Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention

Overview

'Catastrophe Risk Financing in Developing Countries' provides a detailed analysis of the imperfections and inefficiencies that impede the emergence of competitive catastrophe risk markets in developing countries. The book demonstrates how donors and international financial institutions can assist governments in middle- and low-income countries in promoting effective and affordable catastrophe risk financing solutions.

The authors present guiding principles on how and when governments, with assistance from donors ...

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Overview

'Catastrophe Risk Financing in Developing Countries' provides a detailed analysis of the imperfections and inefficiencies that impede the emergence of competitive catastrophe risk markets in developing countries. The book demonstrates how donors and international financial institutions can assist governments in middle- and low-income countries in promoting effective and affordable catastrophe risk financing solutions.

The authors present guiding principles on how and when governments, with assistance from donors and international financial institutions, should intervene in catastrophe insurance markets. They also identify key activities to be undertaken by donors and institutions that would allow middle- and low-income countries to develop competitive and cost-effective catastrophe risk financing strategies at both the macro (government) and micro (household) levels. These principles and activities are expected to inform good practices and ensure desirable results in catastrophe insurance projects.

'Catastrophe Risk Financing in Developing Countries' offers valuable advice and guidelines to policy makers and insurance practitioners involved in the development of catastrophe insurance programs in developing countries.

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Product Details

  • ISBN-13: 9780821377369
  • Publisher: World Bank Publications
  • Publication date: 10/15/2008
  • Pages: 296
  • Product dimensions: 5.90 (w) x 8.90 (h) x 0.70 (d)

Table of Contents

Foreword xi

Acknowledgments xv

Abbreviations xvii

Glossary xxi

Overview 1

Toward a Country Catastrophe Risk Financing Framework 2

Why Should Donors Intervene in Catastrophe Risk Markets? 4

How Should Donors Intervene in Catastrophe Risk Markets? 8

What Roles for the Donor Community? 11

1 Introduction 13

Cost of Natural Disasters in Developing Countries 13

Proactive Country Disaster Risk Management 17

Toward a Country Catastrophe Risk Financing Framework 20

Objectives 25

2 Market Imperfections and Catastrophe Insurance 27

Basic Features of Catastrophe Insurance Markets 27

Demand-Driven Market Imperfections 39

Supply-Driven Market Imperfections 48

Are Prices of Catastrophe Risk Transfer Instruments Excessive? 64

Summary: Insurance Markets and Market Imperfections 69

Notes 73

3 Principles for Public Intervention in the Catastrophe Insurance Markets 75

Risks of Public Intervention in Catastrophe Insurance Markets 76

Guiding Principles for Market Intervention 84

Notes 90

4 Roles for the Donor Community 91

Convening Power 92

Promoter of Public Goods 93

Provider of Technical Assistance for Innovative Catastrophe Risk financing Solutions 99

Financier 104

References 108

Appendixes

1 World Bank List of Economies 115

2 Reference Catastrophe Losses 123

3 Catastrophe Risk Modeling 127

Introduction: Using Modeling to Manage Risk 127

Methodology 128

Risk Metrics 130

4 Catastrophe Risk Financing Projects Supported by the World Bank and Donors 133

5 Some Recent Catastrophe Risk Financing Initiatives Supported by the World Bank and Donors 147

Property Catastrophe Insurance Programs for Homeowners 147

AgriculturalInsurance Programs 155

Sovereign Risk Financing 162

Notes 176

References 176

6 Prototype Weather-Based Crop Insurance Policy 177

7 Commercial Catastrophe Risk Models 179

8 Review of the Catastrophe Reinsurance Market 185

Introduction 185

The Role of Reinsurance 188

The Global Market for Reinsurance 189

Insurance and Reinsurance Market Response to Mega-Catastrophes 194

Conclusion 206

Notes 207

References 207

9 CAT Bonds and Other Risk-Linked Securities: State of the Market and Recent Developments 211

Introduction 211

The Structure of Risk-Linked Securities 212

The Risk-Linked Securities Market 222

Conclusion 232

Notes 233

References 233

10 Catastrophe Reinsurance Pricing 237

Introduction 237

The Mean-Variance Model 238

A More Realistic Actuarial Model 241

Reinsurer's Target Economic Return 244

Numerical Illustration 252

Notes 255

References 255

Index 257

Boxes

1.1 GFDRR Financial and Technical Assistance 18

1.2 World Bank Group's Catastrophe Risk Products and Services 22

2.1 Portfolio Cost of Capital 38

2.2 World Bank Project Reallocations After a Natural Disaster 46

2.3 Catastrophe (CAT) Bonds 53

2.4 Information Prerequisites for Reinsurers to Provide Weather Reinsurance 63

3.1 Basic Principles for Efficient Catastrophe Insurance 77

3.2 Theories of Market Intervention 84

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