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Erschienen in:
Confronting Disaster: Recent Lessons from the Asia-Pacific Kapitel lesen Erstes Kapitel lesen

2015 | OriginalPaper | Buchkapitel

11. The Rise of Disaster Risk Insurance and Derivatives

verfasst von : Gilles Carbonnier

Erschienen in: Natural Disaster Management in the Asia-Pacific

Verlag: Springer Japan

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Abstract

This chapter deals with disaster risk insurance and risk-linked securities. It examines the potential of such instruments to strengthen disaster risk management. Since they are often not (yet?) commercially viable, these instruments have been developed in the context of public–private partnerships. Aid organizations and the insurance industry have teamed up to promote disaster risk insurance and derivatives in developing and emerging economies. These products face some of the political economy constraints that are well known in the insurance and foreign aid worlds. Asian governments may have a preference for free ex-post foreign aid over the alternative of paying ex-ante insurance premiums and interests on bonds. Yet, insurance and risk-linked securities offer the potential to transfer a substantial portion of disaster costs abroad irrespective of the humanitarian response. They can contribute to reducing dependency on foreign aid, consistent with national sovereignty claims.

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Vorheriges Kapitel Regional Business Continuity Management Through Public-Private Partnerships in Japan
Nächstes Kapitel Building the Urban Community Disaster Relief System in China
Fußnoten
1
Earthquake losses often are not insured. For example, only about 11 % of homes in California are insured against earthquakes. Acts of terrorism are often excluded from insurance coverage. In the case of severe flooding, the coverage varies, depending in particular on the socioeconomic status of those who suffer the losses.
 
2
We distinguish between the underwriting and investment sides, which insurance industry accounting rules keep separate. While the underwriting side generally generates only a small profit on insurance proper, larger profits come from investing the cash flow or ‘surplus’ built by the accumulation of investment income and a small amount from profits on underwriting. Any losses on the underwriting side, when claims exceed premiums and expenses, are typically covered by such surplus.
 
3
Risks are not insurable if the premium would have to be set too high in order to cover the potential claims, the nature of the loss cannot be clearly defined and financially set, or if the loss is not random in nature because of the risk of adverse selection.
 
6
Catastrophe Bond: Perilous Paper. The Economist, 5 October 2013.
 
7
This boom happened while hitherto unknown acronyms such as CDO (collateralized debt obligation), CDS (credit default swap) and MBS (mortgage backed securities) became top news as the 2008 financial crisis was unfolding.
 
8
In the case of Pakistan however, empirical evidence shows that the growth in demand for flood micro-insurance among the victims of the severe 2010 flood has not been significantly affected by doubts related to the compatibility of the insurance product with Shari’a law. See Turner et al. (2014).
 
9
Insurance penetration varies greatly even within individual sub-regions. For example, 54 % of respondents in Hanoi reported having health insurance against 31 % in Manila and only 10 % in Jakarta. See Asian Trends Monitoring 2012—A Dataset on Poverty and Service Provision.
 
10
The States of Louisana and Florida have already become big actors on hurricane insurance market since private unsurers are unwilling to underwrite the risks (at affordable price).
 
11
GFDRR is a partnerships involving states and international organisation. Established in 2006, its mission is to ‘mainstream disaster risk reduction and climate change adaptation in country development strategies’
 
12
By mid-2011, the World Bank granted a US$500 million contingent credit to the Philippines for natural catastrophe, which was already drawn down in December the same year following the devastation caused by the Tropical Storm Sendong.
 
Literatur
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Metadaten
Titel
The Rise of Disaster Risk Insurance and Derivatives
verfasst von
Gilles Carbonnier
Copyright-Jahr
2015
Verlag
Springer Japan
Buch
Natural Disaster Management in the Asia-Pacific

Print ISBN: 978-4-431-55156-0

Electronic ISBN: 978-4-431-55157-7

Copyright-Jahr: 2015

DOI
https://doi.org/10.1007/978-4-431-55157-7_11