Catastrophe Risk Financing in Developing Countries : Principles for Public Intervention

Public intervention in catastrophe insurance markets, supported by the donor community and the World Bank, should be country specific. Low-income countries, where the domestic non-life insurance market is undeveloped, should focus in the short term on the development of sovereign catastrophe insurance solutions and the promotion of public goods related to risk market infrastructure. These countries are usually not mature enough for the promotion of catastrophe insurance pools for private homeowners. Middle-income countries, where the domestic non-life insurance market is more developed, should help the private insurance industry offer market-based catastrophe insurance solutions to homeowners and to small and medium enterprises, including the agricultural sector. This book offers a framework, with lessons drawn from recent experience, guiding principles for public intervention and potential roles for donors and International Financial Institutions (IFIs). These lessons are expected to be used in developing affordable, effective and sustainable country-specific catastrophe insurance programs.

Bibliographic Details

Main Authors:	Cummins, J. David, Mahul, Olivier
Format:	Publication biblioteca
Language:	English en_US
Published:	Washington, DC: World Bank 2009
Subjects:	ADVANCED ECONOMIES, ADVERSE SELECTION, AGENTS, AGRICULTURAL INSURANCE, ASSETS, BASIS RISK, BOND, BOND MARKET, BONDS, BROKERS, BUILDING CODES, BUSINESS OPPORTUNITIES, CAPITAL ASSET, CAPITAL ASSET PRICING, CAPITAL MARKET, CAPITAL MARKETS, CAPITAL REQUIREMENTS, CAPITAL STOCK, CAPTIVE INSURANCE, CATASTROPHE FUND, CATASTROPHE REINSURANCE, CATASTROPHES, CATASTROPHIC EVENT, CENTRE FOR RESEARCH ON THE EPIDEMIOLOGY, CLIMATE CHANGE, COMMODITIES, COMPULSORY INSURANCE, CONSUMERS, CONTINGENT LIABILITY, COPYRIGHT CLEARANCE, COPYRIGHT CLEARANCE CENTER, CORPORATE BONDS, COST OF CAPITAL, COUNTRY DEVELOPMENT, COVERAGE, CRED, CREDIT QUALITY, CRITICAL INFRASTRUCTURE, CROP INSURANCE, CROP INSURANCE SCHEME, DAMAGES, DAT DATABASE, DEBT, DEBT SERVICE, DEVELOPING COUNTRIES, DEVELOPMENT NETWORK, DISASTER, DISASTER ASSISTANCE, DISASTER MITIGATION, DISASTER PREVENTION, DISASTER RECONSTRUCTION, DISASTER RECOVERY, DISASTER REDUCTION, DISASTER RELIEF, DISASTER RESPONSE, DISASTER RISK, DISASTER RISK REDUCTION, DISASTER-PRONE COUNTRIES, DISASTER-PRONE COUNTRY, DISASTERS, DIVERSIFICATION BENEFITS, DROUGHT, DROUGHTS, EARLY WARNING, EARLY WARNING SYSTEMS, EARTHQUAKE, EARTHQUAKE INSURANCE, EARTHQUAKES, ECONOMIC INTEGRATIONS, ECONOMIC RISK, EMERGENCY COMMUNICATION SYSTEMS, EMERGENCY PREPAREDNESS, EMERGENCY RESPONSE, EQUITY CAPITAL, EXCESS OF LOSS REINSURANCE, EXPOSURE TO RISK, EXTREME EVENTS, EXTREME WEATHER, EXTREME WEATHER EVENTS, FACULTATIVE REINSURANCE, FARMER, FARMERS, FINANCE CORPORATION, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENT, FINANCIAL INSTRUMENTS, FINANCIAL INTERMEDIARIES, FINANCIAL PRODUCT, FINANCIAL PRODUCTS, FINANCIAL RISK, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL SYSTEM, FINANCING ARRANGEMENTS, FLOOD, FLOODS, GLOBAL MARKET, GLOBAL MARKETS, GROSS DOMESTIC PRODUCT, HURRICANE, HURRICANES, IMPACT OF DISASTERS, INCOME, INCOMES, INDEMNITIES, INDEMNITY, INDEMNITY INSURANCE, INDUSTRIAL COUNTRIES, INFORMATION FLOWS, INSECT INFESTATION, INSTITUTIONAL CAPACITIES, INSURANCE, INSURANCE AGENTS, INSURANCE BENEFITS, INSURANCE BUYERS, INSURANCE COMPANIES, INSURANCE COMPANY, INSURANCE CONTRACT, INSURANCE CONTRACTS, INSURANCE COVERAGE, INSURANCE INDUSTRIES, INSURANCE INDUSTRY, INSURANCE MARKET, INSURANCE MARKETS, INSURANCE POLICIES, INSURANCE POLICY, INSURANCE POOLS, INSURANCE PREMIUM, INSURANCE PRODUCTS, INSURANCE RISK, INSURED LOSSES, INTERNATIONAL FINANCE, JURISDICTION, LAWS, LIQUIDITY, LOSS RATIO, LOW-INCOME COUNTRIES, MARKET INFRASTRUCTURE, MARKET STRUCTURE, METEOROLOGICAL ORGANIZATION, MICROFINANCE, MIDDLE-INCOME COUNTRIES, MITIGATION, MITIGATION MEASURES, MORAL HAZARD, NATURAL DISASTER, NATURAL DISASTERS, NEGOTIATION, NET PREMIUMS WRITTEN, NON-LIFE INSURANCE, OPTION CONTRACT, POLICYHOLDERS, POLITICAL REGIMES, PORTFOLIO, PORTFOLIO DIVERSIFICATION, PORTFOLIOS, PREMIUMS, PRIMARY INSURER, PRIMARY INSURERS, PRIVATE INSURANCE, PRIVATE INVESTMENTS, PRIVATE SECTOR DEVELOPMENT, PROGRAMS, PROPERTY INSURANCE, PUBLIC INSURANCE, PUBLIC-PRIVATE PARTNERSHIP, PUBLIC-PRIVATE PARTNERSHIPS, RATES, REGULATORY FRAMEWORKS, REGULATORY IMPEDIMENTS, REGULATORY REQUIREMENTS, REINSURANCE BROKER, REINSURANCE CAPACITY, REINSURANCE COMPANIES, REINSURANCE MARKETS, REINSURANCE PREMIUMS, REINSURER, REINSURERS, RELIEF, RELIEF EFFORTS, RESERVE FUND, RESERVES, RISK ASSESSMENT, RISK DIVERSIFICATION, RISK EXPOSURE, RISK EXPOSURES, RISK INSURANCE, RISK MANAGEMENT, RISK MANAGEMENT SYSTEM, RISK MITIGATION, RISK PROFILES, RISK REDUCTION, RISK REDUCTIONS, RISK TRANSFER, SAFETY, SAFETY NET, SCIENTIFIC ORGANIZATIONS, SECURITIES, SECURITIES MARKET, SECURITIES MARKETS, SOLVENCY, STARTUP, SUSTAINABILITY, SUSTAINABLE DEVELOPMENT, SYSTEMIC RISK, TAX, TECHNICAL ASSISTANCE, TRANSACTION COSTS, UNDERWRITING, VOLATILITY, VOLCANOES, WORLD TRADE,
Online Access:	http://documents.worldbank.org/curated/en/2008/11/10034711/catastrophe-risk-financing-developing-countries-principles-public-intervention http://hdl.handle.net/10986/6289
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