Disaster Risk Finance in APEC: Priorities and Solutions
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1 2017/FMP/SEM1/003 Session: 1 Disaster Risk Finance in APEC: Priorities and Solutions Submitted by: World Bank Group Seminar on Disaster Risk Financing and Insurance Policies Nha Trang, Viet Nam 21 February 2017
2 APEC Workshop - Disaster Risk Financing and Insurance Policies Nha Trang, Vietnam DISAS TER RISK FINANCING AND INSURANCE PROGRAM (DRFIP) February Disaster Risk Finance inapec Priorities and solutions Benedikt Signer Fina ncia l Sector S pecia lis t Disaster Risk Financing &Insurance Program World Ba nk DISASTER RISK FINANCING AND INSURANCE PROGRAM (DRFIP) Introduction to Disaster Risk Finance 1
3 Financial Protection Against Disasters Financial impact from dis as ter and clim ate ris ks are rapidly increas ing. APEC economies face disaster losses in excess of US$100billion every year Average annual historical disaster losses ( ), by economy (US$ billion) Source: EM-DAT Database ( ) 2
4 Financial Protection is a Key Component of Disaster Risk Management Pillar 1: Risk Identification Risk assessment and risk communication Pillar 2: Risk Reduction Structural and non-structural measures; infrastructure, land-use planning, regulation Pillar 3: Preparedness Pillar 4: Financial Protection Early warning systems; support of emergency measures; contingency planning Assessing and reducing contingent liabilities; budget appropriation and execution; ex-ante and ex-post financing instruments Pillar 5: Resilient Recovery Resilient recovery and reconstruction policies; exante design of institutional structures World Bank Disaster Risk Financing and Insurance Program Supporting more than 50 countries worldwide to increase their financial resilience through minimizing the cost and optimizing the timing of meeting post-disaster funding. DRF for RapidResponse Financing Governments DRF for Budget Protection $ The Poorest DRF for Resilient Livelihood Farmers and Herders DRF for Agricult ure DRFAnalytics for Informed Financial Decision Making DRF Knowledge Management and Global Partnerships Homeowners and SMEs DRF for Property Cat Insurance Countries become more effective risk managers rather than emergency borrowers. 3
5 DISASTER RISK FINANCING AND INSURANCE PROGRAM (DRFIP) The World Bank and APEC Supporting countries to implement policy priorities Effective Financial Resilience is Driven by Policy Decisions Developing a national DRF strategy that combines ensure timely and efficient access to funding. financial solutions to Inte gra te dis a s te r ris k a s a contingent lia bility in the ove ra ll fis ca l ris k management. Financial Management of Public Assets against Disasters. 4
6 National disaster risk financing strategy Catastrophe risk layering: Ensure resources are available 5
7 Integration of Climate and Disaster Risk Risk Management in Fis cal Ins titutional arrangements for fis cal ris k m anagem ent Identification of disaster-related contingent liabilities Quantification of disaster-related contingent liabilities Dis closure of informa tion on dis a s te r-re la te d continge nt lia bilitie s Inte gra tion of dis a s te r-re la te d contingent lia bilitie s in fis ca l fore cas ting Mitigating disaster-related contingent liabilities and financing residual risk Regional Solutions can play an important role Combined with and complementing national solutions Regional catastrophe risk financing facility S e curing imme dia te ac c es s fina ncia l resources post dis a s te r. Emergency relief and early recovery. Recovery/reconstruction of critical buildings and infrastructure (e.g., bridges). Risk pooling benefits: regional reserves and catastrophe risk transfer solutions. Regional collaboration on standards and good practices, knowledge exchange. 6
8 For Example: Regional catastrophe risk pooling Prototype: De dicate d fa cility owned/managed by members Over time accumulate financial reserves, allowing pa rticipating countrie s to fina nce the firs t losses from joint reserves Transfer excess aggregate to internationalcapital/ reinsurance markets losses Insurance Premium Insurance Payout Reinsurance/ ART (Purchased on international financial markets) Premium Growth Reserves Payout Acts as a regional platform for ca pa city building, innovative solutions, standardization Existing Sovereign Catastrophe Risk Pools Countries participating in a sovereign pool (as of December 2016) 7
9 Ongoing activities for APEC DRF Solutions Developing exposure data standards: Framework on catastrophe risk data standards to enable regionalrisk financing solutions. Support all aspects of risk management through more informed decision making. Initial focus on cross country compatible data standards for public assets. Development of DRF knowledge portal: House lessons learned and good practice on DRF. Bringtogetherdecisionmakersand technicalstaffacrossapec economies Inform implementation of DRF projects and design of new instruments. Disaster Risk in public financial management Financial management of public assets against disasters: Supporting countries to improve the legal and regulatory framework, terms and conditions, and procurement of insurance of public assets. Implement improved public asset databases and inform resource allocation. Joint OECD-World Bank review: Dis a s te r-rela te d Contingent Lia bilitie s in P ublic Fina nce Fra meworks Improve our understanding of contingent liabilities from disaster and climate risks and how they can be managed in public finance frameworks Inform countries of good practices in managing disaster-related contingent liabilities. Analytical framework completed - country case studies to take place in first half of
10 Leveraging ongoing regional consultations World Bank-Rockefeller Foundation discussion paper: Toward a RegionalApproach to Disaster Risk Finance in Asia World Bank-G20 technical study: Sovereign Climate and Disaster Risk Pooling V20 Asia-Pacific RegionalConsultation and Workshop on Financial Protection against Climate and Disaster Risks in Manila, Philippines, 8-10 March 2017 Further information Benedikt Signer, Disaster Risk Finance Specialist DRFIP World Bank bsigner@worldbank.org 9
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