Enhance Financial Resilience Against Disasters
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1 2016/FMM/010 Session 3 Enhance Financial Resilience Against Disasters Purpose: Information Submitted by: World Bank Group 23 rd Finance Ministers Meeting Lima, Peru October 2016
2 APEC Meeting, Lima, October 2016 DISASTER RISK FINANCING AND INSURANCE PROGRAM (DRFIP) October Session 3: Enhance financial resilience against disasters José Ángel Villalobos Senior Financial Sector Specialist Disaster Risk Financing & Insurance Program World Bank Disaster Risk Finance within the Disaster Risk Management Framework 1
3 Disaster Risk Financing and Insurance Program A joint program between WBG and GFDRR DRFIP development objective to increase financial resilience of the countries through minimizing the cost and optimizing the timing of meeting post-disaster funding. To achieve this objective, DRFIP provides the countries with Analytical & Advisory Services, Financial Services and Convening Services on Disaster Risk Finance. RapidResponse Financing Governments Budget Protection $ The Poorest Resilient Livelihood Agriculture DRF Analytics for Informed Financial Decision Making DRF KM and Global Partnerships Farmers and Herders Homeowners and SMEs Property Cat Insurance DRF Operational Framework 2
4 DRFIP Operational Engagement Worldwide DRFIP is active in more than 50 countries MOROCCO Property cat risk insurance program SERBIA DRFI strategy DRM Fund INDIA State DRFI strategy Crop insurance THE PHILIPPINES MEXICO DRM fund FONDEN, catastrophe bond CCRIF (Caribbean & CA) Caribbean Catastrophe Risk Insurance Facility COLOMBIA DRFI Strategy, insurance of public assets and concessions PERU DRFI Strategy, Cost Benefit Analysis, insurance of public assets and concessions MOZAMBIQUE DRM funds Crop insurance KENYA Crop and livestock insurance UGANDA Disaster risk finance component for social protection fund DRFI Strategy, Local Disaster Resilience Insurance Fund, sovereign risk transfer VIETNAM DRM Fund, insurance of public assets PCRAFI Pacific Catastrophe Risk Assessment and Financing Initiative Disaster Risk Financing and Insurance Program Strong partnerships with GFDRR and donor partners MIDDLE INCOME COUNTRIES Support Middle-Income Countries to become proactive risk managers to meet the costof disasters and climate shocks. AFRICA Support African countries to manage the financial impact from disasters as part of building their overall resilience to climate and disaster shocks. RESILIENT LIVELIHOODS Support governments to integrate social protection schemes in their DRF strategy to offer rapid and timely assistance to vulnerable households affectedbyshocks. GLOBAL POLICY, KNOWLEDGE & TRAINING Leverage the WBGs convening power to invest in policy advice and knowledge management to support policy reforms and financial instruments. SMALL ISLAND STATES Support SIDS to strengthen their financial resilience as partof the broaderdisasterrisk management and climate change adaption agenda. ASIA Support Asian countries to manage the financial impact from disasters as part of building their overall resilience to climate and disaster shocks AGRICULTURE Support countries to implement sustainable, cost-effective public- private partnerships in agricultural insurance as part of broader agricultural risk. DRF ANALYTICS Provide govenments with the information and tools to make informed financial decisions on managing disaster and climate risks. 3
5 Working Group on DRF Solutions Meeting Agreement Lima, February 2016 Preparation of Terms of Reference for the development of the methodology Report back to APEC deputies at their next meeting in October 2016 Submit the draft and final documents to the WG for review and recommendation for consideration to the APEC economies. This is an innovative, and highly specialized task, which although based on (re)insurance theory and practice implies a broader scope 7 Tasks definition Four sets of databases are to be developed under this assignment, for contemplation by APEC economies as a common standard. A standard methodology for public asset exposure databases and its related historical losses. Objective: to improve financial and fiscal risk assessment and management of APEC economies against natural disasters. Improve risk managers decision making process and enhance their DRF strategies and financial mechanisms. Common data standards will ultimately support countries to work towards potential regional disaster risk financing solutions. A standard methodology for property insurance exposure and its incurred claims databases. Objective: to improve catastrophe risk insurance supervision (such as ratemaking, reserving, capital requirement and reinsurance) and to improve the insurance of public real assets. Support APEC economies to improve insurance regulation and supervision to deepen domestic catastrophe risk insurance markets and contribute to the reduction of the implicit and explicit liability of the government due to natural disasters. 8 4
6 Current Status: Offer presented by a consortium of top-ranked modelers and a (re)insurance broker The consortium, after several technical discussions, offers a good mix of knowledge and experience from leading cat modelers and (re)insurance practitioners Contract going to be signed soon 9 Proposed work plan 10 5
7 Experiences on insurance policies and incurred claims databases Purpose: to improve catastrophe-risk supervision of local insurers and increase insurance penetration Vietnam: specific Vietnamese templates have been finalized meetings with top insurance companies Next step: pilot plan for populating and maintenance The Philippines: specific Filipino templates have been finalized, Next steps: meetings with top insurance companies and pilot plan 11 Vietnam: Property insurance template From a general template to a country specific template Validation of fields and harmonization across the market 12 6
8 Database Pilot Plan in Colombia: public buildings exposure and property insurance policies December 2013: Colombian DRFI strategy Policy objectives for public financial management of natural disaster risk Problem: improvement of the quality and quantity of Public sector buildings insurance? Solution: Framework Agreement developed by Procurement Office Requirement: Need accurate data on building exposure and its insurance policies WB, in conjunction with private partners, providing technical assistance to develop and maintain such databases 13 Web-based IT solution: How it looks like? 14 7
9 Main notes of on-the-field experience Elaboration of standard templates, consulted with local insurance companies and public institutions. Request for collecting data should come from high level authority Development of a web-based application for managing and maintaining a centralized DB (security, users roles, massive upload, fields validation, controls, etc.) Lessons learnt: Involvement of MoF, Supervisory Authority Inter-institutional coordination, role definition, etc. Building capacity Willingness to share data At least 1 year to fully populate and clean-up databases (missing fields) 15 8
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