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The persistent potential for large scale natural disasters has become a real concern for the Turkish government since the late 1990's, which ultimately led to the establishment of the Turkish Catastrophe Insurance Pool (TCIP). Among the main rationale of the creation of the TCIP were a grave government fiscal exposure to natural disasters and a disproportionately low level of catastrophe insurance penetration for such a disaster-prone country. Since the commencement of this program in 2000, the TCIP has provided coverage to more than 2 million households, being by far the largest insurance program

Social policy --- Insurance --- Geophysics --- Turkey --- Earthquake insurance --- Insurance pools --- Turkish Catastrophe Insurance Pool. --- Insurance purchasing alliances --- Insurance purchasing cooperatives --- Insurance purchasing pools --- Insurance syndicates --- Pools, Insurance --- Syndicates (Finance) --- Insurance, Earthquake --- TCIP

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Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek

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Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek

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The authors propose a financial model to address the design of efficient risk financing strategies against natural disasters at the country level. It is simple enough to shed analytical light on some of the key issues but flexible and realistic enough to provide some quantitative guidance on the ex ante financing of catastrophic losses. The risk financing problem is decomposed into two steps. First, the resource gap, defined as the difference between losses and available ex-post resources (such as post-disaster aid), is identified. It determines the losses to be financed by ex ante financial instruments (reserves, catastrophe insurance, and contingent debt). Second, the cost-minimizing financial arrangements are derived from the marginal costs of the financial instruments. The model is solved through a series of graphical analyses that make this complex financial problem easier to apprehend. This model captures and explains the main impacts of financial parameters (such as insurance premium, cost of capital) on efficient risk financing structures.

Bank Policy --- Banks and Banking Reform --- Contingent Debt --- Currencies and Exchange Rates --- Debt Markets --- Developing Countries --- Economic Risk --- Emerging Markets --- Environment --- Exchange --- Finance and Financial Sector Development --- Financial Instruments --- Financial Intermediation --- Financial Literacy --- Financial Markets --- Hazard Risk Management --- Insurance --- Insurance and Risk Mitigation --- Insurance Markets --- Insurance Penetration --- Insurance Premium --- Interest --- Lending --- Market --- Natural Disasters --- Non Bank Financial Institutions --- Poverty --- Private Sector Development --- Reserves --- Risk Exposure --- Risk Management --- Safety Net --- Urban Development

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Over the last few decades, the frequency of major disasters caused by the impact of natural hazards has increased significantly, causing an increase in losses, both total economic and insured. This considerable increase can be fully attributed to weather-related events, which are inherently linked to climate change. The European Union (EU) community, and particularly the countries of South Eastern Europe (SEE), is prone to natural hazards such as earthquakes, floods and forest fires. In the SEE countries, the adverse effects of natural calamities, most of which can be assigned to climate change, are already being felt in many sectors of economy and at the macro level. The main objectives of this study have been two-fold. On the one hand, the study has attempted to establish the extent of financial vulnerability of governments and households to natural hazards in ten countries of South Eastern Europe. On the other hand, the study aims to outline a range of practical solutions and policy recommendations for the problem of the growing financial exposure from disasters caused by the impact of natural hazards for governments, businesses and individuals.This study is intended for four principal audiences: government officials in SEE countries; World Bank staff involved in disaster risk financing and reconstruction projects; the international development community; and the private insurance and reinsurance industry. The structure of the report is as follows: Chapter I is an Introduction. Chapter II reviews the EU regional financial safety net mechanisms that can be mobilized in case of major disasters caused by the impact of natural hazards, focusing mainly on the EU Solidarity Fund. Chapter III examines the fiscal capacity of SEE countries to cope on their own with large disaster events. Chapter IV reviews the existing diverse experience in covering the losses from disasters caused by the impact of natural hazards in disaster risk insurance in France, Spain and Germany. Chapter V presents an overview of the state of disaster insurance markets in SEE countries. Chapter VI presents the main findings and policy recommendations.

Conflict and Development --- Disaster Management --- Finance --- Finance and Financial Sector Development --- Hazard Risk Management --- Insurance & Risk Mitigation --- Natural Disasters --- Risk --- Risk Management --- Social Development --- Social Risk Management --- Urban Development