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The Financing Of Catastrophe Risk
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Book Synopsis The Financing of Catastrophe Risk by : Kenneth A. Froot
Download or read book The Financing of Catastrophe Risk written by Kenneth A. Froot and published by University of Chicago Press. This book was released on 2007-12-01 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is it possible that the insurance and reinsurance industries cannot handle a major catastrophe? Ten years ago, the notion that the overall cost of a single catastrophic event might exceed $10 billion was unthinkable. With ever increasing property-casualty risks and unabated growth in hazard-prone areas, insurers and reinsurers now envision the possibility of disaster losses of $50 to $100 billion in the United States. Against this backdrop, the capitalization of the insurance and reinsurance industries has become a crucial concern. While it remains unlikely that a single event might entirely bankrupt these industries, a big catastrophe could place firms under severe stress, jeopardizing both policy holders and investors and causing profound ripple effects throughout the U.S. economy. The Financing of Catastrophe Risk assembles an impressive roster of experts from academia and industry to explore the disturbing yet realistic assumption that a large catastrophic event is inevitable. The essays offer tangible means of both reassessing and raising the level of preparedness throughout the insurance and reinsurance industries.
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 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 Catastrophe Risk and Reinsurance by : Eugene N. Gurenko
Download or read book Catastrophe Risk and Reinsurance written by Eugene N. Gurenko and published by World Bank Publications. This book was released on 2004 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: Including the latest invaluable insights into catastrophe reinsurance, this book provides you with a wealth of risk management expertise gained from many of the largest catastrophe risk transfer programmes worldwide.
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 2007 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: 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 Modeling by : Patricia Grossi
Download or read book Catastrophe Modeling written by Patricia Grossi and published by Springer Science & Business Media. This book was released on 2006-01-27 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the research that has been conducted at Wharton Risk Management Center over the past five years on catastrophic risk. Covers a hot topic in the light of recent terroristic activities and nature catastrophes. Develops risk management strategies for reducing and spreading the losses from future disasters. Provides glossary of definitions and terms used throughout the book.
Book Synopsis Natural Catastrophe Risk Management and Modelling by : Kirsten Mitchell-Wallace
Download or read book Natural Catastrophe Risk Management and Modelling written by Kirsten Mitchell-Wallace and published by John Wiley & Sons. This book was released on 2017-04-24 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers both the practical and theoretical aspects of catastrophe modelling for insurance industry practitioners and public policymakers. Written by authors with both academic and industry experience it also functions as an excellent graduate-level text and overview of the field. Ours is a time of unprecedented levels of risk from both natural and anthropogenic sources. Fortunately, it is also an era of relatively inexpensive technologies for use in assessing those risks. The demand from both commercial and public interests—including (re)insurers, NGOs, global disaster management agencies, and local authorities—for sophisticated catastrophe risk assessment tools has never been greater, and contemporary catastrophe modelling satisfies that demand. Combining the latest research with detailed coverage of state-of-the-art catastrophe modelling techniques and technologies, this book delivers the knowledge needed to use, interpret, and build catastrophe models, and provides greater insight into catastrophe modelling’s enormous potential and possible limitations. The first book containing the detailed, practical knowledge needed to support practitioners as effective catastrophe risk modellers and managers Includes hazard, vulnerability and financial material to provide the only independent, comprehensive overview of the subject, accessible to students and practitioners alike Demonstrates the relevance of catastrophe models within a practical, decision-making framework and illustrates their many applications Includes contributions from many of the top names in the field, globally, from industry, academia, and government Natural Catastrophe Risk Management and Modelling: A Practitioner’s Guide is an important working resource for catastrophe modelling analysts and developers, actuaries, underwriters, and those working in compliance or regulatory functions related to catastrophe risk. It is also valuable for scientists and engineers seeking to gain greater insight into catastrophe risk management and its applications.
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 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 97 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 Pollner
Download or read book Catastrophe Risk Management written by John Pollner and published by . This book was released on 2016 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: In providing support for ...
Book Synopsis Rapid Onset Natural Disasters by : Eugene Gurenko
Download or read book Rapid Onset Natural Disasters written by Eugene Gurenko and published by World Bank Publications. This book was released on 2004 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gurenko and Lester provide a conceptual framework for designing a comprehensive risk management strategy for rapid onset natural disasters at the country level, with a particular emphasis on the role of catastrophe loss funding. The authors discuss the key policy and technical issues involved in building financially sustainable catastrophe risk transfer and funding programs in disaster prone countries and their links to risk mitigation. They also deal with the cognitive and political economy issues that are likely to arise and ways to accommodate them. This paper--a product of the Financial Sector Operations and Policy Department--is part of a larger effort in the department to develop modern risk management approaches at the country level.
Book Synopsis Assessing the Enabling Environment for Disaster Risk Financing by : Asian Development Bank
Download or read book Assessing the Enabling Environment for Disaster Risk Financing written by Asian Development Bank and published by Asian Development Bank. This book was released on 2020-06-01 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: Disasters damage and destroy infrastructure and disrupt economic activities and services, potentially delaying long-term development and hampering efforts to reduce poverty in the region. Countries require a strong enabling environment for disaster risk financing to ensure the timely availability of post-disaster funding. This report presents a comprehensive diagnostics tool kit that countries can apply to assess the financial management of disaster risk. The framework examines the state of the enabling environment and provides a basis to enhance financial resilience with insurance and other risk transfer instruments. It incorporates lessons from the country diagnostics assessments for Fiji, Nepal, Pakistan, and Sri Lanka that made use of the tool kit and methodology.
Book Synopsis Disaster Risk Financing A global survey of practices and challenges by : OECD
Download or read book Disaster Risk Financing A global survey of practices and challenges written by OECD and published by OECD Publishing. This book was released on 2015-11-04 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an overview of the disaster risk assessment and financing practices of a broad range of economies. It draws on the G20/OECD Framework for Disaster Risk Assessment and Risk Financing and is based on a survey covering 29 economies.
Book Synopsis Risk Management by : Michael Frenkel
Download or read book Risk Management written by Michael Frenkel and published by Springer Science & Business Media. This book was released on 2005-12-06 with total page 842 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dealing with all aspects of risk management that have undergone significant innovation in recent years, this book aims at being a reference work in its field. Different to other books on the topic, it addresses the challenges and opportunities facing the different risk management types in banks, insurance companies, and the corporate sector. Due to the rising volatility in the financial markets as well as political and operational risks affecting the business sector in general, capital adequacy rules are equally important for non-financial companies. For the banking sector, the book emphasizes the modifications implied by the Basel II proposal. The volume has been written for academics as well as practitioners, in particular finance specialists. It is unique in bringing together such a wide array of experts and correspondingly offers a complete coverage of recent developments in risk management.
Book Synopsis Adaptive Social Protection by : Thomas Bowen
Download or read book Adaptive Social Protection written by Thomas Bowen and published by World Bank Publications. This book was released on 2020-06-12 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adaptive social protection (ASP) helps to build the resilience of poor and vulnerable households to the impacts of large, covariate shocks, such as natural disasters, economic crises, pandemics, conflict, and forced displacement. Through the provision of transfers and services directly to these households, ASP supports their capacity to prepare for, cope with, and adapt to the shocks they face—before, during, and after these shocks occur. Over the long term, by supporting these three capacities, ASP can provide a pathway to a more resilient state for households that may otherwise lack the resources to move out of chronically vulnerable situations. Adaptive Social Protection: Building Resilience to Shocks outlines an organizing framework for the design and implementation of ASP, providing insights into the ways in which social protection systems can be made more capable of building household resilience. By way of its four building blocks—programs, information, finance, and institutional arrangements and partnerships—the framework highlights both the elements of existing social protection systems that are the cornerstones for building household resilience, as well as the additional investments that are central to enhancing their ability to generate these outcomes. In this report, the ASP framework and its building blocks have been elaborated primarily in relation to natural disasters and associated climate change. Nevertheless, many of the priorities identified within each building block are also pertinent to the design and implementation of ASP across other types of shocks, providing a foundation for a structured approach to the advancement of this rapidly evolving and complex agenda.
Book Synopsis Managing Catastrophic Disaster Risks Using Alternative Risk Financing and Pooled Insurance Structures by : John D. Pollner
Download or read book Managing Catastrophic Disaster Risks Using Alternative Risk Financing and Pooled Insurance Structures written by John D. Pollner and published by World Bank Publications. This book was released on 2001-01-01 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the existing constraints and opportunities to implement a catastrophe insurance system which can resolve the key obstacles currently impeding broader implementation of a risk funding approach. The four main pillars in such a strategy involve: strengthening the insurance sector regulatory requirements and supervision; establishment of broad based pooled catastrophe funding structures with efficient risk transfer tools; promoting public insurance policies linked to programs for loss reduction in the uninsured sectors; and strengthening the risk assessment and enforcement of structural measures such as zoning and building code compliance.
Book Synopsis Managing Disaster Risk in Emerging Economies by : Alcira Kreimer
Download or read book Managing Disaster Risk in Emerging Economies written by Alcira Kreimer and published by World Bank Publications. This book was released on 2000-01-01 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1999 natural catastrophes and man-made disasters claimed more than 105,000 lives, 95 percent of them in the developing world, and caused economic losses of around US$100 billion. In 1998 the twin disasters of the Yangtze and Hurrican Mitch accounted for two-thirds of the US$65 billion loss. The geographical areas affected may vary, but one constant is that the per capita burden of catastrophic losses is dramatically higher in developing countries. To respond to an increased demand to assist disaster rcovery programmes, the World Bank set up the Disaster Management Facility in 1998, to help provide the Bank with a more rapid and strategic response to disaster emergencies. The DMF focuses on risk identification, risk reduction, and risk sharing/transfer, the three major topics in this volume. The DMF also promotes strategic alliances with key private, government, multilateral and nongovernmental organisations to ensure the inclusion of disaster risk reduction as a central value of development. The most important of these partnerships is the ProVention Consortium, launched in February 2000, based on the premise that we must all take responsibility for making the new millennium a safer one.
