TAILIEUCHUNG - World Bank Group: FINANCIAL SOLUTIONS for Catastrophe Risk Management

Catastrophe Insurance Pools. Advisory services to help countries establish national catastrophe insurance pools such as the Turkish Catastrophe Insurance Pool, which offers efficiently priced earthquake insurance to more than million homeowners. A similar pool is planned in Romania. The World Bank Group is also supporting the creation of a regional catastrophe reinsurance pool for South-East European countries. Index-Based Agricultural Insurance. Index- based insurance programs to protect private sector participants such as farmers and rural financial institutions against extreme weather. The National Agricultural Insurance Scheme (covering more than 20 million farmers) and the Weather- Based Crop Insurance Scheme (covering more than 600,000. | Wor d Ban I Group FINANCIAL SOLUTIONS for Catastrophe Risk Management Catastrophe risk financing is an important element of the strategic framework for disaster risk management advocated by the World Bank Group A comprehensive disaster risk management strategy involving risk assessment institutional capacity building investments in risk mitigation emergency preparedness and catastrophe risk financing can be very effective in mitigating the impacts of natural disasters. The World Bank Group has two complementary catastrophe risk financing product lines Sovereign risk financing for direct budget support Contingent Financing. Development Policy Loan DPL with Catastrophe Deferred Drawdown Option CAT DDO to provide immediate liquidity up to USD500 million or of GDP whichever is less to IBRD-member countries in the event of a natural disaster. Sovereign Catastrophe Insurance Pools. Advisory services to help countries establish regional vehicles to pool risks and access international catastrophe reinsurance markets on competitive terms. The Caribbean Catastrophe Risk Insurance Facility CCRIF for example offers parametric insurance against major hurricanes and earthquakes in 16 Caribbean countries. A similar initiative for the Pacific Island countries is in preparation. Catastrophe Bonds. Cat bonds to transfer risk to investors by allowing the issuer to not repay the bond principal if a major natural disaster occurs. The World Bank Group has developed a platform for a multi-country multi-peril cat bond that transfers diversified risk to private investors. Weather Derivatives. Intermediation services to help protect countries against the risk of adverse weather events. The first such initiative designed to help Malawi protect itself against the risk of severe drought is an option on a rainfall index linking rainfall with national maize production. Advisory services to strengthen domestic property catastrophe insurance markets Catastrophe Insurance Pools. Advisory .

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