Natural Disaster Risk Management And Financing Disaster Losses In Developing Countries
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Natural Disaster Risk Management And Financing Disaster Losses In Developing Countries
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Author : Reinhard Mechler
language : en
Publisher: Verlag Versicherungswirtschaft
Release Date : 2004-04-01
Natural Disaster Risk Management And Financing Disaster Losses In Developing Countries written by Reinhard Mechler and has been published by Verlag Versicherungswirtschaft this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-04-01 with Law categories.
Natural disasters may cause large economic impacts and impede socioeconomic development in developing countries considerably. Increasingly, risk management, the management of disasters before the actual occurrence of events, is being advocated. Risk financing measures taken by national governments, such as insurance und reinsurance, are important components of a risk management strategy. Often developing countries are not able to finance the costs of relief and reconstruction by their own means and have to rely on the international donor community as their "reinsurer of last resort". The main objective of the book is to establish a platform to provide information on the costs caused by disasters and the costs and benefits of disaster risk management focusing on ex-ante risk financing measures taken governments in developing countries. The final objective is to provide insight into the specific conditions where risk financing may constitute an option that provides net benefits and increases social welfare. The modelling using a stochastic simulation approach incorporates probabilistic information on the direct losses due to natural disasters into a macroeconomic projection model. Outputs are macroeconomic flow impacts such as impacts on GPD. In order to analyze the costs and benefits due to undertaking risk management measures, a Cost-Benefit Analysis approach is employed using the mean-variance method. Two case studies are conducted on countries with different exposures to disaster risk and different economic vulnerabilities: Honduras and Argentina. A major insight derived from the case studies is that under certain conditions risk financing arrangements may decrease the vulnerability to natural hazards resulting in more robust development in developing economics.
Catastrophe Risk Financing In Developing Countries
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Author : J. David Cummins
language : en
Publisher: World Bank Publications
Release Date : 2009
Catastrophe Risk Financing In Developing Countries written by J. David Cummins and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Political Science categories.
'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.
Macroeconomic Risk Management Against Natural Disasters
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Author : Stefan Hochrainer
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-12-14
Macroeconomic Risk Management Against Natural Disasters written by Stefan Hochrainer and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-14 with Business & Economics categories.
Stefan Hochrainer develops a catastrophe risk management model. It illustrates which trade-offs and choices a country must make in managing economic risks due to natural disasters. Budgetary resources are allocated to pre-disaster risk management strategies to reduce the probability of financing gaps. The framework and model approach allows cross country comparisons as well as the assessment of financial vulnerability, macroeconomic risk, and risk management strategies. Three case studies demonstrate its flexibility and coherent approach.
Understanding The Economic And Financial Impacts Of Natural Disasters
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Author : Charlotte Benson
language : en
Publisher: World Bank Publications
Release Date : 2004
Understanding The Economic And Financial Impacts Of Natural Disasters written by Charlotte Benson and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Sovereign Natural Disaster Insurance For Developing Countries A Paradigm Shift In Catastrophe Risk Financing
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Author : Francis Ghesquiere
language : en
Publisher: World Bank Publications
Release Date : 2012
Sovereign Natural Disaster Insurance For Developing Countries A Paradigm Shift In Catastrophe Risk Financing written by Francis Ghesquiere and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
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.
Rapid Onset Natural Disasters
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Author : Eugene Gurenko
language : en
Publisher: World Bank Publications
Release Date : 2004
Rapid Onset Natural Disasters written by Eugene Gurenko and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Natural disasters categories.
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.
Understanding The Economic And Financial Impacts Of Natural Disasters
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Author : Charlotte Benson
language : en
Publisher: World Bank Publications
Release Date : 2004
Understanding The Economic And Financial Impacts Of Natural Disasters written by Charlotte Benson and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Disaster relief categories.
Disaster prevention and mitigation are integral to development activities. In February 2000, the World Bank's Disaster Management Facility initiated a three-year study on the economic and financial consequences of natural disasters with the support of the U.K. Department for International Development.
The Macro Financing Of Natural Hazards In Developing Countries
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Author : Olivier Mahul
language : en
Publisher: World Bank Publications
Release Date :
The Macro Financing Of Natural Hazards In Developing Countries written by Olivier Mahul and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The authors propose a financial model to address the design of efficient risk financing strategies against natural disasters at the country level. It is simple enough to shed analytical light on some of the key issues but flexible and realistic enough to provide some quantitative guidance on the ex ante financing of catastrophic losses. The risk financing problem is decomposed into two steps. First, the resource gap, defined as the difference between losses and available ex-post resources (such as post-disaster aid), is identified. It determines the losses to be financed by ex ante financial instruments (reserves, catastrophe insurance, and contingent debt). Second, the cost-minimizing financial arrangements are derived from the marginal costs of the financial instruments. The model is solved through a series of graphical analyses that make this complex financial problem easier to apprehend. This model captures and explains the main impacts of financial parameters (such as insurance premium, cost of capital) on efficient risk financing structures.
Climate Change And Insurance
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Author : Eugene N. Gurenko
language : en
Publisher: Earthscan
Release Date : 2014-05-14
Climate Change And Insurance written by Eugene N. Gurenko and has been published by Earthscan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-14 with Business & Economics categories.
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.
Building Resilience In Developing Countries Vulnerable To Large Natural Disasters
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-26
Building Resilience In Developing Countries Vulnerable To Large Natural Disasters written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-26 with Nature categories.
This paper discusses how countries vulnerable to natural disasters can reduce the associated human and economic cost. Building on earlier work by IMF staff, the paper views disaster risk management through the lens of a three-pillar strategy for building structural, financial, and post-disaster (including social) resilience. A coherent disaster resilience strategy, based on a diagnostic of risks and cost-effective responses, can provide a road map for how to tackle disaster related vulnerabilities. It can also help mobilize much-needed support from the international community.