Disaster Risk Financing in Bangladesh
In: ADB South Asia Working Paper Series No. 46, September 2016
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In: ADB South Asia Working Paper Series No. 46, September 2016
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Working paper
In: https://www.fundacionmapfre.org/documentacion/publico/i18n/consulta/registro.cmd?id=29773
Donación de AGERS ; Ponencia presentada en el Risk Management Forum , Monte Carlo, celebrado en Monte Carlo, 15 al 18 de octubre de 1989 ; Error página 5 ; The captive market in Luxembourg -- Ericsson -- The search for the optimal captive paradise -- Legislation -- Financial considerations -- Captive managers -- Accessability and comfortness -- What do others do? -- The start up phase and the consolidation phase - Ireland
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This diagnostic study is prepared at the request of the Ministry of Finance (MoF), Government of Lesotho (GoL)and aims to identify options to strengthen the country's financial resilience to disasters. It includes a review of disaster response costs and the current disaster risk financing (DRF) arrangements of the GoL, including institutional and legal frameworks, and proposes some recommendations. Lesotho is prone to weather-related perils such as droughts, floods, and storms. Drought affects the largest number of people. For instance, a drought in 2015/16 affected almost half of the population. Over two-thirds of the population—71 percent—is involved in some form of agricultural activity. The majority of the rural population engages in subsistence agriculture, working on small rain-fed farms or are livestock producers. Disasters can severely impact agriculture, thus devastating livelihoods and increasing food insecurity in a country already characterized by low agricultural productivity and reliance on food imports. Natural disasters in Lesotho jeopardize efforts to eliminate extreme poverty and boost shared prosperity Poverty in the country is declining slowly, and as of 2017 remained high, at 49.7 percent (at the national poverty line). Disasters disproportionally impact poor and vulnerable households, pushing them back or further into poverty (Hallegatte et al. 2017). According to the World Bank (forthcoming) Poverty Assessment, without the 2015/16 drought, poverty in Lesotho would have decreased twice as fast over the past 15 years. Natural disasters can also impact the macro-fiscal situation of the country. The average annual cost of disaster response is estimated at US$19.3 million, or 1.6 percent of the total budget expenditure in the 2019/20 fiscal year. For more infrequent and severeshocks, the costs can be much higher: US$31.8 million (or 2.6 percent of total budget) for shocks that occur every 10 years, and 45.3 million US Dollars (or 3.8 percent of total budget) for shocks that occur every 50 years.
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In: Presentation at First Session of the National Platform on Disaster Risk Reduction (NPDRR),New Delhi, India, May 13-14th, 2013
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This note aims to build understanding of the existing disaster risk financing and insurance (DRFI) tools in use in Fiji and to identify gaps where potential engagement could further develop financial resilience. In addition the note aims to encourage peer exchange of regional knowledge, specifically by encouraging dialogue on past experiences, lessons learned, optimal use of these financial tools, and the effect they may have on the execution of post-disaster funds. In 2012 alone Fiji experienced three major events with estimated total damage of F$146 million (US$78 million). Fiji is expected to incur, on average over the long term, annual losses of F$158 million (US$85 million) due to earthquakes and tropical cyclones. In the next 50 years Fiji has a 50 percent chance of experiencing a loss exceeding F$1,500 million (US$806 million). The country has a taken a proactive approach to DRFI and developed a finance manual for post-disaster budget execution. The government now has F$3 million (US$1.6 million) available in DRFI instruments to facilitate disaster response and also implemented tax concessions to encourage donations in the wake of tropical cyclone Evan. A number of options to support ongoing DRFI improvements in Fiji are presented for consideration: (a) the finance manual developed by the Ministry of Finance for post-disaster procedures should be finalized, and cabinet approval should be sought; (b) an overarching disaster risk financing and insurance strategy should be developed that includes options for risk transfer; and (c) assets should be identified in order to develop an insurance program for critical public assets.
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In: Ekonomický časopis: časopis pre ekonomickú teóriu, hospodársku politiku, spoločensko-ekonomické prognózovanie = Journal of economics, Band 71, Heft 10, S. 579-595
ISSN: 0013-3035
In: Natural disaster research, prediction and mitigation
Intro -- NATURAL CATASTROPHES: RISK FINANCING AND INSURANCE ISSUES -- NATURAL CATASTROPHES: RISK FINANCING AND INSURANCE ISSUES -- Library of Congress Cataloging-in-Publication Data -- CONTENTS -- PREFACE -- Chapter 1 FINANCING NATURAL CATASTROPHE EXPOSURE: ISSUES AND OPTIONS FOR IMPROVING RISK TRANSFER MARKETS -- SUMMARY -- INTRODUCTION: DEFINING THE PROBLEM AND CURRENT CHALLENGES -- THE ROLE OF PRIVATE INSURERS -- THE U.S. EXPOSURE TO NATURAL CATASTROPHIC RISK -- FINANCIAL MANAGEMENT OF CATASTROPHE LOSSES -- ALTERNATIVE RISK TRANSFER TECHNIQUES -- GOVERNMENT INTERVENTION IN RISK-TRANSFER MARKETS -- LEGISLATIVE OPTIONS -- CONCLUSION -- Chapter 2 FINANCING RECOVERY AFTER A CATASTROPHIC EARTHQUAKE OR NUCLEAR POWER INCIDENT -- SUMMARY -- INTRODUCTION -- RECENT DEVELOPMENTS -- U.S. EARTHQUAKE RISK ASSESSMENT AND EXPOSURE -- FINANCING RECOVERY FOLLOWING AN EARTHQUAKE -- FINANCING RECOVERY FOLLOWING A NUCLEAR INCIDENT -- CHALLENGES IN FINANCING EXTREME EVENT LOSSES -- IS FEDERAL EARTHQUAKE INSURANCE FEASIBLE? -- POLICY ISSUES AND QUESTIONS -- LEGISLATION -- APPENDIX. STANDARD PROPERTY INSURANCE EARTHQUAKE AND FLOOD EXCLUSION LANGUAGE -- Chapter 3 THE NATIONAL FLOOD INSURANCE PROGRAM: STATUS AND REMAINING ISSUES FOR CONGRESS -- SUMMARY -- BACKGROUND -- RECENT DEVELOPMENTS -- COST AND CONSEQUENCE OF RECENT CATASTROPHIC FLOODS -- A NATION EXPOSED TO FLOOD RISK -- FINANCIAL STATUS OF NFIP -- REMAINING ISSUES FOR POSSIBLE CONGRESSIONAL OVERSIGHT -- OPTIONS FOR MANAGING AND FINANCING FLOOD RISK -- CONCLUSION -- APPENDIX A. NATIONAL FLOOD INSURANCE PROGRAM'S REPETITIVE FLOOD LOSS PROPERTIES -- APPENDIX B. KEY PROVISIONS IN THE BIGGERT-WATERS FLOOD INSURANCE REFORM ACT OF 2012 -- APPENDIX C. CHRONOLOGY OF PUBLIC LAWS THAT REAUTHORIZED THE NATIONAL FLOOD INSURANCE PROGRAM: 2008-2012 -- INDEX.
The options presented in this paper were developed at the request of the Government of Pakistan (GoP) to contribute to the country's disaster resilience and overall sustainable development. They are in line with Pakistan@100: Shaping the Future which detailed essential elements of sustainable growth for Pakistan including with disaster risk financing among the
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This note aims to build understanding of the existing disaster risk financing and insurance (DRFI) tools in use in The Marshall Islands and to identify gaps where potential engagement could further develop financial resilience. The likelihood that a hazardous event will have a significant impact on the Marshall Islands has risen with the increasing levels of population and assets in the urban areas of Majuro and Ebeye. The low-lying atolls are at risk of damage to both assets and people as a result of storm surges and tsunamis. The Marshall Islands is expected to incur, on average over the long term, annual losses of US$3 million due to earthquakes and tropical cyclones. In the next 50 years, the Marshall Islands has a 50 percent chance of experiencing a loss exceeding US$53 million. The government takes an ex-ante approach to financing the cost of disasters, but the resources available are limited. The Marshall Islands has a maximum amount of US$15.6 million potentially available in ex-ante instruments to facilitate disaster response. The government s post-disaster budget execution process relies on a variety of financial tools, but the size of the economy limits access to immediate post-disaster cash resources. A number of options for improving disaster risk financing and insurance are presented here for consideration: (a) develop an integrated disaster risk financing and insurance strategy; (b) assess the domestic insurance market for both public and private assets to establish what products are currently offered and to determine their level of uptake; (c) carry out a quantitative analysis to determine whether contingent credit could be an effective tool to access additional liquidity post-disaster; and (d) investigate the possibility of establishing policies for financial assistance to disaster victims in remote communities.
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In: International journal of decision sciences, risk and management: IJDSRM, Band 1, Heft 3/4, S. 234
ISSN: 1753-7177
This country note is produced is part of The Pacific Catastrophe Risk Assessment andFinancing Initiative (PCRAFI). The geographic spread of the Cook Islands poses logistical problems for any necessary post-disaster relief and response efforts. The events of 2005 demonstrated that the Cook Islands is extremely vulnerable to the threat of tropical cyclones (TCs): in the two months of February and March 2005, TCs Meena, Nancy, Olaf, Percy, and Rae swept the country. The Cook Islands is expected to incur, on average, about NZ$6 million (US$4.9 million) per year in losses due to tropical cyclones. In the next 50 years, the Cook Islands has a 50 percent chance of experiencing a per-event loss exceeding NZ$97 million (US$79.5 million. The Cook Islands has a proactive approach to disaster risk financing and insurance (DRFI), which is supported by the upper echelons of government. In January 2011, the prime minister in his role as chair of the National Disaster Risk Management Council requested that the Ministry of Finance and Economic Management look at ways to become self-reliant in initial disaster response and generate new income streams for investment in a fund specifically for disaster management response and recovery. The Cook Islands has available a maximum amount of NZ$5.6 million (US$4.6 million) in the form of contingency funds and catastrophe risk insurance to facilitate disaster response. A number of options for further improving the Cook Islands financial protection against disasters are presented for consideration: (a) the development of an integrated DRFI strategy; (b) investigation of using contingent credit to access additional liquidity post-disaster; (c) development of an operations manual for post-disaster budget mobilization and execution; and (d) the identification of assets to be included in an insurance program for critical public assets.
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The objective of the report is to raise awareness of the fiscal impacts that natural disasters have on the budget of the Government of Sri Lanka. It is envisioned to be used as a planning tool for the potential development of a comprehensive disaster risk financing and insurance strategy that would equip the Ministry of Finance with additional instruments to manage the contingent liability posed by disasters. Its recommendations are a starting point for a collaborative discussion with the government on the potential development of a broad program.
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In: The Geneva risk and insurance review, Band 38, Heft 1, S. 48-86
ISSN: 1554-9658
In: Public budgeting & finance, Band 15, Heft 1, S. 96-112
ISSN: 1540-5850
Since 1970, state and local governments have experienced two "insurance crises;" the first occurred in the mid‐ to late‐1970s and the second in the mid‐80s. The result has been a twenty‐year period of time in which state and local governments have been able to afford insurance only intermittently‐if insurance has been available at all. In response to this problem, local governments, government associations, and state governments created alternative risk‐finartcing mechanisms to provide coverage for themselves. These mechanisms, commonly referred to as self‐insurance pools, enable local governments within a state to pool together risks and resources to finance the costs of fortuitous losses. In 1988, the first comprehensive examination of pooling practices was undertaken through a nationwide survey. This article reports the findings from the first follow‐up study since the 1988 survey and further extends knowledge of pooling and pooling practices.
The objective of this report is to provide a review of and recommendations for improving the agriculture and food security risk financing framework in the Southern Africa Development Community (SADC) Member States. This report presents the compilation of various analyses and activities realized in the context of a World Bank Group Advisory Services program to the SADC Region during 2019 and 2020, which included: (i) a stocktaking of the agroclimatic information systems of the region; (ii) the implementation of four innovation challenges to identify the most promising solutions to advance the risk finance agenda for food security and agriculture in the region; (iii) the implementation of one of the innovative solutions to one SADC Member State (the Democratic Republic of Congo); and (iv) the development of a regional risk financing policy note for agriculture and food security in SADC. The work was conducted by a multisectoral tea
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