Resilience and the Economics of Risk. NACo s Resilient Counties Advisory Board February 2016
|
|
- Lorraine Maxwell
- 6 years ago
- Views:
Transcription
1 Resilience and the Economics of Risk NACo s Resilient Counties Advisory Board February 2016
2 The growing burden of uninsured losses Natural catastrophe losses (in 2014 USD) Uninsured losses Insured losses 10-year moving average insured losses 10-year moving average total economic losses Source: Swiss Re Economic Research & Consulting and Cat Perils. 2
3 Growing Exposures: Climate change is not the main driver for rising natural catastrophe losses in recent decades Shanghai: 1990 to 2013 Source: Skyscapercity.com
4 FEMA Disaster Declarations Disasters Have Tripled Since in the 1970s Total Disasters 4
5 The proportion of economic losses absorbed by the USG: Is this sustainable? 5
6 In the US, the price tag is large and growing. Since 2005, the US taxpayer has spent over $300 billion on direct costs of extreme weather and fire alone. Firefighting expenses have tripled in 20 years. In 1991, firefighting made up 13% of the Forest Service budget. In 2013, it was 50% Natural catastrophes (earthquake and weather related) cause average economic losses of $ billion annually. (Hurricane Sandy = ~$70 billion) The US Government spent $96b in 2012 to pay for climate-related events If this so-called "Climate Disruption Budget" were included in the actual budget, it would be the largest non-defense discretionary budget item. The Government paid more for climate-related losses than it did for transportation or education.
7 Growing consensus on the macroeconomic impact of natural events "Natural disasters can damage sovereign creditworthiness Storm Alert: Natural Disasters Can Damage Sovereign Creditworthiness, September 2015 "Climate change is likely to be one of the global mega-trends impacting sovereign creditworthiness. Government budgets could come under additional pressure as disaster recovery and emergency support for affected populations is likely to fall on the state in most cases." Climate Change is a Global Mega Trend for Sovereign Risk, May 2014 "Major natural catastrophes have large and significant negative effects on economic activity... However, it is mainly the uninsured losses that drive the subsequent macroeconomic cost, whereas sufficiently insured events are inconsequential in terms of foregone output." Working Paper No. 394, December 2012 Insurance confers benefits both before and after disaster strikes. Beforehand, the underwriters [demand] better planning and higher-quality, more resilient building from property developers and city planners. Afterwards, insurance helps entire economies to recover more rapidly. The Economist, 13 June
8 Swiss Re Global Partnerships enables Swiss Re to address the protection gap Florida Hurricane risk First dedicated public sector team in the reinsurance industry Over 100 closed solutions since 2006 Manage insurance, reinsurance and capital markets and all perils (disasters, weather, pandemics, longevity, etc.) Global footprint Pioneer in emerging and industrialized markets Caribbean Hurricane, earthquake and excess rainfall risk Turkey Earthquake pool Bangladesh Meso flood insurance Beijing Agricultural risk Alabama Hurricane risk Pacific Islands Earthquake and tropical cyclone risk Mexico Earthquake/hurricane and livestock risk Uruguay Energy production shortfalls due to drought African Risk Capacity Government drought insurance pool (Mauritania, Senegal, Kenya, Niger Mozambique) India Weather insurance for farmers Vietnam Agriculture yield cover 8
9 Economics of Climate Adaptation Swiss Re Global Swiss Partnerships Re Global Partnerships Alex Kaplan February October
10 Climate adaptation is an urgent priority Decision makers ask What is the potential climate-related damage over the coming decades? How much of that damage can we avert, with what measures? What investments will be required to fund those measures and will the benefits of that investment outweigh the costs? 10
11 Result: Expected losses by scenarios and by hazard Example Florida Annual expected loss in 2008 and 2030 $ Billions, 2008 dollars Rain Storm surge Wind Scenarios 2008 Today s Climate 2030 Today s Climate 2030 Moderate change 2030 High change Percent of 3 Counties 1 GDP Moody s SOURCE: Swiss Re; team analysis 11
12 Locally specific adaptation cost / benefit curve Cost/benefit Beach Nourishment (50 ft) Beach Nourishment (100 ft) Measures below this line have net economic benefits Example Florida Roof truss, new ~40% of total expected loss can be averted costeffectively Roof deck attachment, new Roof Masonry, Levee & Floodwall Elevation, retrofit Roof cover, cover, new Sandbags new retrofit Replacement undergrounding, trans. Opening Opening protection, protection, new Roof shape retrofit Targeted undergrounding, new trans. Averted loss $ Billions Calculated in 2008 dollars for the average climate scenario Temp. floodwalls Vegetation Mgmt Elevation new homes Targeting hardening, dist. Roof truss, retrofit Substation Backup generators Local levees Targeted hardening, transmission Deductibles - residential Deductibles - commercial Engineering based FRT penetration $30 billion Annual expected loss Top layer risk transfer Elevation, prioritized retrofit Replacement undergrounding, dist. Targeted undergrounding, distribution Road elevation 12
13 Closing the gap 13 13
14 How to close the protection gap Which risk? Who carries the risk? Risk transfer solution Protection gap Public physical assets Emergency response costs gap Foregone revenue Uninsured private assets Governments Businesses, homeowners, farmers Macro Risk transfer solutions for (sub)sovereigns to cover their direct or indirect costs Pooling Insurance schemes and pools to increase insurance penetration Livelihood assistance Individuals Micro Simplified products distributed via aggregators such as MFIs, NGOs, and corporates 14 14
15 Financing is a pillar of integrated disaster risk management Identification What risks do we face? Systematic Crosssectoral 2 Assessment Can we quantify it? Frequency Severity Prevention & mitigation How can we minimize it? Improve quality Build new protection Adaptation How can we manage the residual risk? Change behavior Pre-finance Risk transfer 15
16 Disaster Risk Financing: Case Studies 16 16
17 Case study Caribbean: Caribbean Catastrophe Risk Insurance Facility (CCRIF) Solution features The CCRIF offers parametric hurricane and earthquake insurance policies to 16 CARICOM governments The policies provide immediate liquidity to participating governments when affected by events with a probability of 1 in 15 years or over Member governments choose how much coverage they need up to an aggregate limit of USD 100 m The mechanism will be triggered by the intensity of the event (modelled loss triggers) The facility responded to events and made payments: Involved parties Reinsurers: Swiss Re and other overseas reinsurers Reinsurance program placed by Guy Carpenter Derivative placed by World Bank Treasury Payouts to date 2010: Haiti USD7.7m (earthquake), Barbados USD 8.5m (hurricane), St. Lucia USD 3.2m (hurricane), St. Vincent & The Grenadines USD 1.1 (hurricane), Anguilla USD 4.2m (hurricane). 2008: Turks & Caicos USD 6.3m (hurricane) 2007: St. Lucia USD 418k (hurricane), Dominica USD 528k (hurricane). 17
18 Case study Mexico: MultiCat - Funding for immediate relief efforts after disasters Solution features Insured perils: Earthquake and hurricane Payments to be used for immediate emergency relief after a disaster Parametric catastrophe bond: USD 315 m Trigger type: Index Earthquake: physical trigger (quake magnitude) Hurricane: physical trigger (barometric pressure) Time horizon: October 2012 November 2015 Renewed cat bond launched through the World Bank s MultiCat facility and third cat bond for Mexico Involved parties Insured: Fund for Natural Disasters (FONDEN) of Mexico Reinsured: AGROASEMEX S.A. Arranger: World Bank Treasury Swiss Re: Co-lead manager and joint bookrunner 18
19 Case study: Broward County, FL Custom multi-year structured cover Solution features Insured peril: Named Windstorm and associated flood Multi-year structured cover: USD 100m Covering indemnified losses from NWS to soften impact to the County 3 year coverage with unlimited reinstatements Term Aggregate Deductible Fixed premium over term No claims bonus Time horizon: February 2015 February 2018 Customized multi-year structured risk transfer for major school district Involved parties Insured: Broward County Swiss Re: Lead structurer and sole underwriter Broker: AJ Gallagher 19 19
20 20
21 Legal notice 2016 Swiss Re. All rights reserved. You are not permitted to create any modifications or derivative works of this presentation or to use it for commercial or other public purposes without the prior written permission of Swiss Re. The information and opinions contained in the presentation are provided as at the date of the presentation and are subject to change without notice. Although the information used was taken from reliable sources, Swiss Re does not accept any responsibility for the accuracy or comprehensiveness of the details given. All liability for the accuracy and completeness thereof or for any damage or loss resulting from the use of the information contained in this presentation is expressly excluded. Under no circumstances shall Swiss Re or its Group companies be liable for any financial or consequential loss relating to this presentation. 21
Results from ECA study: Florida
Results from ECA study: Florida Lauren Toretta McKinsey Mark Way Swiss Re Mitigation is important, but it will take decades to achieve success Global greenhouse gas emissions: Gt COe per year Slide 75
More informationMr. Tobias Meier Senior Client Manager, Global Partnerships Swiss Reinsurance Company
Geneva, 23 th 25 th November 2015 Ensuring Sustainability in the Face of Climate Change by Mr. Tobias Meier Senior Client Manager, Global Partnerships Swiss Reinsurance Company The views expressed are
More informationFinancing and Development. An Ounce of Prevention: Investing in Preparedness and Resilience. Joyce Coffee President, Climate Resilience Consulting
Financing and Development An Ounce of Prevention: Investing in Preparedness and Resilience Joyce Coffee President, Climate Resilience Consulting 1 Climate Change Finance Challenges Misalignment in timeline
More informationFinancial Solutions for Risk Management. Sovereign Debt Management Forum Washington DC October 20, 2016
Financial Solutions for Risk Management Sovereign Debt Management Forum Washington DC October 20, 2016 Uninsured losses from natural catastrophes are a growing burden for governments Natural catastrophe
More informationRevive, Rebuild, Recover: Creating a Sustainable NJ Coastline. Megan Linkin, Ph.D. Natural Hazards Expert, Swiss Re
Revive, Rebuild, Recover: Creating a Sustainable NJ Coastline Megan Linkin, Ph.D. Natural Hazards Expert, Swiss Re Table of Contents / Agenda New J ersey by the Numbers Coastal Hazards Facing New Jersey
More informationI n v i r t i e n d o p a r a l a R e s i l i e n c i a. I n v i r t i e n d o p a r a l a R e s i l i e n c i a
I n v i r t i e n d o p a r a l a R e s i l i e n c i a Disaster Risk Financing: I n v i r t i e n d o p a r a l a R e s i l i e n c i a The Evolving Role of (Re)Insurance and Financial Markets Claudia
More informationINDEX BASED RISK TRANSFER AND INSURANCE MECHANISMS FOR ADAPTATION. Abedalrazq Khalil, PhD Water Resources Specialist, World Bank
INDEX BASED RISK TRANSFER AND INSURANCE MECHANISMS FOR ADAPTATION Abedalrazq Khalil, PhD Water Resources Specialist, World Bank Outline Introduction: Climate Change and Extremes Index Based Risk Transfer:
More informationThe financial implications of climate change: the North East and beyond. Focus on Climate Change, Pace Energy and Climate Center, June 27, 2012
The financial implications of climate change: the North East and beyond Focus on Climate Change, Pace Energy and Climate Center, June 27, 2012 Agenda Introduction Financial impacts of weather extremes
More informationCARIBBEAN AND CENTRAL AMERICAN PARTNERSHIP FOR CATASTROPHE RISK INSURANCE POOLING RISK TO SAFEGUARD AGAINST CATASTROPHES GENERATED BY NATURAL EVENTS
CARIBBEAN AND CENTRAL AMERICAN PARTNERSHIP FOR CATASTROPHE RISK INSURANCE POOLING RISK TO SAFEGUARD AGAINST CATASTROPHES GENERATED BY NATURAL EVENTS May 2014 NINE COUNTRIES IN THE CARIBBEAN AND CENTRAL
More informationThe future of Nat Cat on twitter
The future of Nat Cat insurance @ReinsurerHuerta on twitter What is the nat cat protection gap? Pavel Huerta 8th Hydra meeting September 206 The difference between economic and insured losses. Pavel Huerta
More informationBoosting Financial Resilience to Disaster Shocks
Boosting Financial Resilience to Disaster Shocks Good Practices and New Frontiers World Bank Technical Contribution to the 2019 G20 Finance Ministers and Central Bank Governors Process January 16, 2019.
More informationEconomics of Climate Adaptation
Shaping Climate-resilient Development Economics of Climate Adaptation A Framework for Decision-makers Dr. David N. Bresch, Head Sustainability & Political Risk Management, Swiss Re david_bresch@swissre.com
More informationUnderstanding CCRIF s Hurricane, Earthquake and Excess Rainfall Policies
Understanding CCRIF s Hurricane, Earthquake and Excess Rainfall Policies Technical Paper Series # 1 Revised March 2015 Background and Introduction G overnments are often challenged with the significant
More informationDEFINING THE PROTECTION GAP. 1: Decide who /what should be protected:
DEFINING THE PROTECTION GAP Introduction In recent years, we ve seen a considerable increase in disasters, both in their frequency and severity. Overall economic losses from such disasters currently average
More informationCatastrophe Risk Financing Instruments. Abhas K. Jha Regional Coordinator, Disaster Risk Management East Asia and the Pacific
Catastrophe Risk Financing Instruments Abhas K. Jha Regional Coordinator, Disaster Risk Management East Asia and the Pacific Structure of Presentation Impact of Disasters in developing Countries The Need
More informationTerms of Reference. 1. Background
Terms of Reference Peer Review of the Actuarial Soundness of CCRIF SPC s Loss Assessment Models for Central America and the Caribbean (i) Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA)
More informationSOVEREIGN CATASTROPHE RISK POOLS A Brief for Policy Makers 1
SOVEREIGN CATASTROPHE RISK POOLS A Brief for Policy Makers 1 More than 1 billion people have lifted themselves out of poverty in the past 15 years, but climate and disaster risks threaten these achievements.
More informationTERMINOLOGY. What is Climate risk insurance? What is Disaster risk insurance?
TERMINOLOGY What is Climate risk insurance? Climate risk insurance describes a suite of instruments for financial risk transfer that provides protection against risks arising from extreme weather events
More informationFuture ready. Media conference, Monte Carlo, 14 September 2015
Future ready Media conference, Monte Carlo, 14 September 2015 Today's agenda Narrowing the protection gap Michel M. Liès Group Chief Executive Officer Technology will change the insurance industry Christian
More informationDISASTER RISK FINANCING AND INSURANCE PROGRAM
DISASTER RISK FINANCING AND INSURANCE PROGRAM Strengthening Financial Resilience to Disasters What We Do DRFIP helps developing countries manage the cost of disaster and climate shocks. The initiative
More informationDISASTER RISK FINANCING STRATEGIES AND ITS COMPONENTS
DISASTER RISK FINANCING STRATEGIES AND ITS COMPONENTS Mamiko Yokoi-Arai, Principal Administrator, Insurance and Private Pensions, OECD Joint DAC-EPOC Task Team on Climate Change and Development Co-operation
More informationPARAMETRIC INSURANCE COVER FOR NATURAL CATASTROPHE RISKS. Serghei Mărgulescu 1 Elena Mărgulescu 2
PARAMETRIC INSURANCE COVER FOR NATURAL CATASTROPHE RISKS Serghei Mărgulescu 1 Elena Mărgulescu 2 Abstract With economic losses of over USD 370 bn caused by 325 catastrophic events, 2011 ranks as the worst
More informationRISK TRANSFER AND FINANCE EXPERIENCE IN THE CARIBBEAN. Orville Grey March 2016
RISK TRANSFER AND FINANCE EXPERIENCE IN THE CARIBBEAN Orville Grey March 2016 WHO WE ARE? WHER E WE ARE? WEATHER-RELATED LOSS & DAMAGE RISING Caribbean is vulnerable to weather related hazards e.g. drought,
More informationFatou Assah. The World Bank. April 2012
Fatou Assah Senior Financial Sector specialist The World Bank April 2012 1 Contents 2 Disaster Risk Management Framework Disaster Risk Financing & Insurance Program Mainstream disaster risk financing and
More informationAn Operational Framework for Disaster Risk Financing and Insurance
Financial Protection Against Natural Disasters An Operational Framework for Disaster Risk Financing and Insurance This part seeks to tie together the experience and collected knowledge from partners in
More informationCARIBBEAN DEVELOPMENT BANK SUPPORT FOR HAITI TO MEET COMMITMENT TO CARIBBEAN CATASTROPHE RISK INSURANCE FACILITY FOR THE HURRICANE SEASON
PUBLIC DISCLOSURE AUTHORISED CARIBBEAN DEVELOPMENT BANK SUPPORT FOR HAITI TO MEET COMMITMENT TO CARIBBEAN CATASTROPHE RISK INSURANCE FACILITY FOR THE 2017-2018 HURRICANE SEASON This Document is being made
More informationCaribbean and Central American Partnership for Catastrophe Risk Insurance
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Caribbean and Central American Partnership for Catastrophe Risk Insurance Pooling Risk
More informationInsuResilience Solutions Fund (ISF) Transforming concepts into products
InsuResilience Solutions Fund (ISF) Transforming concepts into products The need for climate risk insurance solutions Increasing risks of natural disasters Increasing intensity and frequency of extreme
More informationPUBLIC DISCLOSURE AUTHORISED
PUBLIC DISCLOSURE AUTHORISED CARIBBEAN DEVELOPMENT BANK SUPPORT FOR HAITI TO MEET COMMITMENT TO CARIBBEAN CATASTROPHE RISK INSURANCE FACILITY FOR THE 2013-2014 HURRICANE SEASON This Document is being made
More informationLoss and Damage Associated with Climate Change Impacts The (possible) role of Disaster Risk Financing and Insurance
UNFCC regional expert meeting on loss and damage August 27 29, 2012 Bangkok, Thailand Loss and Damage Associated with Climate Change Impacts The (possible) role of Disaster Risk Financing and Insurance
More informationAn Overview of Disaster Risk Financing Instruments in the World Bank Operations
GFDRR sponsored BBL, Washington DC An Overview of Disaster Risk Financing Instruments in the World Bank Operations Eugene N. Gurenko, Ph.D., CPCU, ARe Lead Insurance Specialist March 4, 2009 Contents Disaster
More informationClimate Change and Reinsurance. Nomura's European Sustainable and Responsible Investment Conference Paris, 17 March 2011
Climate Change and Reinsurance Nomura's European Sustainable and Responsible Investment Conference Paris, 17 March 2011 Swiss Re at a glance Swiss Re is a leading and highly diversified global (re)insurance
More informationInsurance as a Risk Reduction Tool: Role of Parametric and Traditional Insurance
Insurance as a Risk Reduction Tool: Role of Parametric and Traditional Insurance Saundra Bailey Group Managing Director Caribbean Emergency Legislation Project (CELP) 25 March 2010 The Caribbean context
More informationResilience in Florida
Resilience in Florida Parametric Insurance as a Solution to Protection Gaps in Insurance Coverage Instructor: Alok Jha Instructor ID: 1339258 (ID provided by Florida Department of Financial Services) Course
More informationEx Ante Financing for Disaster Risk Management and Adaptation
Ex Ante Financing for Disaster Risk Management and Adaptation A Public Policy Perspective Dr. Jerry Skees H.B. Price Professor, University of Kentucky, and President, GlobalAgRisk, Inc. Piura, Peru November
More informationDisaster Risk Management in the Caribbean Case Study: Rapid Damage and Loss Assessment following the 2013 Disaster
Belize benefits from knowledge and experiences from the PPCR Disaster Risk Management in the Caribbean Case Study: Rapid Damage and Loss Assessment following the 2013 Disaster Photo Credit: http://gov.vc
More informationThe Role of Insurance in Developing Markets. Frank O Neill CEO Africa & Middle East Swiss Re
The Role of Insurance in Developing Markets Frank O Neill CEO Africa & Middle East Swiss Re (Re)insurance enables entrepreneurial risk-taking Henry Ford, referring to New York City in the early 20th century:
More informationLloyd s City Risk Index
Lloyd s City Risk Index 2015-2025 lloyds.com/cityriskindex Executive Summary About Lloyd s Lloyd s is the world s only specialist insurance and reinsurance market that offers a unique concentration of
More informationCatastrophe Risk Pooling Mechanism: CCRIF
Catastrophe Risk Pooling Mechanism: CCRIF Simon Young CEO, Caribbean Risk Managers Ltd Facility Supervisor, CCRIF Seminar on Disaster Risk Financing Mechanisms for the Mexican States Mexico City, 1 December
More informationCDEMA Symposium to Commemorate the 10th Anniversary of Hurricane Ivan Exploring Response and Recovery, Embracing Resilience
CDEMA Symposium to Commemorate the 10th Anniversary of Hurricane Ivan Exploring Response and Recovery, Embracing Resilience Radisson Grenada Beach Resort, Grand Anse, Grenada 1st 3rd December, 2014 CCRIF
More informationDisaster Risk. Management. Niels Holm-Nielsen. Lead Specialist Disaster Risk Management
Disaster Risk Management Niels Holm-Nielsen Lead Specialist Disaster Risk Management 1 Who Cares? 1 tropical storm was the likely cause of 20% of the increase in poverty in Guatemala between 2006 and 2011
More informationInsurance Industry solutions for disaster risk financing. 22 th October 2013 Michael Spranger
Insurance Industry solutions for disaster risk financing 22 th October 2013 Michael Spranger A reminder - Asian EQ hazard Aon Benfield APAC Proprietary & Confidential 1 Seismicity and EQ hazard map Philippines
More informationThe Lessons of 2017 Perspective from the World Bank Group
The Lessons of 2017 Perspective from the World Bank Group Barbuda Dominica Hurricane Irma Hurricane Maria Rebuild, Rethink, Resilience: Lessons for economic and security partnerships following after the
More informationINVESTING IN DISASTER RESILIENCE: RISK TRANSFER THROUGH FLOOD INSURANCE IN SOUTH ASIA
INVESTING IN DISASTER RESILIENCE: RISK TRANSFER THROUGH FLOOD INSURANCE IN SOUTH ASIA GIRIRAJ AMARNATH International Water Management Institute (IWMI) Photo: World Bank Workshop on Addressing Disaster
More informationManagement of Catastrophies OECD Conference, Hyderabad February Insurance solutions for emerging markets
Insurance solutions for emerging markets Today s agenda Importance of insurance to emerging markets Public-private partnership in delivering insurance solutions What is needed for a successful public-private
More informationLessons learned: structuring and pricing index-based insurance in developing countries
Lessons learned: structuring and pricing index-based insurance in developing countries I4 Technical Meeting, 13-14 June 2012, Rome Marcel Küttel, Weather Underwriter, Swiss Re Corporate Solutions Swiss
More informationAdaptation Committee: Workshop on the means of implementation for enhanced adaptation action. 2-4 March 2015 Wissenschaftszentrum, Bonn
Adaptation Committee: Workshop on the means of implementation for enhanced adaptation action 2-4 March 2015 Wissenschaftszentrum, Bonn The way disaster response in Africa has worked for over 60 years Household
More informationNatural catastrophes: A risk transfer concept for Italy
Natural catastrophes: A risk transfer concept for Italy AIDA Michael seminar Schwarz, on natural December catastrophes 2007 Milan, 19 January 2009 AIDA Seminar, 19 January 10 Nat Cat Insurance Solutions
More informationFrance s Funds and Insurance Schemes for Natural Disasters. Update
France s Funds and Insurance Schemes for Natural Disasters Update 1 Mandatory cover of losses arising from Natural Catastrophes in: all Physical Damage (a.k.a. Fire ) insurance policies covering risks
More information1. Background. CCRIF SPC s sustainability relies on certain key factors:
Terms of Reference Peer Review of the Financial Module of the Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA) for Central America and the Caribbean 1. Background In 2007, the Caribbean Catastrophe
More informationPRACTICAL APPROACHES TO FINANCING AND EXECUTING CLIMATE CHANGE ADAPTATION
PRACTICAL APPROACHES TO FINANCING AND EXECUTING CLIMATE CHANGE ADAPTATION HUMAYUN TAI MCKINSEY & COMPANY Executive Summary There is increasing consensus that climate change may slow worldwide economic
More informationPacific Catastrophe Risk Pool Initiative Concept Presentation
Pacific Catastrophe Risk Pool Initiative Concept Presentation Nigel Roberts Country Director, Pacific Islands, PNG and Timor Leste Small States Forum Washington DC, October 21, 2007 In the aftermath of
More informationTHE CLIMATE RISK INSURANCE INITIATIVE
THE CLIMATE RISK INSURANCE INITIATIVE InsuResilience at a glance The InsuResilience Climate Risk Insurance Initiative was adopted by the G7 partner countries Germany, France, Italy, Japan, Canada, the
More informationRisk Mitigation and the role of (re)insurance
Risk Mitigation and the role of (re)insurance Michael Eberhardt, CFA < copyright name, company or Institute> This presentation has been prepared for the Actuaries Institute 2016 Managing Extreme Events
More informationGOVERNMENTS IN THE LEAD ON FINANCIAL PREPAREDNESS
GOVERNMENTS IN THE LEAD ON FINANCIAL PREPAREDNESS Lessons learned from around the world Wednesday, November 18, 2015 African Union Addis Ababa, Ethiopia GOVERNMENTS IN THE LEAD ON FINANCIAL PREPAREDNESS
More informationThe Caribbean Catastrophe Risk Insurance Facility. Excess Rainfall Coverage
The Caribbean Catastrophe Risk Insurance Facility Excess Rainfall Coverage Dr. Simon Young CEO, Caribbean Risk Managers Ltd. CCRIF Facility Supervisor March 2013 Rationale for Excess Rainfall Coverage
More informationInformation Sharing Event on Work Program for Loss and Damage
Information Sharing Event on Work Program for Loss and Damage Contribution from the World Bank Kanta Kumari Rigaud Lead Adaptation & PPCR Coordinator World Bank June 7, 2011 Bonn World Bank Approach to
More informationStability and Capacity of Property Liability Insurance Markets. Neil Doherty Cartagena, Colombia May 2007
Stability and Capacity of Property Liability Insurance Markets Neil Doherty Cartagena, Colombia May 2007 1.4 1.3 1.2 1.1 1 0.9 0.8 0.7 0.6 Market Stability: Combined Ratio in Colombia Life P&C 1975 1976
More informationBuilding a Resilient Energy Gulf Coast: Executive Report
Building a Resilient Energy Gulf Coast: Executive Report Summary http://americaswetland.com http://entergy.com/gulfcoastadaptation Over the past year, Entergy Corporation has worked to develop a framework
More informationWeathering Climate Change through Climate Risk Transfer Solutions
The G20's role on climate risk insurance & pooling: Weathering Climate Change through Climate Risk Transfer Solutions With this document, the Munich Climate Insurance Initiative (MCII) provides suggestions
More informationKnowledge FOr Resilient
Date: 14 December 2017 Place: Novi Sad Knowledge FOr Resilient society FINANCIAL RESILIENCE TO HAZARDS AND CLIMATE FINANCE: A COMPREHENSIVE APPROACH OF TOOLS AND METHODS FOR DISASTER RISK FINANCE Outline
More informationKey Messages. Dealing with Natural Disaster Risks Institutions & Products
Workshop on Insurance and Risk Assessment Key Messages Dealing with Natural Disaster Risks Institutions & Products Vijay Kalavakonda Insurance Specialist email: vkalavak@worldbank.org World Bank Insurance
More informationCatastrophe Risk Engineering Solutions
Catastrophe Risk Engineering Solutions Catastrophes, whether natural or man-made, can damage structures, disrupt process flows and supply chains, devastate a workforce, and financially cripple a company
More informationGlobal Resilience Risk
Global Resilience Risk An Insurers Perspective WEC Energy Summit 16 March 2016 Jamie Summons, Head of Weather Solutions, Asia Pacific Swiss Re Weather Market Capability Global presence, market leadership
More informationDraft 04/07/2006 p.1 of 6 CRMG. 1
Global Index Insurance Facility (GIIF) Concept Note (Synopsis) Commodity Risk Management Group (CRMG) 1, ARD, World Bank Proposal It is intended to establish a new reinsurance vehicle, the Global Index
More informationOverview of Disaster Risk Financing in APEC Economies
2015/FMP/SEM1/009 Session: 5 Overview of Disaster Risk Financing in APEC Economies Submitted by: OECD Seminar on Disaster Risk Finance APEC Roadmap for Resilient Economies Bacolod, Philippines 29-30 April
More informationRisk Transfer Schemes the Example of CCRIF SPC
Risk Transfer Schemes the Example of CCRIF SPC Isaac Anthony Chief Executive Officer CCRIF SPC Fourth Forum of the Standing Committee on Finance Financial instruments that address the risks of loss and
More informationMaking Index Insurance Work for the Poor
Making Index Insurance Work for the Poor Xavier Giné, DECFP April 7, 2015 It is odd that there appear to have been no practical proposals for establishing a set of markets to hedge the biggest risks to
More informationInternational Agricultural and Natural Catastrophe Insurance Forum. Experience by GIZ Matthias Range
International Agricultural and Natural Catastrophe Insurance Forum Experience by GIZ Rüschlikon, Switzerland, October 2016 Seite 1 Agenda GIZ GIZ and Financial Systems Development GIZ and Agricultural
More informationInsurance that pays out without proof of loss? Dr. Alexander Pui Nat Cat Manager (APAC) Swiss Re Corporate Solutions
Insurance that pays out without proof of loss? Dr. Alexander Pui Nat Cat Manager (APAC) Swiss Re Corporate Solutions Natural Catastrophe Losses in Asia (1970 present) 2011:Thai Floods, Tohoku EQ, Christchurch
More informationBackground Paper. Market Risk Transfer. Phillippe R. D. Anderson The World Bank
Background Paper Market Risk Transfer Phillippe R. D. Anderson The World Bank Market Risk Transfer Background Paper for the World Development Report 2014 on Opportunity and Risk: Managing Risk for Development
More informationSmall States Catastrophe Risk Insurance Facility
Small 2005 States Forum 2005 Annual Meetings World Bank Group/International Monetary Fund Washington, DC DRAFT September 24, 2005 www.worldbank.org/smallstates Small States Catastrophe Risk Insurance Facility
More informationFlood Risk Valuation Flood Model Evaluation and Risk Pricing Evaluation
Flood Risk Valuation Flood Model Evaluation and Risk Pricing Evaluation February 26, 2019 Joseph Becker Natural Hazards/Geosciences Group 203.229.8832 joseph.f.becker@guycarp.com GUY CARPENTER Macro forces
More informationPublic Private Partnerships for Agricultural Insurance
Roundtable on the Development of Agriculture Insurance Methodology in Tanzania JUN 23 2016 Public Private Partnerships for Agricultural Insurance Chloe Dugger, Operations Officer World Bank Group Contents
More informationGFDRR on Financial Protection
GFDRR on Financial Protection GFDRR has worked with more than 60 developing countries to improve their financial resilience to natural disasters. It has enhanced countries post-disaster financial response
More informationSOUTH CENTRAL REGION MULTI-JURISDICTION HAZARD MITIGATION PLAN. Advisory Committee Meeting September 12, 2012
SOUTH CENTRAL REGION MULTI-JURISDICTION HAZARD MITIGATION PLAN Advisory Committee Meeting September 12, 2012 AGENDA FOR TODAY Purpose of Meeting Engage All Advisory Committee Members Distribute Project
More informationDISASTER RISK FINANCING ADB Operational Innovations in South Asia
DISASTER RISK FINANCING ADB Operational Innovations in South Asia Erik Kjaergaard, Disaster Risk Management Specialist South Asia Department with input from Mayumi Ozaki, Senior Portfolio Management Specialist
More informationCatastrophe Risk Modelling. Foundational Considerations Regarding Catastrophe Analytics
Catastrophe Risk Modelling Foundational Considerations Regarding Catastrophe Analytics What are Catastrophe Models? Computer Programs Tools that Quantify and Price Risk Mathematically Represent the Characteristics
More informationReviving the Culture of Preparedness
Reviving the Culture of Preparedness May 11, 2018 Dr. Maria Ilcheva HOW CAN SOUTH FLORIDA DEVELOP AND SUSTAIN A CULTURE OF PREPAREDNESS AND RESILIENCE? Preparedness - actions and planning taken before
More informationTerms of Reference GIS Review of the Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA) for Central America and the Caribbean
Terms of Reference GIS Review of the Earthquake and Tropical Cyclone Loss Assessment Model (SPHERA) for Central America and the Caribbean 1. Background In 2007, the Caribbean Catastrophe Risk Insurance
More informationModeling Extreme Event Risk
Modeling Extreme Event Risk Both natural catastrophes earthquakes, hurricanes, tornadoes, and floods and man-made disasters, including terrorism and extreme casualty events, can jeopardize the financial
More informationEnhance Financial Resilience Against Disasters
2016/FMM/010 Session 3 Enhance Financial Resilience Against Disasters Purpose: Information Submitted by: World Bank Group 23 rd Finance Ministers Meeting Lima, Peru 14-15 October 2016 APEC Meeting, Lima,
More informationDisaster Management The
Disaster Management The UKRAINIAN Agricultural AGRICULTURAL Dimension WEATHER Global Facility for RISK Disaster MANAGEMENT Recovery and Reduction Seminar Series February 20, 2007 WORLD BANK COMMODITY RISK
More informationFinancing Options and Issues Session 6: Access to Financing Options and Instruments
IMF Workshop on Building Resilience to Natural Disasters and Climate Change DISASTER RISK FINANCING AND INSURANCE PROGRAM (DRFIP) April 4-6 2017 Financing Options and Issues Session 6: Access to Financing
More informationCRT Supplemental Hurricane Disclosure. November 13, 2017
CRT Supplemental Hurricane Disclosure November 13, 2017 Disclaimer Notice to all Investors: This document is not an offer to sell any Freddie Mac securities. Offers for any given security are made only
More informationDisaster resilient communities: Canada s insurers promote adaptation to the growing threat of high impact weather
Disaster resilient communities: Canada s insurers promote adaptation to the growing threat of high impact weather by Paul Kovacs Executive Director, Institute for Catastrophic Loss Reduction Adjunct Research
More informationThe AIR Typhoon Model for South Korea
The AIR Typhoon Model for South Korea Every year about 30 tropical cyclones develop in the Northwest Pacific Basin. On average, at least one makes landfall in South Korea. Others pass close enough offshore
More informationQuantifying Disaster Risk: measuring progress in the path towards resilience
Quantifying Disaster Risk: measuring progress in the path towards resilience Sujit Mohanty UNISDR -ROAP Expert Group Meeting (EGM) on Improving Disaster Data to Build Resilience in Asia and the Pacific,
More informationR E S I L I E N C E : B U I L D I N G B E T T E R. Dr. Justin Ram December 8, 2017
R E S I L I E N C E : B U I L D I N G B E T T E R Dr. Justin Ram December 8, 2017 AGENDA 01 Why we are vulnerable: Regional Challenges 02 Cost of Natural Disasters 03 Resilience Building: Stepping back
More informationGC Micro Risk Solutions SM Catastrophe Risk and the Importance of Microreinsurance
April 17, 2011 GC Micro Risk Solutions SM Catastrophe Risk and the Importance of Microreinsurance Reed Bouchelle, Vice President, Asia Pacific www.guycarp.com Catastrophe Risk and the Importance of Microreinsurance
More informationWorld Meteorological Organization Role of WMO and National Meteorological and Hydrological Services in Disaster Risk Reduction
World Meteorological Organization Role of WMO and National Meteorological and Hydrological Services in Disaster Risk Reduction By Maryam Golnaraghi, Ph.D. Chief of Disaster Risk Reduction Programme Extreme
More informationTalk Components. Wharton Risk Center & Research Context TC Flood Research Approach Freshwater Flood Main Results
Dr. Jeffrey Czajkowski (jczaj@wharton.upenn.edu) Willis Research Network Autumn Seminar November 1, 2017 Talk Components Wharton Risk Center & Research Context TC Flood Research Approach Freshwater Flood
More informationHow insurance can support climate resilience
Accepted manuscript - 1 Embargoed till 24 March at 9am GMT (10:00 CET) How insurance can support climate resilience Swenja Surminski (Grantham Research Institute on Climate Change and the Environment at
More informationFINAL CONSULTATION DOCUMENT May CONCEPT NOTE Shaping the InsuResilience Global Partnership
FINAL CONSULTATION DOCUMENT May 2018 CONCEPT NOTE Shaping the InsuResilience Global Partnership 1 Contents Executive Summary... 3 1. The case for the InsuResilience Global Partnership... 5 2. Vision and
More informationSoutheast Asia Disaster Risk Insurance Facility
Southeast Asia Disaster Risk Insurance Facility PROTECT THE GREATEST HOME OF ALL: OUR COUNTRIES SEADRIF is a regional platform to provide ASEAN countries with financial solutions and technical advice to
More informationCatastrophe and weather risk insurance: enabling insurance markets to work
Global Insurance Conference 2011 Developing Insurance in the Face of New Challenges Catastrophe and weather risk insurance: enabling insurance markets to work Eugene N. Gurenko, World Bank June 1-2, 2011
More informationIS DISASTER-RELATED MICROINSURANCE A VIABLE DISASTER RISK REDUCTION STRATEGY?: LEARNING FROM CARIBBEAN SIDS
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
More informationRESILIENCE Provisional copy
RESILIENCE Promoting Disaster and Climate Risk Resilience Through Regional Programmatic and Risk Financing Mechanisms Action Statement and Action Plan Provisional copy Overview and Context Climate change
More informationJamaica. October 24, Remarks Dr. Warren Smith WFCP Page 1
Remarks by Dr. W m. Warren Smith President Caribbean Development Bank at the Opening Ceremony of the Sixth Meeting of the World Forum of Catastrophe Programmes Montego Bay Jamaica October 24, 2011 Remarks
More informationRe: Public Comments on Establishing a Deductible for FEMA s Public Assistance Program; Docket ID FEMA
Adrian Sevier Federal Emergency Management Agency Office of Chief Counsel Regulatory Affairs Division 500 C Street S.W. Washington, D.C. 20472 Re: Public Comments on Establishing a Deductible for FEMA
More information