IS DISASTER-RELATED MICROINSURANCE A VIABLE DISASTER RISK REDUCTION STRATEGY?: LEARNING FROM CARIBBEAN SIDS

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1 IS DISASTER-RELATED MICROINSURANCE A VIABLE DISASTER RISK REDUCTION STRATEGY?: LEARNING FROM CARIBBEAN SIDS By Denise D.P. Thompson, PhD John Jay College of Criminal Justice American Society for Public Administration, Panel on Socially Vulnerable Populations and Disasters Time Saturday March 18, 12:30-2pm

2 HIGH RATES OF VULNERABILITY Physical vulnerability Rate of hazard exposure increasing among small island developing states (SIDS) because of climate change Many islands located in hurricane path; some on rift system 1-3 disasters in the region per year; sometimes multiple islands impacted at the same time by same event Social and economic Vulnerability Dependent on single industries, vulnerable to external shocks Unplanned and spontaneous urban settlement High rates of deforestation

3 RISK MANAGEMENT STRATEGIES OF LOW INCOME INDIVIDUALS Grenada (%) St. Lucia (%) Jamaica (%) Stressor Level Insurance Payout Low Used savings Medium Used remittances Medium Find another Job Medium Sold possession High Government assistance Medium Borrowed (informal) Medium Borrowed (Formal) Medium Did not repair/replace High Other (includes waiting) High

4 SHORT TERM LIQUIDITY CHALLENGES Country Population 2014 GDP per Capita 2014 % pop. Below Poverty Line Main Industry Antigua & Barbuda 90,900 $13,432 NA Tourism Bahamas 383,054 $22, Tourism, Finance Barbados 283,380 $15,366.3 NA Tourism, Infomatics, off-shore finance Belize 351,706 $4, Agriculture Dominica 72,341 $7, Agriculture; fishing; Eco-tourism, Grenada 90,434 $8, Tourism; Spices Guyana 763,893 $4, Agriculture; Forestry; Fishing; Mining Haiti 10,570,029 $ Agriculture Jamaica 2,720,554 M $5, Tourism; Distribution; Manufacturing; Agriculture; Mining Montserrat 5,079 $8,500# NA Tourism (disrupted by volcanic eruption 1995 that continues intermittently) St. Lucia 183,645 $7, Tourism; Agriculture; Manufacturing St. Kitts & Nevis 54,944 $15,510 NA Tourism; Offshore finance St. Vincent & the Grenadines 109,360 $6,669 NA Agriculture; some Tourism Trinidad & Tobago 1,354,483 $21, Petroleum; Manufacturing (excl. petroleum), Agriculture, Tourism British Virgin Islands 30,628* $42,300** NA Tourism; Offshore finance Anguilla 16, 418 $12, Agriculture; Commerce; Services Turks & Caicos Islands 33,740 $29,100# NA Tourism; Offshore Finance; Fishing

5 DISASTER RISK REDUCTION (DRR) Central tenet of DRR is disaster resilience - [t]he ability of a system, community or society exposed to hazards to resist, absorb, accommodate, adapt to, transform and recover from the effects of a hazard in a timely and efficient manner, (ISDR, 2007) Investing in disaster reduction for resilience is one of the four articulated priorities for action of the Sendai Framework for Disaster Risk Reduction Global Blueprint for DRR Priority 3, section b: To promote mechanisms for disaster risk transfer and insurance, risk-sharing and retention and financial protection

6 WEATHER RELATED PARAMETRIC RISK MICROINSURANCE Parametric risk microinsurance is an important part of a portfolio of risk management strategies that target the poor, and the very poor in developing countries: It indemnifies individuals, households and small businesses from losses associated with severe and catastrophic risks, enabling them to bounce back quicker in the event of a disaster (Margulescu & Margulescu, 2013). In doing so, parametric risk microinsurance takes the burden off municipal governments to come up with recovery funding in the event of a disaster (Mechler, et. al., 2006). Few countries have more than one or two years of operational experience with these policies (Ibarra, n.d.) And, insurance penetration remains very low in small island developing states

7 REQUIREMENTS FOR SUCCESSFUL MICROINSURANCE SCHEMES A Legal and Regulatory framework that takes into account the idiosyncrasies of parametric products Capacity Building among local financial institutions, training them about parametric risk transfer products. Diversity in the markets served those not impacted support those who are Quality weather data. Poor quality weather data is a major constraint to the spread of weather index insurance. Delivery Models for Parametric Insurance Products: appropriate to support a wide potential clientele of financial institutions capacity to offer different types of contracts transactions can be facilitated through a diverse pool of institutions

8 REQUIREMENTS FOR SUCCESSFUL MICROINSURANCE SCHEMES Affordability of products for the markets served Economic Fairness where: Clients do not feel like they are overpaying for risk transfer; and Reinsurers receive an adequate return for taking risk Technology to quickly connect with clients Predictability of pay-out and speed of pay-out are vital: Providing certainty that when certain conditions are met a financial payment will be made (Artemis, n.d.).

9 LIVELIHOOD PROTECTION POLICY Implemented between 2013 and 2015, Caribbean SIDS Creature of the Climate Risk Adaptation and Insurance in the Caribbean project that seeks to address climate change, adaptation and vulnerability Backed by international donors - International Climate Initiative of the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU), Meant to cover small policy holders against disaster risks in three islands - Jamaica, St. Lucia, Grenada

10 LPP MODEL Employs a combination of two approaches (Stephenson, n.d.): A Partner Agent Model: Where Local insurance companies with widespread distribution channels including EC Global; JIIC and Trans Memwill - used to underwrite, administrative process for payouts and monitor, train and evaluate distribution networks Agent/Distributor: Where smaller companies such as Credit Unions, cooperative, other financial service providers are contracted to deliver and administer product

11 IS PARAMETRIC INSURANCE VIABLE? TRIGGERS & PERCENTAGE PAYOUTS CONTRACT TERMS NORTH Wind Trigger (in mph) Rain Trigger (in mm) Payout (% of sum Insured) % % % % CONTRACT TERMS SOUTH Wind Trigger (in mph) Rain Trigger (in mm) Payout (% of sum Insured) % % % %

12 IS PARAMETRIC INSURANCE VIABLE? PREMIUM CALCULATION (GRENADA AND ST. LUCIA) Coverage Grenada and St. Lucia Slice Value (EC$) Premium (EC$) 1 $1,000 $80 2 $2,000 $160 3 $3,000 $240 4 $4,000 $320 5 $5,000 $400 6 $6,000 $480 7 $7,000 $560 8 $8,000 $640 9 $9,000 $ $10,000 $800

13 IS PARAMETRIC INSURANCE VIABLE? PERFORMANCE: GRENADA Total Transaction Premium $40, Current total sum insured $494, Policy and Risk Count Total policies opened 80 Total Policies lapsed 3 Claims Total number of claims paid 4 Total Claims paid $4, Current reserve 0 Incurred $4, Source: Stephenson, K (XXXX) Accessed at (Accessed 20 June 2016)

14 FINDINGS AND DISCUSSION Culture and Institutional factors Little culture of risk transfers even in regular insurance market Caribbean SIDS display culture of ex post financing for recovery and reconstruction, Heavy reliance on aid of international donors, and the CCRIF at the national level Residents rely on any savings, goodwill of family and friends, or governments. No legislation mandating that people practice ex ante remediation and risk management strategies ensuring zoning policies are monitored, people just build, especially in urban centers with high pockets of poverty & vulnerability

15 FINDINGS AND DISCUSSION Regulatory Environment: Microinsurance needs a regulatory environment that support both the lenders and the beneficiaries of the policies (Pfister, 2014): Facilitate the participation of the private sector in providing risk protection for the poor Prescribe the features of microinsurance products and simplify microinsurance contracts. Encourage, enhance and facilitate the sound provision of microinsurance products and services Identify and promote a system that will protect the rights of those who are insured. Promote an environment of trust and confidence in providers of insurance products Define conditions for entry (licencing, registration, formation) and exit Rely on knowledge about non-traditional insurance

16 FINDINGS AND DISCUSSION No government regulation of the LPP. But the LPP is implemented in coordination with well established insurance companies and banks : Grace Kennedy Insurance in Jamaica and EC Global Insurance in St. Lucia and Grenada. Grace Kennedy is listed on the Jamaican stock exchange as a publicly traded company. Both companies are very reputable not only in their respective countries, but regionally These companies are private sector entities that have operated in these countries for a very long time and are entrenched in these societies. In line with findings from Pfister (2004) and others found that : Specific regulations for microinsurance do not exist in any developing country, or that they are weak, when they do exist. Weaknesses relate to: high capital requirements, policy details, agent regulations requirement.

17 FINDINGS AND DISCUSSION Affordability Systems in place to support premium payments from individuals who cannot afford a lump sum payment installments, subsidies Premiums are still out of the reach of many of the poorest and most vulnerable. By itself, the LPP still ignores the poorest and most vulnerable people on the islands especially.

18 FINDINGS AND DISCUSSION Moral Hazard Explains the individual s lack of incentives to guard against risks when they are protected from their consequences, Culture redisposes residents to ex post thinking on disaster risk reduction reliance on their governments, savings, family and goodwill. Education into the schemes, how fast payouts are made, and how microinsurance help poor populations to recover from disasters

19 FINDINGS AND DISCUSSION Diversity The diversity issue of the LPP is troubling and impacts other dimensions including affordability and sustainability. The islands are predisposed to the same hazards and often several countries are impacted by the same events resulting in increased claims levels on insurers. This means that risks are concentrated.

20 FINDINGS AND DISCUSSION Ambiguity How premiums are calculated Need for sound data specify nature and extent of risks, Partner with organizations with expertise University of the West Indies, Department of Seismology, Insurance Association of the Caribbean, CDEMA, Caribbean Catastrophic Risk Insurance Facility, Caribbean Institute for Meteorology and Hydrology (CIMH), Such considerations are particularly pertinent to smaller islands that lack the institutional capacity and resources to properly assess risks and their potential.

21 FINDINGS AND DISCUSSION Technology The LPP relies on SMS messaging to connect with clients prior to, and after a disaster SMS based warning of a pending hazard event Once the trigger is reached, individuals are again contacted via SMS message regarding payout. Internet penetration rate in the Caribbean is 43.7% in 2016, up from 35% in St. Lucia 49%; Jamaica 47%, Grenada 42% (Caribbean Journal, 2016) 15% of the region is on Facebook; mobile phone subscription 42% in 2013 Lags behind North America at 89%; S. America 67%; Central America 53% To expand the program, the Internet infrastructure needs to grow. Companies must see benefits of building out the Internet infrastructure; #s do not look enticing in rural areas

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