This article reviews the literature on the financial sector impacts of natural disasters and physical climate change risks, covering banking, insurance, stock markets, bond markets, and international financial flows. Most studies have applied statistical approaches to historical data from developed countries to identify these impacts, while some have also used theoretical and computational modeling to assess future risks under climate change scenarios. The findings show that natural disasters and climate change risks generally lower insurer profitability and risk-sharing capacity, bank stability and credit supply, returns and stability of stock and bond markets, foreign direct investment inflows, and international lending. Factors such as income levels, rigorous financial regulations, capital abundance, market diversification, and adaptation strategies mitigate the negative effects. Natural disasters increase remittance inflows and financial assistance to low- and middle-income countries. We recommend future research on forward-looking computational modeling to assess the future financial sector impacts of climate change, while accounting for adaptation actions and their drivers. Future research should also consider hazard correlations and the interactions between financial industries and regions to more comprehensively assess the economic effects of natural disasters in general and for vulnerable countries in particular.

中文翻译：

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气候变化相关风险对金融业影响的回顾


本文回顾了有关自然灾害和物理气候变化风险对金融部门影响的文献，涵盖银行、保险、股票市场、债券市场和国际资金流动。大多数研究对发达国家的历史数据应用统计方法来确定这些影响，而一些研究还使用理论和计算模型来评估气候变化情景下的未来风险。研究结果表明，自然灾害和气候变化风险通常会降低保险公司的盈利能力和风险分担能力、银行稳定性和信贷供应、股票和债券市场的回报和稳定性、外国直接投资流入和国际贷款。收入水平、严格的金融法规、资本充裕、市场多元化和适应策略等因素减轻了负面影响。自然灾害增加了对低收入和中等收入国家的汇款流入和财政援助。我们建议未来对前瞻性计算建模进行研究，以评估气候变化对未来金融部门的影响，同时考虑适应行动及其驱动因素。未来的研究还应考虑灾害相关性以及金融行业和地区之间的相互作用，以更全面地评估自然灾害的一般经济影响，特别是对脆弱国家的影响。