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Taking stock of the empirical evidence on the insurance value of ecosystems

journal contribution
posted on 29.06.2021, 04:15 by Martin Dallimer, Julia Martin-Ortega, Olivia Rendon, Stavros Afionis, Rosalind Bark, Iain GordonIain Gordon, Jouni Paavola
Ecosystems can buffer against adverse events and, by so doing, reduce the costs of risk-bearing to society; benefits which have been termed ‘insurance value’. Although the terminology is recent, the concept is older and has its roots in ecological resilience. However, a synthesis of studies through the lens of the insurance value concept is lacking. Here we fill this important knowledge gap by conducting a rapid evidence assessment on how, where and why the insurance value of ecosystems has been measured. The review highlighted the often substantial positive values that were associated with restoration, rehabilitation or avoidance of loss of natural ecosystems. However, many regions, ecosystems and hazards are not widely researched. Most studies focused on forests, agriculture and wetlands, often with an emphasis on habitat restoration to reduce flood risks. Over half the studies provided non-monetary or monetary estimates of value, reporting, for example, improved ecological function, achieved/achievable cost reductions or willingness-to-pay. Nevertheless, the evidence-base remains fragmentary and is characterised by inconsistent reporting of valuation methodologies. This precludes drawing general conclusions. We recommend that future studies of insurance value adopt a common approach to facilitate the development of a more robust evidence-base.

History

Volume

167

Start Page

1

End Page

13

Number of Pages

13

eISSN

1873-6106

ISSN

0921-8009

Publisher

Elsevier

Language

en

Peer Reviewed

Yes

Open Access

No

Acceptance Date

25/08/2019

External Author Affiliations

Plymouth Marine Laboratory, University of East Anglia, University of Leeds, UK;

Era Eligible

Yes

Journal

Ecological Economics

Article Number

106451