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Risk Pooling to Mitigate Hydrology-R...

Baum, Rachel.

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Risk Pooling to Mitigate Hydrology-Related Financial Losses for Water Utilities.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Risk Pooling to Mitigate Hydrology-Related Financial Losses for Water Utilities./
作者:	Baum, Rachel.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
面頁冊數:	167 p.
附註:	Source: Dissertations Abstracts International, Volume: 81-04, Section: B.
Contained By:	Dissertations Abstracts International81-04B.
標題:	Environmental engineering. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13900505
ISBN:	9781088305492

Risk Pooling to Mitigate Hydrology-Related Financial Losses for Water Utilities.
Baum, Rachel.

Risk Pooling to Mitigate Hydrology-Related Financial Losses for Water Utilities. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 167 p.

Source: Dissertations Abstracts International, Volume: 81-04, Section: B.

Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2019.

This item must not be sold to any third party vendors.

As the costs and regulatory barriers to new water supply development continue to rise, drought management strategies have begun to rely more heavily on demand measures such as temporary conservation and water transfers. While these actions are effective, they often lead to intermittent and unpredictable reductions in revenues that are financially disruptive to water utilities, raising concerns over lower credit ratings and higher rates of borrowing for this capital-intensive sector. Consequently, there has been growing interest in financial risk management strategies, such as index insurance. While individual index insurance contracts have been designed for particular water utilities, the reserves that insurers are required to maintain in order to ensure payouts result in high opportunity costs of capital, and thereby expensive contracts. In order to reduce the costs of contracts and increase the potential for widespread implementation of these contracts, this dissertation aims to explore the potential benefits of pooling risks through the development of financial index insurance that can be broadly applied across the U.S. to compensate water utilities for weather-related financial losses. In assessing the potential benefits of pooling weather-related risks, this work also addresses it challenges, such as the spatial autocorrelation of weather and high levels of basis risk. Chapter 2 analyzes drought-related financial risks for a large set of publicly operated water utilities across the country and examines the effectiveness of various index-insurance contracts, considering the index's correlation with utility revenues and its spatial autocorrelation. Results indicate that risk pooling, even under conditions in which droughts are subject to some level of spatial autocorrelation, has the potential to significantly reduce the insurer's required reserves, and thereby the opportunity costs of maintaining them, resulting in lower contract costs for water utilities. Chapter 3 builds upon the findings of Chapter 2, and assesses strategies for further cost reduction measures through integrating PHDI-based index insurance with reinsurance purchased from a third party, which can reduce the net cost of risk management for utilities over both individual and multi-year periods. Chapter 4 addresses the challenges associated with lowering the basis risk inherent in broadly applicable index insurance contracts through multi-variate indices derived from decision tree-based models, with multiple indexes considered using different spatial and temporal resolutions. Index contracts developed from these tree-based models are found to substantially reduce basis risk, increasing the effectiveness of index insurance and making them more attractive to both buyers and sellers. Overall, this dissertation demonstrates the potential benefits, while addressing some of the primary challenges, of using financial instruments to pool hydrologic-related financial risks for water utilities. Results should be useful to water resource planners, utility personnel, and financial institutions (e.g. re/insurance firms) seeking to reduce the financial impacts of increased reliance on adaptive measures (e.g. conservation, transfers) to manage drought.

ISBN: 9781088305492Subjects--Topical Terms:

548583
Environmental engineering.

Risk Pooling to Mitigate Hydrology-Related Financial Losses for Water Utilities.
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