Catastrophe Insurance Market In The Caribbean Region

Author : Philippe Auffret
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4./5 ( download)

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Download or read book Catastrophe Insurance Market in the Caribbean Region written by Philippe Auffret and published by World Bank Publications. This book was released on 2003 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Philippe Auffret
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.65/5 ( download)

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Download or read book Catastrophe Insurance Market in the Caribbean Region written by Philippe Auffret and published by . This book was released on 2016 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : John D. Pollner
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 130 pages
Book Rating : 4./5 ( download)

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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.

Author : World Bank
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.05/5 ( download)

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Download or read book Results of Preparation Work on the Design of a Caribbean Catastrophe Risk Insurance Facility written by World Bank and published by . This book was released on 2007 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to the devastation caused by natural hazards in the Caribbean in 2004, the World Bank is developing a risk financing vehicle to allow Caribbean countries to pool natural disaster risks, reduce the cost of insurance, and ensure swift payment by the use of a parametric system of claims determination. The purpose of the proposed initiative is to provide participating countries with an insurance instrument that would help shelter them from natural disasters. The study shows that the instrument would function like business interruption insurance against budgetary losses caused by hurricanes and earthquakes. Because of the speed at which claim payments will be processed, the instrument will be particularly useful in financing immediate post-disaster recovery needs, while an affected government seeks funds from other sources for long-term reconstruction. The creation of this instrument would allow participating governments to channel and share risk through a Caribbean Catastrophe Risk Insurance Facility (CCRIF, or the Facility). The report explains that the Facility will provide Caribbean governments with catastrophe insurance coverage in a cost effective manner by allowing them to access the reinsurance market with a better diversified risk portfolio. The ultimate cost of coverage will depend on the extent of this risk-spreading effect, economies of scale, and the amount of initial capital available to the Facility.

Author : Philippe Auffret
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.72/5 ( download)

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Download or read book Catastrophale Insurance Market in the Caribbean Region written by Philippe Auffret and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Alcira Kreimer
Publisher : World Bank Publications
ISBN 13 : 9780821347263
Total Pages : 212 pages
Book Rating : 4.68/5 ( download)

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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.

Author : J. David Cummins
Publisher : World Bank Publications
ISBN 13 : 0821377361
Total Pages : 299 pages
Book Rating : 4.69/5 ( download)

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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.

Author : Mr.Krishna Srinivasan
Publisher : International Monetary Fund
ISBN 13 : 1484315197
Total Pages : 378 pages
Book Rating : 4.94/5 ( download)

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Download or read book Unleashing Growth and Strengthening Resilience in the Caribbean written by Mr.Krishna Srinivasan and published by International Monetary Fund. This book was released on 2017-11-13 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498345093
Total Pages : 99 pages
Book Rating : 4.95/5 ( download)

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Download or read book Small States Resilience to Natural Disasters and Climate Change - Role for the IMF written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-07-11 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author :
Publisher : World Bank Publications
ISBN 13 : 0821365843
Total Pages : 136 pages
Book Rating : 4.47/5 ( download)

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Download or read book Earthquake Insurance in Turkey written by and published by World Bank Publications. This book was released on 2006-01-01 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.