Managing Catastrophic Disaster Risks Using Alternative Risk financing and Pooled Insurance Structures

This report examines the constraints and opportunities in implementing a catastrophe insurance system which can resolve the key obstacles impeding broader implementation of a risk funding approach. The four main pillars in such a strategy involve: 1) strengthening insurance sector regulatory requirements and supervision; 2) establishing broad-based pooled catastrophe funding structures with efficient risk transfer tools; 3) promoting public insurance policies linked to programs for loss reduction in the uninsured sectors; and 4) strengthening the risk assessment and enforcement of structural measures such as zoning and building code compliance. The report is structured as follows: chapter 1 examines the characteristics of the global insurance and reinsurance market and its links with Caribbean insurers and policyholders Chapter 2 examines the domestic Caribbean insurance market structure and institutions, and their commercial practices Chapter 3 discusses how structural mitigation and vulnerability reduction measures can prove to be cost-effective investments that can dramatically reduce exposure risks on properties. Chapter 4 analyzes the modalities of risk transfer for potential financial losses. Chapter 5 demonstrates innovations being developed for catastrophe risk management. Chapter 6 examines risk management options. Chapter 7 concludes by demonstrating the financial feasibility and sustainability of operating and managing catastrophe risks under a sub-regional pool.

Bibliographic Details

Main Author:	Pollner, John D.
Language:	English
Published:	2001-05
Subjects:	ACCOUNTING, ACCOUNTING PRINCIPLES, ANNUITY, APPLICATIONS, ATTACHMENT POINT, BALANCE SHEETS, BANK, BONDS, CAPITAL BASE, CAPITAL MARKETS, CAPITAL REQUIREMENT, CATASTROPHE COVERAGE, CATASTROPHE REINSURANCE, CATASTROPHES, CATASTROPHIC RISKS, COMMISSIONS, CONSOLIDATION, CONTRACTUAL SAVINGS, COVERAGE, DEBT, DISASTERS, EASTERN CARIBBEAN CENTRAL BANK, ECOLOGY, ECONOMIC IMPACT, ECONOMIC REFORM, ECONOMICS, ECONOMIES OF SCALE, ENVIRONMENTAL PERFORMANCE, FINANCIAL INSTRUMENTS, FINANCIAL INTEGRATION, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCIAL RISK, FINANCIAL SECTOR, FINANCIAL STRUCTURE, FOREST MANAGEMENT, INCOME, INDEMNITY, INSURABLE ASSETS, INSURANCE, INSURANCE COMPANIES, INSURANCE COVERAGE, INSURANCE INDUSTRIES, INSURANCE INDUSTRY, INSURANCE POLICIES, INSURANCE RATES, INSURANCE RESERVES, INSURANCE RISK, INSURANCE SUPERVISORS, INSURANCE SYSTEM, INSURERS, INTEGRITY, INTERNATIONAL FINANCE, INTERNATIONAL FINANCIAL MARKETS, INVESTMENT BANKERS, INVESTMENT GRANTS, LIBERALIZATION, LOW INCOME, MANAGEMENT INFORMATION SYSTEMS, MARKET FORCES, MARKET INCENTIVES, MARKET INSTRUMENTS, MINISTRIES OF FINANCE, MITIGATION, MORAL HAZARDS, POLICYHOLDERS, PREMIUMS, PRESENT VALUE, PRIMARY INSURER, PRIVATE SECTOR, PRIVATIZATION, PROBABILITY OF DEFAULT, PROGRAMS, PROPERTY INSURANCE, PROPERTY RISK, PUBLIC INSURANCE, REGULATORY FRAMEWORK, REINSURANCE, REINSURANCE CONTRACT, REINSURANCE CONTRACTS, REINSURANCE MARKETS, REINSURERS, RISK ASSESSMENT, RISK ASSESSMENTS, RISK INSURANCE, RISK MANAGEMENT, RISK REDUCTION, RISK SHARING, RISK TRANSFER, RISK UNDERWRITING, SECURITIES, SECURITIZATION, SELF INSURANCE, SOLVENCY, SOLVENCY REQUIREMENTS, SUSTAINABILITY, SUSTAINABLE DEVELOPMENT, SUSTAINABLE GROWTH, TRANSITION ECONOMIES, UNDERWRITING, WATER PRICING,
Online Access:	http://documents.worldbank.org/curated/en/2001/05/1490188/managing-catastrophic-disaster-risks-using-alternative-risk-financing-pooled-insurance-structures https://hdl.handle.net/10986/13961
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