Narrow Your Choices

Refine By Countries

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Business and Economics > Insurance

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Economic Development: General x
Clear All Modify Search
Cover IMF Working Papers
Insuring Public Finances Against Natural Disasters: A Survey of Options and Recent Initiatives
Mr. David J Hofman
and
Ms. Patricia A Brukoff
Natural disasters can put severe strain on public finances, in particular in developing and small countries. But catastrophe insurance markets increasingly offer opportunities for the transfer of such risks. Thus far, developing countries have only tepidly begun to tap these opportunities. More frequent and intensive use of insurance markets may be desirable because it could help introduce an important element of predictability in the post-disaster public finances of disaster-prone developing countries. Against this background, the paper surveys the various available insurance modalities and reviews recent initiatives in developing and emerging market countries. It also identifies some key challenges for the insurance community, donors, and international financial institutions (IFIs).
Keywords:
WP; insurance coverage; catastrophe insurance pricing; index insurance contract; disaster insurance scheme; market penetration; public finances; insurance; earthquake insurance scheme; reinsurance company; disaster-insurance modality; disaster risk solution; bond issue; Natural disasters; Insurance companies; Bonds; International capital markets; Caribbean
Cover IMF Working Papers
Macroeconomic Implications of Natural Disasters in the Caribbean
Mr. Tobias N. Rasmussen
Each year natural disasters affect about 200 million people and cause about $50 billion in damage. This paper compares the incidence of natural disasters across countries along several dimensions and finds that the relative costs tend to be far higher in developing countries than in advanced economies. The analysis shows that small island states are especially vulnerable, with the countries of the Eastern Caribbean standing out as among the most disaster-prone in the world. Natural disasters are found to have had a discernible macroeconomic impact, including large effects on fiscal and external balances, pointing to an important role for precautionary measures.
Keywords:
WP; ECCU country; country; GDP; government; market; price; Natural Disasters; Eastern Caribbean; Developing Countries; ECCU insurance market; countries of the Eastern Caribbean Currency Union; island state; market insurance; Insurance; Personal income; Fiscal stance; Caribbean; Global
Cover IMF Working Papers
Dealing with Increased Risk of Natural Disasters: Challenges and Options
Mr. Michael Keen
,
Mr. Paul K. Freeman
, and
Mr. Muthukumara Mani
Natural disaster risk is emerging as an increasingly important constraint on economic development and poverty reduction. This paper first sets out the key stylized facts in the area-that the costs of disaster have been increasing, seem set to continue to increase, and bear especially heavily on the poorest. It then reviews the key economic issues at stake, focusing in particular on the actual and prospective roles of, and interaction between, market instruments and public interventions in dealing with disaster risk. Key sources of market failure include the difficulty of risk spreading and, perhaps even more fundamental, the Samaritan's dilemma: the underinvestment in protective measures associated with the rational expectation that others will provide support if disaster occurs. Innovations addressing each of these are discussed.
Keywords:
WP; cash-strapped government; emergency management fund; government expenditure; adverse selection; balance of payments; island state; market failure; private sector; Natural Disasters; Developing Countries; Climate Change; Urbanization; a number of country; government of China; insurance market; B. low-income country; developed country; government budget balance; Insurance; Government debt management; Insurance companies; Global