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ASEANDISASTERRISKFINANCING&INSURANCEFORUM
Session3
ASEANDISASTERRISKFINANCING &INSURANCEFORUM
Disclaimer
Thisreportisaworkinprogresspresentedforfurther collaborativedrafting.Theteamhasmadeeveryattemptto verifythecontentspresented,buttheinformationshouldbe verify the contents presented but the information should be interpretedwithdueconsiderationtoitslimitationsresulting fromthefactthatindirectsourceshavebeenusedwhere primarysourceswerenotavailable,andthatthecollective i il bl d h h ll i knowledgeinthisareaislimited. Thecurrentdraftwillbecompleted/revisedinthelightofthe The current draft will be completed/revised in the light of the discussionwiththeASEANMemberStatesandother participantsduringthisForum.
ASEANDISASTERRISKFINANCING &INSURANCEFORUM
ASEANDISASTERRISKFINANCING &INSURANCEFORUM
Keyfindingsandchallenges
Limiteddataandtoolstoassesstheeconomicandfiscal impactofnaturaldisasters I Incompletedisasterriskfinancingandinsurancestrategiesat l t di t i k fi i di t t i t bothnationalandsubnationallevels MostASEANcountrieslackadedicatedvehicletosecureand quicklydisbursefundspostdisasters Privatecatastropheriskinsurancemarketsremainunder developed d l d LimitedregionalcooperationamongASEANCountrieson g ( yp disasterriskfinancingandinsurance(butrecentlypolitical willingnesstosupportsuchcooperation)
ASEANDISASTERRISKFINANCING &INSURANCEFORUM
Levelofengagement
Strategiesandinstrumentstoincreasethefinancialandfiscal resilienceoftheASEANcountriesagainstnaturaldisasterscan beappliedatmultiplelevels: pp p
National Provincial Municipal
ASEANDISASTERRISKFINANCING &INSURANCEFORUM
Levelofengagement
Strategiesandinstrumentstoincreasethefinancialandfiscal resilienceoftheASEANcountriesagainstnaturaldisasterscan beappliedatmultiplelevels: pp p
National Provincial Municipal
ASEANDISASTERRISKFINANCING &INSURANCEFORUM
Recommendation#1 R d ti #1 Developriskinformationandmodelingsystemstoassess theeconomicandfiscalimpactofnaturaldisasters the economic and fiscal impact of natural disasters
Optionforconsideration ASEANcountriescoulddevelop aregionalriskinformation platform
Georeferencedexposure database d t b Inventoryofpublicassets Regionalcatastropheriskmodels Fiscal risk assessment tools to be Fiscalriskassessmenttoolstobe usedbyMoFs toassessthefiscal impactofnaturaldisasters(aspart oftheiroverallfiscalrisk assessmentanalysis) y )
Examples
PacificRiskInformationSystem
ProvidesthePacificIslandcountrieswith Provides the Pacific Island countries with riskassessmentandmodelingtoolsfor enhancedDRM Exposuredatabaseofmorethan3millions assetsatrisk Historicalandsimulatedcataloguesofmajor perils Informationavailableonawebserver
ASEANDISASTERRISKFINANCING &INSURANCEFORUM
Examples
Contingent credit WB CAT DDO i th Phili i WBCATDDOinthePhilippines Mexicomultilayerriskfinancingstrategy Annualallocation Aggregate insurance Aggregateinsurance Catbond CostaRicacatastropherisktransfer vehicleforpublicassets p
ASEANDISASTERRISKFINANCING &INSURANCEFORUM
Recommendation#3 Establishnationalandsubnationaldisasterfunds
Optionforconsideration Establishnationaland/orsub s ab s a o a a d/o sub nationaldisasterfunds
Mechanismforrapidfinancingof postdisasteroperations Securesfundexantethrough retentionanrisktransfer Conductstransparentandefficient damageassessmentofpublic g p assets Mobilizesimmediatefundingpost disaster Executes funding post disaster Executesfundingpostdisaster
ASEANDISASTERRISKFINANCING &INSURANCEFORUM
Recommendation#4 Promoteprivatecatastropheriskinsurancemarkets
Optionsforconsideration Enablingregulationfor ab g egu a o o catastropheriskinsurance
Riskbasedsupervision
Developingriskmarket p g infrastructure
Productdesignandpricing Underwritingandclaimshandling Distributionchannels
Examples TurkishCatastropheinsurancePool Poolingpropertycatastrophe risksofprivatedwellings Nationalagriculturalinsurance schemeinIndia scheme in India Movingfrompublicpost disasterassistancetomarket basedcropinsurancethrough PPP
Facilitatingdisasterriskpooling
Facilitatingthepoolingand transferofnationaldisasterrisks f f i l di ik
ASEANDISASTERRISKFINANCING &INSURANCEFORUM
ASEANDISASTERRISKFINANCING &INSURANCEFORUM
SummaryofoptionsforYOURconsideration
1. Developriskinformationandmodelingsystemsto assesstheeconomicandfiscalimpactofnatural disasters 2. Developdisasterriskfinancingandinsurance strategiesatthenationalandsubnationallevels t t i t th ti l d b ti ll l 3. Establishnationalandsubnationaldisasterfunds 4. Promoteprivatecatastropheriskinsurancemarkets 5. Strengthenregionalcooperationondisasterrisk financingandinsurance fi i di