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Posted by
Francis Ghesquiere, 24 January 2022
Like many other good ideas, this one started on a paper napkin. Fifteen years ago, a World Bank team was in Jamaica to arrange emergency relief funding to cope with destruction of Hurricane Ivan. This disaster destroyed 6,000 houses and affected almost 400,000 people. In a restaurant in Kingston, we began brainstorming ideas for creating a lasting financial solution for rapid response in the inevitable event of future hurricanes or earthquakes. Back in 2005, disaster risk insurance relied on... Keep reading
Posted by
Cristina Stefan, 20 January 2022
Extreme weather events are commonplace in the Democratic Republic of Congo (DRC). Agriculture is particularly vulnerable to extreme droughts and flooding — which are expected to increase in frequency and severity due to climate change. But planning and preparing for crises and disasters is difficult in DRC, as in many other developing countries, even for common risks such as weather hazards. Typically, managing agriculture sector risks and emergencies happens after the crisis hits. The World... Keep reading
Posted by
Carlos Felipe Jaramillo, 22 December 2021
On September 10, 2004, Hurricane Ivan devastated Jamaica with its Category 4 winds and rain causing more than US$350 million in damages and taking the lives of 14 people. The scene is far too common, not only in Jamaica but more broadly in the Caribbean, a region notorious for its vulnerability to natural disasters. While governments are getting better at preparing for the economic and human impact of these storms, the ever more serious effects of climate change are making these threats... Keep reading
Posted by
Benedikt Signer, 10 December 2021
With disasters a growing threat, insurance for countries trying to manage climate and disaster risk is becoming increasingly critical. While insight on what works – and what doesn’t – to build resilience is still limited, the experience of the Philippines shows how countries can improve their protection to disasters by working with international insurance markets. The Philippines is expected to incur, on average, $3.5 billion in asset losses each year from typhoons and earthquakes alone, and 74... Keep reading
Posted by
Samantha Cook , 16 November 2021
Disasters by their nature present a shock but nonetheless their occurrence can be estimated, as has been done by the insurance industry for years. That is to say the consequences are not so unexpected. However, when trying to account for the implicit contingent liabilities, such as those generated by natural disasters, the impact of the shocks are often not quantified in the government balance sheet. Yet, when they materialize, they place pressure on government finances that may raise interest... Keep reading
Posted by
Tatiana Skalon, 11 November 2021
Kur ndodh një fatkeqësi natyrore ose një krizë, burimet e brendshme të financave publike shpesh janë porti i parë të cilit i drejtohen qeveritë për t'iu përgjigjur me shpejtësi nevojave urgjente. Qeveritë përdorin kontigjencën ose fondet rezervë, akumulojnë borxhe ose kryejnë rialokime të fondeve të buxhetit duke i zhvendosur burimet nga qëllimi i tyre fillestar për të financuar reagimin ndaj katastrofave 1 . Në mungesë të alternativave të transferimit të riskut apo edhe në prani të tyre,... Keep reading
Posted by
Tatiana Skalon, 10 November 2021
When a disaster or a crisis hits, domestic public finance is often the first port of call for governments to respond to urgent needs quickly. Governments draw down on a contingency budget or reserve funds, accumulate debt or reallocate the budget by shifting resources away from their original purpose, towards financing disaster response 1 . In the absence of risk transfer options or even with such options available, domestic public finance is an important source to mitigate disaster because it... Keep reading