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

Author

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  • John D. Pollner

Abstract

This report examines the constraints and opportunities in implementing a catastrophe insurance system which can resolve the key obstacles impeding broader implementation of a risk funding approach. The four main pillars in such a strategy involve: 1) strengthening insurance sector regulatory requirements and supervision; 2) establishing broad-based pooled catastrophe funding structures with efficient risk transfer tools; 3) promoting public insurance policies linked to programs for loss reduction in the uninsured sectors; and 4) strengthening the risk assessment and enforcement of structural measures such as zoning and building code compliance. The report is structured as follows: chapter 1 examines the characteristics of the global insurance and reinsurance market and its links with Caribbean insurers and policyholders Chapter 2 examines the domestic Caribbean insurance market structure and institutions, and their commercial practices Chapter 3 discusses how structural mitigation and vulnerability reduction measures can prove to be cost-effective investments that can dramatically reduce exposure risks on properties. Chapter 4 analyzes the modalities of risk transfer for potential financial losses. Chapter 5 demonstrates innovations being developed for catastrophe risk management. Chapter 6 examines risk management options. Chapter 7 concludes by demonstrating the financial feasibility and sustainability of operating and managing catastrophe risks under a sub-regional pool.

Suggested Citation

  • John D. Pollner, 2001. "Managing Catastrophic Disaster Risks Using Alternative Risk financing and Pooled Insurance Structures," World Bank Publications - Books, The World Bank Group, number 13961, December.
    • Handle: RePEc:wbk:wbpubs:13961
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    Citations

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    Cited by:

    1. Mahul, Olivier & Gurenko, Eugene, 2006. "The macro financing of natural hazards in developing countries," Policy Research Working Paper Series 4075, The World Bank.
    2. C. Y. Cyrus Chu & Jason J. H. Yeh, 2005. "Insuring Against Self-Fulfilling Financial Crises," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 4(2), pages 123-139, August.
    3. Mabel Marulanda & Martha Carreño & Omar Cardona & Mario Ordaz & Alex Barbat, 2013. "Probabilistic earthquake risk assessment using CAPRA: application to the city of Barcelona, Spain," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 69(1), pages 59-84, October.
    4. Mr. Tobias N. Rasmussen, 2004. "Macroeconomic Implications of Natural Disasters in the Caribbean," IMF Working Papers 2004/224, International Monetary Fund.
    5. George Halkos & Argyro Zisiadou, 2021. "Can We Hedge an Investment Against A Potential Unexpected Environmental Disaster?," Economics of Disasters and Climate Change, Springer, vol. 5(3), pages 355-365, October.
    6. Mabel Marulanda & Omar Cardona & Miguel Mora & Alex Barbat, 2014. "Design and implementation of a voluntary collective earthquake insurance policy to cover low-income homeowners in a developing country," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 74(3), pages 2071-2088, December.
    7. Moore, Winston & Phillips, Willard, 2014. "Review of ECLAC damage and loss assessments in the Caribbean," Sede Subregional de la CEPAL para el Caribe (Estudios e Investigaciones) 38356, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    8. Mr. Michael Keen & Mr. Paul K. Freeman & Mr. Muthukumara Mani, 2003. "Dealing with Increased Risk of Natural Disasters: Challenges and Options," IMF Working Papers 2003/197, International Monetary Fund.
    9. Charles Cohen & Eric D. Werker, 2008. "The Political Economy of ``Natural'' Disasters," Journal of Conflict Resolution, Peace Science Society (International), vol. 52(6), pages 795-819, December.

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