Insurance-related instruments for disaster risk reduction (2011 Global Assessment Report on Disaster Risk Reduction)

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Suarez_&_Linnerooth-Bayer_2011.pdf

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/44322 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/44322 http://eprints.org/relation/isIndexCodesVersionOf https://pure.iiasa.ac.at/id/document/44322 archive 351 disk0/00/00/97/26 2016-01-15 08:45:48 2021-08-27 17:39:09 2016-01-15 08:45:48 other show 1 Suarez P. AL0376 Linnerooth-Bayer J. 1354 Insurance-related instruments for disaster risk reduction (2011 Global Assessment Report on Disaster Risk Reduction) pub iis_rsk prog_rpv prog_risk Strategies and measures for disaster risk reduction (DRR) are not being implemented at the scale called for by the Hyogo Framework of Action. Part of the problem is that, from the perspective of decision makers with resource constraints, it is risky to invest in something that reaps benefits only in the case of a relatively unlikely event (such as a hurricane or a drought). People and institutions are understandably prone to invest in choices that yield less uncertain benefits. DRR, in itself, can be perceived as a risky endeavor - especially from the financial perspective. One way to circumvent this problem is by promoting DRR through incentives and other features embedded in market-based financial instruments, which offer financial stability or reliable access to funds to help cope with the consequences of extreme events. Since not all risks can be cost-effectively reduced, especially those that occur only very rarely, forward-thinking DRR stakeholders tend to seek options for financing the remaining or residual risks. Insurance and other disaster risk sharing approaches can serve households, national governments and humanitarian or development organizations, not only to complement ex ante DRR by ensuring or accelerating financing for post-disaster activities (like relief, recovery and reconstruction), but also as a conduit for ex ante DRR, guiding investment decisions that would result in fewer losses if a disaster materializes in the future. The objective of this paper is to assist disaster risk reduction stakeholders analyze whether - and how - insurance and other market-based risk transfer instruments can help increase resilience to disasters. 2011-10 published Submitted to the International Strategy for Disaster Reduction (UNISDR), final draft, 4th October 2011 http://www.preventionweb.net/english/hyogo/gar/2011/en/bgdocs/Suarez_&_Linnerooth-Bayer_2011.pdf XO-11-083 Submitted to the International Strategy for Disaster Reduction (UNISDR) in the context of The 2011 Global Assessment Report on Disaster Risk Reduction. Available at <www.preventionweb.net/english/hyogo/gar/2011/en/bgdocs/Suarez_&_Linnerooth-Bayer_2011.pdf> 2427 182 public FALSE FALSE info:eu-repo/semantics/other