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Index-Based Risk Financing and Development of Natural Disaster Insurance Programs in Developing Asian Countries

In: Resilience and Recovery in Asian Disasters

Author

Listed:
  • Sommarat Chantarat

    (The Australian National University)

  • Krirk Pannangpetch

    (Khon Kaen University)

  • Nattapong Puttanapong

    (Thammasat University)

  • Preesan Rakwatin

    (Ministry of Science and Technology)

  • Thanasin Tanompongphandh

    (Kasetsart University)

Abstract

This chapter explores innovations in index-based risk transfer products (IBRTPs) as a means to address important insurance market imperfections that have precluded the emergence and sustainability of formal insurance markets in developing countries. Using a combination of disaggregated nationwide weather, remote sensing and household livelihood data commonly available in developing countries, the chapter provides empirical illustration of nationwide and scalable IBRTP contracts to analyse hedging effectiveness and welfare impacts at the micro level, and to explore cost effective risk-financing options. Our analysis uses Thai rice production to extend the methodology and implications to enhance development of national and regional disaster risk management in Asia.

Suggested Citation

  • Sommarat Chantarat & Krirk Pannangpetch & Nattapong Puttanapong & Preesan Rakwatin & Thanasin Tanompongphandh, 2015. "Index-Based Risk Financing and Development of Natural Disaster Insurance Programs in Developing Asian Countries," Risk, Governance and Society, in: Daniel P. Aldrich & Sothea Oum & Yasuyuki Sawada (ed.), Resilience and Recovery in Asian Disasters, edition 127, chapter 0, pages 171-200, Springer.
    • Handle: RePEc:spr:rischp:978-4-431-55022-8_9
    DOI: 10.1007/978-4-431-55022-8_9
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    Cited by:

    1. Lester, Rodney, 2014. "Insurance and inclusive growth," Policy Research Working Paper Series 6943, The World Bank.
    2. World Bank, 2022. "Thailand Rural Income Diagnostic," World Bank Publications - Reports 38195, The World Bank Group.

    More about this item

    Keywords

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    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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