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Sovereign Natural Disaster Insurance For Developing Countries A Paradigm Shift In Catastrophe Risk Financing
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Book Synopsis Sovereign Natural Disaster Insurance for Developing Countries: A Paradigm Shift in Catastrophe Risk Financing by : Francis Ghesquiere
Download or read book Sovereign Natural Disaster Insurance for Developing Countries: A Paradigm Shift in Catastrophe Risk Financing written by Francis Ghesquiere and published by World Bank Publications. This book was released on 2012 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic theory suggests that countries should ignore uncertainty for public investment and behave as if indifferent to risk because they can pool risks to a much greater extent than private investors can. This paper discusses the general economic theory in the case of developing countries. The analysis identifies several cases where the government's risk-neutral assumption does not hold, thus making rational the use of ex ante risk financing instruments, including sovereign insurance. The paper discusses the optimal level of sovereign insurance. It argues that, because sovereign insurance is usually more expensive than post-disaster financing, it should mainly cover immediate needs, while long-term expenditures should be financed through post-disaster financing (including ex post borrowing and tax increases). In other words, sovereign insurance should not aim at financing the long-term resource gap, but only the short-term liquidity need.
Book Synopsis Sovereign Natural Disaster Insurance for Developing Countries by : Olivier Mahul
Download or read book Sovereign Natural Disaster Insurance for Developing Countries written by Olivier Mahul and published by . This book was released on 2016 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic theory suggests that countries should ignore uncertainty for public investment and behave as if indifferent to risk because they can pool risks to a much greater extent than private investors can. This paper discusses the general economic theory in the case of developing countries. The analysis identifies several cases where the government's risk-neutral assumption does not hold, thus making rational the use of ex ante risk financing instruments, including sovereign insurance. The paper discusses the optimal level of sovereign insurance. It argues that, because sovereign insurance is usually more expensive than post-disaster financing, it should mainly cover immediate needs, while long-term expenditures should be financed through post-disaster financing (including ex post borrowing and tax increases). In other words, sovereign insurance should not aim at financing the long-term resource gap, but only the short-term liquidity need.
Book Synopsis Catastrophe Risk Financing in Developing Countries by : J. David Cummins
Download or read book Catastrophe Risk Financing in Developing Countries written by J. David Cummins and published by World Bank Publications. This book was released on 2009 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Catastrophe Risk Financing in Developing Countries' provides a detailed analysis of the imperfections and inefficiencies that impede the emergence of competitive catastrophe risk markets in developing countries. The book demonstrates how donors and international financial institutions can assist governments in middle- and low-income countries in promoting effective and affordable catastrophe risk financing solutions. The authors present guiding principles on how and when governments, with assistance from donors and international financial institutions, should intervene in catastrophe insurance markets. They also identify key activities to be undertaken by donors and institutions that would allow middle- and low-income countries to develop competitive and cost-effective catastrophe risk financing strategies at both the macro (government) and micro (household) levels. These principles and activities are expected to inform good practices and ensure desirable results in catastrophe insurance projects. 'Catastrophe Risk Financing in Developing Countries' offers valuable advice and guidelines to policy makers and insurance practitioners involved in the development of catastrophe insurance programs in developing countries.
Book Synopsis Climate Change and Insurance by : Eugene N. Gurenko
Download or read book Climate Change and Insurance written by Eugene N. Gurenko and published by Routledge. This book was released on 2015-02-13 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: Climate change brings about a new set of major economic risks arising from changing weather patterns, extreme weather events and rising sea levels. Most at risk are developing countries who, despite considerable post-disaster donor aid, have been bearing the major brunt of disaster-related losses. One adaptation solution that is rapidly gaining the support of countries and international donors is a risk transfer to the global reinsurance and capital markets. This volume, a special issue of the journal Climate Policy, explores the role that insurance-based mechanisms can play in helping developing countries prepare for climate change. It offers a unique and comprehensive perspective on the potential role of insurance solutions in global adaptation to climate change and attempts to engender debate on the role of insurance in reducing global emissions and encouraging climate-friendly corporate behaviour.
Book Synopsis Catastrophe Risk Management by : John D. Pollner
Download or read book Catastrophe Risk Management written by John D. Pollner and published by World Bank Publications. This book was released on 2001 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: In providing support for disaster-prone areas such as the Caribbean, the development community has begun to progress from disaster reconstruction assistance to funding for investment in mitigation as an explicit tool for sustainable development. Now it must enter a new phase, applying risk transfer mechanisms to address the financial risk of exposure to catastrophic events that require funding beyond what can be controlled solely through mitigation and physical measures.
Book Synopsis Natural Disasters and Climate Change by : Juan José Durante
Download or read book Natural Disasters and Climate Change written by Juan José Durante and published by Springer Nature. This book was released on 2020-08-11 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a technical approach to promoting the development of disaster and climate change risk financing and transfer strategies, and discusses several practical issues, chiefly focusing on Latin America and the Caribbean. Innovative risk financing and insurance mechanisms are vital for governments around the world, in order to provide financial protection and reduce the economic costs and social and developmental impacts of natural disasters and climate change. The book’s main content is complemented by a wealth of graphics, diagrams and tables that illustrate the concepts discussed and make the text accessible for practitioners and non-practitioners alike. The book offers proven, creative and innovative ideas on how to tackle risk financing and management for natural disasters and climate change. Strategic topics such as sovereign disaster risk financing, property catastrophe risk insurance, and agricultural insurance are also discussed.
Book Synopsis Catastrophic Risks and Insurance by :
Download or read book Catastrophic Risks and Insurance written by and published by OECD. This book was released on 2005 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is the eighth of a series devoted to major policy issues in insurance, and sets out the proceedings of a conference, held in Paris in November 2004, to discuss options for dealing with losses caused by large-scale disasters. It contains a selection of papers and reports which focus on three key issues: the insurability of catastrophic risks; the extent to which financial markets can help address the risks of both natural disasters and terrorism; and the role of governments and public-private partnerships in the management of such risks.
Download or read book Lifelines written by Stephane Hallegatte and published by World Bank Publications. This book was released on 2019-07-16 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Infrastructure—electricity, telecommunications, roads, water, and sanitation—are central to people’s lives. Without it, they cannot make a living, stay healthy, and maintain a good quality of life. Access to basic infrastructure is also a key driver of economic development. This report lays out a framework for understanding infrastructure resilience - the ability of infrastructure systems to function and meet users’ needs during and after a natural hazard. It focuses on four infrastructure systems that are essential to economic activity and people’s well-being: power systems, including the generation, transmission, and distribution of electricity; water and sanitation—especially water utilities; transport systems—multiple modes such as road, rail, waterway, and airports, and multiple scales, including urban transit and rural access; and telecommunications, including telephone and Internet connections.
Book Synopsis Dull Disasters? by : Daniel Jonathan Clarke
Download or read book Dull Disasters? written by Daniel Jonathan Clarke and published by Oxford University Press. This book was released on 2016 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic losses from disasters are now reaching an average of US$250--$300 billion a year. In the last 20 years, more than 530,000 people died as a direct result of extreme weather events; millions more were seriously injured. Most of the deaths and serious injuries were in developing countries. Meanwhile, highly infectious diseases will continue to emerge or re-emerge, and natural hazards will not disappear. But these extreme events do not need to turn into large-scale disasters. Better and faster responses are possible. The authors contend that even though there is much generosity in the world to support the responses to and recovery from natural disasters, the current funding model, based on mobilizing financial resources after disasters take place, is flawed and makes responses late, fragmented, unreliable, and poorly targeted, while providing poor incentives for preparedness or risk reduction. The way forward centres around reforming the funding model for disasters, moving towards plans with simple rules for early action and that are locked in before disasters through credible funding strategies while resisting the allure of post-disaster discretionary funding and the threat it poses for those seeking to ensure that disasters have a less severe impact. -- Provided by publisher.
Book Synopsis Unbreakable by : Stephane Hallegatte
Download or read book Unbreakable written by Stephane Hallegatte and published by World Bank Publications. This book was released on 2016-11-24 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Economic losses from natural disasters totaled $92 billion in 2015.' Such statements, all too commonplace, assess the severity of disasters by no other measure than the damage inflicted on buildings, infrastructure, and agricultural production. But $1 in losses does not mean the same thing to a rich person that it does to a poor person; the gravity of a $92 billion loss depends on who experiences it. By focusing on aggregate losses—the traditional approach to disaster risk—we restrict our consideration to how disasters affect those wealthy enough to have assets to lose in the first place, and largely ignore the plight of poor people. This report moves beyond asset and production losses and shifts its attention to how natural disasters affect people’s well-being. Disasters are far greater threats to well-being than traditional estimates suggest. This approach provides a more nuanced view of natural disasters than usual reporting, and a perspective that takes fuller account of poor people’s vulnerabilities. Poor people suffer only a fraction of economic losses caused by disasters, but they bear the brunt of their consequences. Understanding the disproportionate vulnerability of poor people also makes the case for setting new intervention priorities to lessen the impact of natural disasters on the world’s poor, such as expanding financial inclusion, disaster risk and health insurance, social protection and adaptive safety nets, contingent finance and reserve funds, and universal access to early warning systems. Efforts to reduce disaster risk and poverty go hand in hand. Because disasters impoverish so many, disaster risk management is inseparable from poverty reduction policy, and vice versa. As climate change magnifies natural hazards, and because protection infrastructure alone cannot eliminate risk, a more resilient population has never been more critical to breaking the cycle of disaster-induced poverty.
Book Synopsis Government Support to Agricultural Insurance by : Olivier Mahul
Download or read book Government Support to Agricultural Insurance written by Olivier Mahul and published by World Bank Publications. This book was released on 2010-03-08 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments in developing countries have been increasingly involved in the support of agricultural (crop and livestock) insurance programs in recent years. In their attempts to design and implement agricultural insurance, they have sought technical and financial assistance from the international community and particularly from the World Bank. One of the recurrent requests from governments regards international experience with agricultural insurance, not only in developed countries, where in some cases agricultural insurance has been offered for more than a century, but also in middleand low-income countries. Governments are particularly interested in the technical, operational, financial, and institutional aspects of public support to agricultural insurance. 'Government Support to Agricultural Insurance' informs public and private decision makers involved in agricultural insurance about recent developments, with a particular focus on middle- and low-income countries. It presents an updated picture of the spectrum of institutional frameworks and experiences with agricultural insurance, ranging from countries in which the public sector provides no support to those in which governments heavily subsidize agricultural insurance. This analysis is based on a survey conducted by the World Bank s agricultural insurance team in 2008 in 65 developed and developing countries. Drawing on the survey results, the book identifies some key roles governments can play to support the development of sustainable, affordable, and cost-effective agricultural insurance programs.
Book Synopsis Loss and Damage from Climate Change by : Reinhard Mechler
Download or read book Loss and Damage from Climate Change written by Reinhard Mechler and published by Springer. This book was released on 2018-11-28 with total page 557 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an authoritative insight on the Loss and Damage discourse by highlighting state-of-the-art research and policy linked to this discourse and articulating its multiple concepts, principles and methods. Written by leading researchers and practitioners, it identifies practical and evidence-based policy options to inform the discourse and climate negotiations. With climate-related risks on the rise and impacts being felt around the globe has come the recognition that climate mitigation and adaptation may not be enough to manage the effects from anthropogenic climate change. This recognition led to the creation of the Warsaw International Mechanism on Loss and Damage in 2013, a climate policy mechanism dedicated to dealing with climate-related effects in highly vulnerable countries that face severe constraints and limits to adaptation. Endorsed in 2015 by the Paris Agreement and effectively considered a third pillar of international climate policy, debate and research on Loss and Damage continues to gain enormous traction. Yet, concepts, methods and tools as well as directions for policy and implementation have remained contested and vague. Suitable for researchers, policy-advisors, practitioners and the interested public, the book furthermore: • discusses the political, legal, economic and institutional dimensions of the issue• highlights normative questions central to the discourse • provides a focus on climate risks and climate risk management. • presents salient case studies from around the world.
Book Synopsis Financial Management of Flood Risk by : OECD
Download or read book Financial Management of Flood Risk written by OECD and published by OECD Publishing. This book was released on 2016-07-29 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disasters present a broad range of human, social, financial, economic and environmental impacts, with potentially long-lasting effects. This report applies the lessons from the OECD’s analysis of disaster risk financing practices and its risk guidance to the specific case of floods.
Book Synopsis Natural Hazards, UnNatural Disasters by : World Bank
Download or read book Natural Hazards, UnNatural Disasters written by World Bank and published by World Bank Publications. This book was released on 2010-11-10 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines how to ensure that the preventive measures are worthwhile and effective, and how people can make decisions individually and collectively at different levels of government.
Download or read book Earthquake Insurance in Turkey written by and published by World Bank Publications. This book was released on 2006-01-01 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: The persistent potential for large scale natural disasters has become a real concern for the Turkish government since the late 1990s, which ultimately led to the establishment of the Turkish Catastrophe Insurance Pool (TCIP). Among the main rationale of the creation of the TCIP were a grave government fiscal exposure to natural disasters and a disproportionately low level of catastrophe insurance penetration for such a disaster-prone country. Since the commencement of this program in 2000, the TCIP has provided coverage to more than 2 million households, being by far the largest insurance program in the country. In four years, the TCIP has managed to become one of the most trusted brand names in the Turkish insurance industry, and one of the largest catastrophe insurance pools in the world. Its success has also brought an international recognition, inspiring more than a dozen of countries world wide. The TCIP experience has also been a watershed for the World Bank as it has led to a rethinking of the roles of ex ante risk management relative to ex post donor support. This book presents the main technical imperatives and challenges in the development and the implementation of the TCIP and shows how a public-private partnership may be the way forward in the financing of natural disasters. If offers valuable advise and guidelines to policymakers involved in the development of catastrophe insurance programs.
Book Synopsis Strengthening Disaster Risk Governance to Manage Disaster Risk by : Jose Manuel Mendes
Download or read book Strengthening Disaster Risk Governance to Manage Disaster Risk written by Jose Manuel Mendes and published by Elsevier. This book was released on 2021-01-11 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strengthening Disaster Risk Governance to Manage Disaster Risk presents the second principle from the UNISDR Sendai Framework for Disaster Risk Reduction, 2015-2030. The framework includes discussion of risk and resilience from both a theoretical and governance perspective in light of the ideas that are shaping our common future and presents innovative tools and best practices in reducing risk and building resilience. Combining the applications of social, financial, technological, design, engineering and nature-based approaches, the volume addresses rising global priorities and focuses on strengthening the global understanding of risk governance practices, initiatives and trends. Focusing on disaster risk governance at the national, regional, and global levels, it presents both historic and contemporary issues, asking researchers and governments how they can use technological advances, risk and resilience metrics and modeling, business continuity practices, and past experiences to understand the disaster recovery process and manage risk. Follows the global frameworks for disaster risk reduction and sustainability, specifically the UNISDR Sendai Framework for DRR, 2015-2030 Addresses lessons learned and future paths in disaster risk governance models Integrates public and private interests in risk governance Presents methodologies dealing with risk uncertainty, ambiguity and complexity
Book Synopsis Building Urban Resilience by : Abhas K. Jha
Download or read book Building Urban Resilience written by Abhas K. Jha and published by World Bank Publications. This book was released on 2013-03-01 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook is a resource for enhancing disaster resilience in urban areas. It summarizes the guiding principles, tools, and practices in key economic sectors that can facilitate incorporation of resilience concepts into decisions about infrastructure investments and urban management that are integral to reducing disaster and climate risks.
