Rapid Onset Natural Disasters: The Role of Financing in Effective Risk Management
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.
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April 2004 April board of directors calculate California Earthquake Authority capital markets catastrophe bonds catastrophe insurance pool catastrophe insurance programs catastrophe pool claims paying capacity contingent credit contingent debt costs Country Level Country Risk Management determine developing countries direct losses disaster response donors earthquake insurance ensure ex ante funding ex ante risk ex post funding expected losses financing and transfer fiscal flood insurance flooding in Bangladesh global reinsurance Gurenko homeowners impact industrial countries infrastructure insurance and reinsurance insurance coverage insurance penetration issues mechanisms moral hazard natural disaster risk onset natural disasters pool manager pool's post disaster potential pricing pure risk premium rapid onset natural relief and reconstruction Risk and Reinsurance Risk Books risk financing risk funding risk management agency risk management framework Risk Management Perspective risk management strategy risk transfer role sector TCEP TCIP transfer strategy Turkish vulnerability World Bank