Fiji

This note aims to build understanding of the existing disaster risk financing and insurance (DRFI) tools in use in Fiji and to identify gaps where potential engagement could further develop financial resilience. In addition the note aims to encourage peer exchange of regional knowledge, specifically by encouraging dialogue on past experiences, lessons learned, optimal use of these financial tools, and the effect they may have on the execution of post-disaster funds. In 2012 alone Fiji experienced three major events with estimated total damage of F$146 million (US$78 million). Fiji is expected to incur, on average over the long term, annual losses of F$158 million (US$85 million) due to earthquakes and tropical cyclones. In the next 50 years Fiji has a 50 percent chance of experiencing a loss exceeding F$1,500 million (US$806 million). The country has a taken a proactive approach to DRFI and developed a finance manual for post-disaster budget execution. The government now has F$3 million (US$1.6 million) available in DRFI instruments to facilitate disaster response and also implemented tax concessions to encourage donations in the wake of tropical cyclone Evan. A number of options to support ongoing DRFI improvements in Fiji are presented for consideration: (a) the finance manual developed by the Ministry of Finance for post-disaster procedures should be finalized, and cabinet approval should be sought; (b) an overarching disaster risk financing and insurance strategy should be developed that includes options for risk transfer; and (c) assets should be identified in order to develop an insurance program for critical public assets.

Bibliographic Details

Main Author:	World Bank
Format:	Report biblioteca
Language:	English en_US
Published:	Washington, DC 2015-02
Subjects:	ACCOUNTING, AGENTS, ALLOCATION, APPLICATIONS, ASSET VALUE, ASSURANCE, ATTACHMENT POINT, BANKING CORPORATION, BANKS, BORROWING CAPACITY, BROKER, BROKERS, BUDGET DEFICIT, BUILDING CODE, CAPITAL MARKETS, CAPTIVE INSURANCE, CATASTROPHE BONDS, CATASTROPHE INSURANCE, CATASTROPHIC EVENT, CLIMATE, CLIMATE CHANGE, CONTINGENCY PLANNING, CONTINGENT LIABILITY, COUNTRY RISK, CREDIT ARRANGEMENTS, CREDIT LINES, CURRENCY, DAMAGE ASSESSMENT, DAMAGE ASSESSMENTS, DAMAGES, DEPOSIT, DEVELOPMENT BANK, DISASTER, DISASTER EMERGENCY, DISASTER EMERGENCY RESPONSE, DISASTER EVENTS, DISASTER FINANCING, DISASTER INSURANCE, DISASTER MANAGEMENT, DISASTER MITIGATION, DISASTER PREPAREDNESS, DISASTER RECONSTRUCTION, DISASTER REDUCTION, DISASTER RELIEF, DISASTER RESPONSE, DISASTER RISK, DISASTER RISK FINANCING, DISASTER RISK REDUCTION, DISASTER RISKS, DISBURSEMENT, DISBURSEMENTS, DOMESTIC BONDS, DOMESTIC CREDIT, DOMESTIC DEBT, DOMESTIC SOURCES, DRAWN DOWN, EARTHQUAKE, EARTHQUAKE INSURANCE, EARTHQUAKES, ECONOMIC IMPACT, EMERGENCY OPERATIONS, EQUIPMENT, EXCHANGE RATE, EXPENDITURE, EXPENDITURES, EXTERNAL CREDIT, EXTERNAL DEBT, EXTREME EVENTS, FINANCIAL CONSTRAINTS, FINANCIAL EXPOSURES, FINANCIAL INSTRUMENTS, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCIAL RESILIENCE, FINANCIAL RESOURCES, FINANCIAL RISK, FINANCIAL RISK-SHARING MECHANISMS, FINANCIAL SECTOR, FINANCIAL SUPPORT, FINANCING REQUIREMENTS, FIRE, FLOOD, FLOODING, FLOODS, FOREIGN DIRECT INVESTMENT, FORMS OF CREDIT, FUNGIBLE, GENERAL INSURANCE, GLOBAL BOND, GOVERNMENT BONDS, GOVERNMENT DEBT, GOVERNMENT DEPARTMENTS, GRANT FUNDING, GROSS DOMESTIC PRODUCT, HEALTH CARE, HOLDING, HOLDINGS, IMPACT OF DISASTERS, INCOME, INCOME STREAM, INDEBTED COUNTRIES, INDEMNITY, INDEMNITY INSURANCE, INSPECTIONS, INSTRUMENT, INSURANCE, INSURANCE AGENTS, INSURANCE BROKER, INSURANCE BROKERS, INSURANCE CLAIMS, INSURANCE COMPANIES, INSURANCE COMPANY, INSURANCE CONTRACTS, INSURANCE COVERAGE, INSURANCE INDUSTRY, INSURANCE LAW, INSURANCE MARKET, INSURANCE MARKETS, INSURANCE PENETRATION, INSURANCE PILOT, INSURANCE PREMIUM, INSURANCE PREMIUMS, INSURANCE PRODUCTS, INSURANCE RATES, INSURANCE REGULATION, INSURANCE SUPERVISION, INSURANCE SUPERVISORS, INSURED LOSSES, INSURER, INSURERS, INTERNATIONAL BANK, INTERNATIONAL DEVELOPMENT, INTERNATIONAL INSURANCE, INTERNATIONAL REINSURANCE, INTERNATIONAL RELIEF, INTERNATIONAL STRATEGY FOR DISASTER REDUCTION, ISSUANCE, LAND USE, LANDSLIDES, LIFE INSURANCE, LIFE INSURANCE PREMIUM, LIFE INSURERS, LIQUIDITY, LOAN, LOCAL BUSINESSES, LOCAL MARKET, LOCAL NONGOVERNMENTAL ORGANIZATIONS, MACROECONOMIC STABILIZATION, MARKET PENETRATION, MATURITY, MONETARY FUND, NATIONAL INVESTMENT, NATURAL CATASTROPHE, NATURAL CATASTROPHES, NATURAL DISASTER, NATURAL DISASTERS, NATURAL HAZARD, NATURAL HAZARDS, NON-LIFE INSURANCE, OFFSHORE MARKET, OPPORTUNITY COST, PHYSICAL ASSETS, POLITICAL UNCERTAINTIES, PORTFOLIO, PORTFOLIOS, PROGRAMS, PROPERTY INSURANCE, PROPERTY INSURERS, PRUDENTIAL SUPERVISION, PUBLIC ASSETS, PUBLIC FUNDS, PUBLIC SPENDING, REINSURANCE, REINSURANCE CAPACITY, REINSURANCE CONTRACT, REINSURANCE PREMIUMS, REINSURERS, RELIEF, RELIEF ASSISTANCE, RELIEF SUPPLIES, RELIEF WORK, RESERVE, RESERVE BANK, RESERVE FUND, RESERVES, RETURN, RETURNS, RISK ASSESSMENT, RISK EXPOSURE, RISK EXPOSURES, RISK FACTORS, RISK INSURANCE, RISK MANAGEMENT, RISK MANAGEMENT PROCESS, RISK POOLING, RISK PREMIUMS, RISK PROFILE, RISK TRANSFER, SALESPEOPLE, SETTLEMENT, SINKING FUND, SOLVENCY, SOLVENCY REQUIREMENTS, SOVEREIGN RISK, STOCK EXCHANGE, STOCK EXCHANGES, STORM, STORM SURGE, SWAP, SWAPS, TAX, TAX CONCESSIONS, TAX CREDITS, TAX DEDUCTION, TAX INCENTIVES, TRADING, TRANSFER PAYMENTS, TROPICAL CYCLONE, TROPICAL CYCLONES, TSUNAMI, TSUNAMIS, UNDERINSURANCE, UNDERWRITING, VALUATION, VALUATIONS, VOLCANOES, VULNERABILITY TO DISASTERS, WIND SPEED,
Online Access:	http://documents.worldbank.org/curated/en/2015/02/24157492/fiji-country-note-disaster-risk-financing-insurance https://hdl.handle.net/10986/21696
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