal article(s) based on this preprint

06 Apr 2023
Review article: Design and evaluation of weather index insurance for multi-hazard resilience and food insecurity
Marcos Roberto Benso, Gabriela Chiquito Gesualdo, Roberto Fray Silva, Greicelene Jesus Silva, Luis Miguel Castillo Rápalo, Fabricio Alonso Richmond Navarro, Patricia Angélica Alves Marques, José Antônio Marengo, and Eduardo Mario Mendiondo
Nat. Hazards Earth Syst. Sci., 23, 1335–1354, https://doi.org/10.5194/nhess-23-1335-2023,https://doi.org/10.5194/nhess-23-1335-2023, 2023
Short summary

Marcos Roberto Benso et al.

Marcos Roberto Benso et al.

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The requested preprint has a corresponding peer-reviewed final revised paper. You are encouraged to refer to the final revised version.

Short summary
Lately we have been exposed to news demonstrating the vulnerability of our society to a variety of natural disasters and they usually are not isolated. To improve the financial stability, we need to provide insurance contracts that allow coverage for multiple sources of threats, such as droughts, extreme temperatures and floods. We conducted a review of the literature for answering very simple questions regarding weather index insurance design and how to cope with multiple hazard risks.