Catastrophe Insurance Market In The Caribbean Region

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Catastrophe Insurance Market in the Caribbean Region

Philippe Auffret
Catastrophe Insurance Market in the Caribbean Region Book PDF

Author : Philippe Auffret
Publisher : World Bank Publications
Page : 36 pages
File Size : 48,8 Mb
Release : 2003
Category : Casualty insurance
ISBN : 8210379456XXX

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Catastrophe Insurance Market in the Caribbean Region by Philippe Auffret Pdf

The Caribbean region suffers from a high degree of economic volatility. A history of repeated external and domestic shocks has made economic insecurity a major concern across the region. Of particular concern to all households, especially the poorest segments of the population, is the exposure to shocks that are generated by catastrophic events or natural disasters. The author develops a conceptual framework for risk management and shows that the insurance market for catastrophic risk in the Caribbean region remains a "thin" market characterized by "high" prices and "low" transfer of risk. He analyzes the possible market failures which could explain the lack of development of the catastrophe insurance market. Finally he outlines a set of recommendations for public sector interventions.

Catastrophe Insurance Market in the Caribbean Region

Philippe Auffret
Catastrophe Insurance Market in the Caribbean Region Book PDF

Author : Philippe Auffret
Publisher : Unknown
Page : 31 pages
File Size : 43,5 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1290704065

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Catastrophe Insurance Market in the Caribbean Region by Philippe Auffret Pdf

The Caribbean region suffers from a high degree of economic volatility. A history of repeated external and domestic shocks has made economic insecurity a major concern across the region. Of particular concern to all households, especially the poorest segments of the population, is the exposure to shocks that are generated by catastrophic events or natural disasters.Auffret develops a conceptual framework for risk management and shows that the insurance market for catastrophic risk in the Caribbean region remains a quot;thinquot; market characterized by quot;highquot; prices and quot;lowquot; transfer of risk. He analyzes the possible market failures which could explain the lack of development of the catastrophe insurance market. Finally he outlines a set of recommendations for public sector interventions.This paper - a product of the Economic Policy Sector Unit, Latin America and the Caribbean Region - is part of a larger effort in the region to assess the impacts of catastrophic events on welfare.

Catastrophe Risk Management

John D. Pollner
Catastrophe Risk Management Book PDF

Author : John D. Pollner
Publisher : World Bank Publications
Page : 130 pages
File Size : 43,6 Mb
Release : 2001
Category : Disaster insurance
ISBN : 8210379456XXX

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Catastrophe Risk Management by John D. Pollner Pdf

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.

Managing Disaster Risk in Emerging Economies

Alcira Kreimer,Margaret Arnold
Managing Disaster Risk in Emerging Economies Book PDF

Author : Alcira Kreimer,Margaret Arnold
Publisher : World Bank Publications
Page : 212 pages
File Size : 40,6 Mb
Release : 2000-01-01
Category : Social Science
ISBN : 0821347268

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Managing Disaster Risk in Emerging Economies by Alcira Kreimer,Margaret Arnold Pdf

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.

Catastrophe Risk Financing in Developing Countries

J. David Cummins,Olivier Mahul
Catastrophe Risk Financing in Developing Countries Book PDF

Author : J. David Cummins,Olivier Mahul
Publisher : World Bank Publications
Page : 299 pages
File Size : 40,8 Mb
Release : 2009
Category : Political Science
ISBN : 9780821377369

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Catastrophe Risk Financing in Developing Countries by J. David Cummins,Olivier Mahul Pdf

'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.

Unleashing Growth and Strengthening Resilience in the Caribbean

Mr.Krishna Srinivasan,Ms.Inci Otker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne
Unleashing Growth and Strengthening Resilience in the Caribbean Book PDF

Author : Mr.Krishna Srinivasan,Ms.Inci Otker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne
Publisher : International Monetary Fund
Page : 378 pages
File Size : 54,7 Mb
Release : 2017-11-13
Category : Business & Economics
ISBN : 9781484315194

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Unleashing Growth and Strengthening Resilience in the Caribbean by Mr.Krishna Srinivasan,Ms.Inci Otker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne Pdf

This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic well-being. The analysis highlights the need for Caribbean economies to make a concerted effort to break the feedback loops between weak macroeconomic fundamentals, notably pertaining to fiscal positions and financial sector strains, and structural impediments, such as high electricity costs, limited financial deepening, violent crime, and brain drain, which have depressed private investment and growth. A recurring theme in the book is the need for greater regional coordination in finding solutions to address the Caribbean’s shared and intertwined macroeconomic and structural challenges. The analysis suggests that strengthening regional and global market integration of Caribbean economies would provide an impetus to sustained growth in incomes and jobs. Greater regional and global economic integration would also facilitate structural transformation and a shift toward new economic activities, resulting in more diversified and less vulnerable economies. A central challenge for the Caribbean is thus to come together as a region, overcome the limitations posed by size, and garner the benefits of globalization. Efforts should build on existing regional arrangements; accelerating progress in implementing these agreements would stimulate trade. Policymakers could also promote deeper integration with Latin America and the rest of the world by pursuing new trade agreements, leveraging current agreements more effectively, or deepening them to include areas beyond traditional trade issues, and developing port and transport infrastructure.

Small States Resilience to Natural Disasters and Climate Change - Role for the IMF

International Monetary Fund
Small States Resilience to Natural Disasters and Climate Change Role for the IMF Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 99 pages
File Size : 43,6 Mb
Release : 2016-07-11
Category : Nature
ISBN : 9781498345095

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Small States Resilience to Natural Disasters and Climate Change - Role for the IMF by International Monetary Fund Pdf

Small developing states are disproportionately vulnerable to natural disasters. On average, the annual cost of disasters for small states is nearly 2 percent of GDP—more than four times that for larger countries. This reflects a higher frequency of disasters, adjusted for land area, as well as greater vulnerability to severe disasters. About 9 percent of disasters in small states involve damage of more than 30 percent of GDP, compared to less than 1 percent for larger states. Greater exposure to disasters has important macroeconomic effects on small states, resulting in lower investment, lower GDP per capita, higher poverty, and a more volatile revenue base.

Adaptive Social Protection

Thomas Bowen,Carlo del Ninno,Colin Andrews,Sarah Coll-Black,Kelly Johnson,Yasuhiro Kawasoe,Adea Kryeziu,Barry Maher,Asha Williams
Adaptive Social Protection Book PDF

Author : Thomas Bowen,Carlo del Ninno,Colin Andrews,Sarah Coll-Black,Kelly Johnson,Yasuhiro Kawasoe,Adea Kryeziu,Barry Maher,Asha Williams
Publisher : World Bank Publications
Page : 155 pages
File Size : 42,6 Mb
Release : 2020-06-12
Category : Political Science
ISBN : 9781464815751

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Adaptive Social Protection by Thomas Bowen,Carlo del Ninno,Colin Andrews,Sarah Coll-Black,Kelly Johnson,Yasuhiro Kawasoe,Adea Kryeziu,Barry Maher,Asha Williams Pdf

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.

Insuring Against Climate Change

Nikolas Scherer
Insuring Against Climate Change Book PDF

Author : Nikolas Scherer
Publisher : Routledge
Page : 197 pages
File Size : 50,5 Mb
Release : 2020-02-19
Category : Science
ISBN : 9781000033540

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Insuring Against Climate Change by Nikolas Scherer Pdf

This book provides one of the first systematic in-depth studies on regional catastrophe risk pools. It explores the various goals of these new financial instruments, illustrating how they function on a conceptual, technical and practical level, and reconstructs their political genesis. With climate-related disasters increasing in frequency and severity, Insuring Against Climate Change explores how affected countries, especially those in the Global South, have increasingly turned to innovative index insurance instruments, as demonstrated by the creation of the Caribbean Catastrophic Risk Insurance Facility (CCRIF), the African Risk Capacity (ARC) and the Pacific Catastrophe Risk Assessment and Financing Initiative Facility (PCRAFI Facility). Scherer scrutinizes the formation of this trend, exploring comparatively the goals, characteristics and histories of these tools, and argues that their attractiveness rests more on political than economic benefits and is, in fact, more supply than demand-driven. Making a significant contribution to current debates on the opportunities and limitations of what are sometimes described as indirect ‘climate risk insurance’, this book will be of great interest to political scientists with an interest in insurance instruments and climate-related disaster management politics as well as to practitioners working in the insurance, finance and the development sectors.

Sovereign Natural Disaster Insurance for Developing Countries: A Paradigm Shift in Catastrophe Risk Financing

Francis Ghesquiere
Sovereign Natural Disaster Insurance for Developing Countries A Paradigm Shift in Catastrophe Risk Financing Book PDF

Author : Francis Ghesquiere
Publisher : World Bank Publications
Page : 26 pages
File Size : 40,9 Mb
Release : 2012
Category : Electronic
ISBN : 8210379456XXX

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Sovereign Natural Disaster Insurance for Developing Countries: A Paradigm Shift in Catastrophe Risk Financing by Francis Ghesquiere Pdf

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.

Earthquake Insurance in Turkey

Anonim
Earthquake Insurance in Turkey Book PDF

Author : Anonim
Publisher : World Bank Publications
Page : 136 pages
File Size : 43,7 Mb
Release : 2006-01-01
Category : Business & Economics
ISBN : 9780821365847

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Earthquake Insurance in Turkey by Anonim Pdf

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.

Managing Catastrophic Disaster Risks Using Alternative Risk Financing and Pooled Insurance Structures

John D. Pollner
Managing Catastrophic Disaster Risks Using Alternative Risk Financing and Pooled Insurance Structures Book PDF

Author : John D. Pollner
Publisher : World Bank Publications
Page : 132 pages
File Size : 47,9 Mb
Release : 2001-01-01
Category : Business & Economics
ISBN : 0821349171

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Managing Catastrophic Disaster Risks Using Alternative Risk Financing and Pooled Insurance Structures by John D. Pollner Pdf

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.

Investing in Resilience

Asian Development Bank
Investing in Resilience Book PDF

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 171 pages
File Size : 44,7 Mb
Release : 2013-01-01
Category : Business & Economics
ISBN : 9789290929505

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Investing in Resilience by Asian Development Bank Pdf

Investing in Resilience: Ensuring a Disaster-Resistant Future focuses on the steps required to ensure that investment in disaster resilience happens and that it occurs as an integral, systematic part of development. At-risk communities in Asia and the Pacific can apply a wide range of policy, capacity, and investment instruments and mechanisms to ensure that disaster risk is properly assessed, disaster risk is reduced, and residual risk is well managed. Yet, real progress in strengthening resilience has been slow to date and natural hazards continue to cause significant loss of life, damage, and disruption in the region, undermining inclusive, sustainable development. Investing in Resilience offers an approach and ideas for reflection on how to achieve disaster resilience. It does not prescribe specific courses of action but rather establishes a vision of a resilient future. It stresses the interconnectedness and complementarity of possible actions to achieve disaster resilience across a wide range of development policies, plans, legislation, sectors, and themes. The vision shows how resilience can be accomplished through the coordinated action of governments and their development partners in the private sector, civil society, and the international community. The vision encourages “investors” to identify and prioritize bundles of actions that collectively can realize that vision of resilience, breaking away from the current tendency to pursue disparate and fragmented disaster risk management measures that frequently trip and fall at unforeseen hurdles. Investing in Resilience aims to move the disaster risk reduction debate beyond rhetoric and to help channel commitments into investment, incentives, funding, and practical action

OECD Green Growth Studies Building Resilient Cities An Assessment of Disaster Risk Management Policies in Southeast Asia

OECD
OECD Green Growth Studies Building Resilient Cities An Assessment of Disaster Risk Management Policies in Southeast Asia Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 144 pages
File Size : 43,8 Mb
Release : 2018-12-10
Category : Electronic
ISBN : 9789264305397

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OECD Green Growth Studies Building Resilient Cities An Assessment of Disaster Risk Management Policies in Southeast Asia by OECD Pdf

Asian cities are particularly vulnerable to risks associated with natural disasters. While they are exposed to various types of natural hazards, flooding and other water-related disasters pose particularly significant risks and undermine long-term economic growth, especially in coastal cities.

Hazards of Nature, Risks to Development

Anonim
Hazards of Nature Risks to Development Book PDF

Author : Anonim
Publisher : World Bank Publications
Page : 236 pages
File Size : 55,8 Mb
Release : 2006-01-01
Category : Business & Economics
ISBN : 9780821366516

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Hazards of Nature, Risks to Development by Anonim Pdf

An evaluation carried out by the Independent Evaluation Group (IEG), an autonomous body reporting directly to the Board of Executive Directors of the World Bank Group to assess the effectiveness of the Bank's development efforts, and one of the most comprehensive reviews of disaster preparedness and response ever conducted. Calls for new thinking that integrates predictable disaster risks into development programs. Concludes that it is possible to anticipate where many natural disasters will strike, yet expresses concerns that the World Bank's disaster assistance efforts are underutilizing these vital lifesaving forecasts.