Pooling, Saving, and Prevention : A Comprehensive Insurance Approach to Social Risk Management

Individuals and societies can respond in a variety of ways when faced with the prospect of economic losses from shocks like natural disasters, sickness, sudden death, disability and unemployment. Social risk management is a conceptual framework encompassing three broad categories of response: prevention, mitigation, and coping. The comprehensive Insurance approach focuses on mitigation, offering a tool for determining which insurance instruments and preventive measures will be most effective given the size and frequency of various types of possible economic losses. This article explains the comprehensive insurance framework, and uses it to assess recent reforms in Chile's unemployment insurance system.

Bibliographic Details

Main Author:	Packard, Truman
Language:	English
Published:	World Bank, Washington, DC 2004-01
Subjects:	ACCIDENT INSURANCE, ADVERSE SELECTION, AGGREGATE DEMAND, BANK POLICY, CASH TRANSFERS, COST OF CAPITAL, DISASTER INSURANCE, DISASTERS, DRIVERS, ECONOMIC INSECURITY, ECONOMIC POLICIES, EMPLOYMENT PROGRAMS, FINDING WORK, FIRM LEVEL, FISCAL POLICY, GLOBAL ECONOMY, GOVERNMENT FUNDING, HOUSEHOLD INCOME, HUMAN DEVELOPMENT, IMPERFECT INFORMATION, INCOME, INCOME SECURITY, INFORMAL SECTOR, INFORMAL SECTOR WORKERS, INNOVATION, INSTRUMENT, INSURANCE, INSURANCE COVERAGE, INSURANCE POOLS, INSURANCE PREMIUM, INSURANCE PREMIUMS, INSURANCE SYSTEM, INSURERS, INVESTING, JOB LOSS, JOB TURNOVER, JOBS, LABOR COSTS, LABOR MARKET, LABOR MARKETS, MARKET EFFICIENCY, MARKET INEFFICIENCIES, MARKET SIZE, MARKET TURNOVER, MARKET WAGE, MINIMUM WAGES, MITIGATION, MONETARY POLICIES, MORAL HAZARD, NATURAL DISASTERS, PAYROLL TAX, PAYROLL TAXES, PENSION, PENSION REFORM, POLITICAL ECONOMY, POOL OF FUNDS, PRICE RISK, PRIMARY SCHOOL, PRIVATE MARKET, PRIVATE SAVINGS, PRIVATE SECTOR, PROGRAMS, PUBLIC EMPLOYMENT, PUBLIC SPENDING, RATES, REFORM PROGRAMS, REPLACEMENT RATES, RETIREMENT, RETIREMENT SAVINGS, RISK MANAGEMENT, RISK POOLING, SAFETY, SAVINGS, SAVINGS ACCOUNTS, SHORT-TERM UNEMPLOYMENT, SMALL BUSINESS, SOCIAL ASSISTANCE, SOCIAL FUNDS, SOCIAL PROTECTION, SOCIAL RISK, SOCIAL RISK MANAGEMENT, TAX RATES, UNEMPLOYED, UNEMPLOYED WORKERS, UNEMPLOYMENT, UNEMPLOYMENT ASSISTANCE, UNEMPLOYMENT BENEFIT, UNEMPLOYMENT INSURANCE, UNEMPLOYMENT INSURANCE SYSTEM, VOLATILITY, WORKER,
Online Access:	http://documents.worldbank.org/curated/en/2004/01/12050318/pooling-saving-prevention-comprehensive-insurance-approach-social-risk-management https://hdl.handle.net/10986/10369
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