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Hurricane Damage Risk Assessment in the Caribbean: An Analysis using Synthetic Hurricane Events and Nightlight Imagery

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  • LUISITO BERTINELLI
  • PREEYA MOHAN
  • ERIC STROBL

Abstract

History has shown that hurricanes can cause catastrophic destruction and impede economic growth in the Caribbean. Nevertheless, there is essentially as of date no comprehensive quantitative risk and anticipated loss assessment for the region. In this paper we use synthetic hurricane tracks and local income proxies to estimate expected risk and losses if a climate similar to the last 30 years prevails. We show that on average, the annual fraction of expected property damage and subsequent impacts on income are nonnegligible, with large variations across islands.

Suggested Citation

  • Luisito Bertinelli & Preeya Mohan & Eric Strobl, 2014. "Hurricane Damage Risk Assessment in the Caribbean: An Analysis using Synthetic Hurricane Events and Nightlight Imagery," Working Papers 2014-593, Department of Research, Ipag Business School.
    • Handle: RePEc:ipg:wpaper:2014-593
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    References listed on IDEAS

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    1. Bulmer-Thomas,Victor, 2012. "The Economic History of the Caribbean since the Napoleonic Wars," Cambridge Books, Cambridge University Press, number 9780521145602, October.
    2. James B. Elsner & James P. Kossin & Thomas H. Jagger, 2008. "The increasing intensity of the strongest tropical cyclones," Nature, Nature, vol. 455(7209), pages 92-95, September.
    3. Bulmer-Thomas,Victor, 2012. "The Economic History of the Caribbean since the Napoleonic Wars," Cambridge Books, Cambridge University Press, number 9780521198899, January.
    4. Strobl, Eric, 2012. "The economic growth impact of natural disasters in developing countries: Evidence from hurricane strikes in the Central American and Caribbean regions," Journal of Development Economics, Elsevier, vol. 97(1), pages 130-141.
    5. J. Vernon Henderson & Adam Storeygard & David N. Weil, 2012. "Measuring Economic Growth from Outer Space," American Economic Review, American Economic Association, vol. 102(2), pages 994-1028, April.
    6. Chieh Ou-Yang & Howard Kunreuther & Erwann Michel-Kerjan, 2013. "An Economic Analysis of Climate Adaptations to Hurricane Risk in St. Lucia," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 38(3), pages 521-546, July.
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    Cited by:

    1. Giuseppe Maggio & Marina Mastrorillo & Nicholas J. Sitko, 2022. "Adapting to High Temperatures: Effect of Farm Practices and Their Adoption Duration on Total Value of Crop Production in Uganda," American Journal of Agricultural Economics, John Wiley & Sons, vol. 104(1), pages 385-403, January.
    2. Ignaciuk, A. & Maggio, G. & Mastrorillo, M. & Sitko, N., 2021. "Adapting to high temperatures: evidence on the impacts of sustainable agricultural practices in Uganda," ESA Working Papers 309364, Food and Agriculture Organization of the United Nations, Agricultural Development Economics Division (ESA).
    3. Dinan, Terry, 2017. "Projected Increases in Hurricane Damage in the United States: The Role of Climate Change and Coastal Development," Ecological Economics, Elsevier, vol. 138(C), pages 186-198.
    4. Idriss Fontaine & Sabine Garabedian & Hélène Vérèmes, 2022. "The current and future costs of tropical cyclones: A case study of La Réunion," TEPP Working Paper 2022-10, TEPP.
    5. Yugang Ding & Peiyun Deng, 2024. "Learning from natural disasters: Evidence from enterprise property insurance take-up in China," Journal of Risk and Uncertainty, Springer, vol. 68(3), pages 299-334, June.

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    Keywords

    hurricane risk and damages; synthetic storm tracks; nightlight imagery.;
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