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This study presents options for disaster risk financing in Brazil, drawing from international experience. The study presents a series of complementary options for disaster risk financing, based on a preliminary fiscal risk analysis and a preliminary review of the current budget management of natural disasters in Brazil. It benefits from the international experience of the World Bank, which has provided assistance to several countries on the design and implementation ofsovereign disaster risk financing strategies (e.g. Mexico, Colombia, Peru, Indonesia, Vietnam, Philippines, Pakistan and the Caribbean island states). This experience is tailored to the extensive risk profile and institutional, social and economic characteristics of Brazil, as well as to the availability of relevant data.

Environment --- Environmental Economics and Policies --- Finance and Financial Sector Development --- Insurance and Risk Mitigation --- Natural Disasters

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The objective of this report is to make recommendations for the Government of Grenada (GoG) for theformulation of a country-specific comprehensive disaster risk finance (DRF) strategy, based on the assessment of the legislative, financial management, fiscal, and insurance market environment in Grenada.

Conflict and Development --- Disaster Management --- Finance and Financial Sector Development --- Insurance --- Insurance and Risk Mitigation

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This policy note is provided as an output under the World Bank's Regional Advisory Service for Southern Africa, 'Developing a Regional Risk Financing Framework for Agriculture and Food Security'. A key objective of this advisory service is to inform the public sector in Southern Africa on improvements to agriculture and food security risk financing policies and programs. The note is an output under component two of the project, which aims to identify agriculture risk financing policy options. The note aims to take stock of selected key financial risks affecting the agriculture sector in the Southern Africa Development Community (SADC) region and provide options to build financial resilience. Weather risks, price volatility, and pests and diseases are among the most important shocks affecting agricultural producers in the region, frequently with severe consequences for food security. This note gives (i) an overview of their regional impact in terms of economic and financial cost, as well as effects on food security; (ii) describes the status quo of use of agriculture risk financing instruments by countries in the region; and (iii) derives policy recommendations to further improve financial resilience to agricultural shocks using agriculture risk financing instruments. It should be noted that risk financing instruments are only one part of a comprehensive agriculture risk management approach. Other complementary agriculture risk management mechanisms and approaches, such as the development of commodity exchanges, agriculture trade policy, or warehouse receipt systems, are not the focus of this note.

Agriculture --- Commodity Prices --- Finance and Financial Sector Development --- Food Security --- Insurance and Risk Mitigation

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The insurance industry in Philippines is small but growing. Insurance penetration remains below that observed in many countries in the region and very low compared to countries with similar per capita incomes in other parts of the world. During the last five years, the Insurance Commission (IC) has made a significant effort to improve insurance regulation and supervision. The IC has considerable autonomy in practice but lacks operational supervisory independence. Improving the independence of the IC should be accompanied by measures to increase its formal accountability to the government. The assessment has identified areas for further development of IC's supervisory approach, like risk profiling, and stronger cooperation and coordination among supervisors. A key recommendation is that IC formulate a strategy with an implementation plan to advance its risk based and market conduct supervision. While consumer protection has improved in many respects, ongoing oversight of insurance intermediaries should be improved. IC should review its resources and organization to meet the demands of a more risk-based approach. IC's inspection methods, data collection, and reporting infrastructure (IT systems), analytical tools, and on-site inspection manuals require a major overhaul. The IC should carry out a comprehensive review of the current regulations and supervision processes and data reporting requirements with the view to reduce the regulatory burden on the industry. In conjunction with strengthening governance, transparency, and internal control requirements, own risk and solvency assessment (ORSA), and enterprise risk management (ERM) requirements should be developed and implemented on an individual entity and group basis. Enabling new product development and liberalizing tariffs should be considered as part of an IC growth strategy for the insurance sector.

Finance and Financial Sector Development --- Financial Regulation and Supervision --- Insurance and Risk Mitigation --- Insurance Regulation --- Risk Management

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This report presents an analysis conducted by the World Bank to assess macro-fiscal impacts of earthquakes and floods in European Union (EU) Member States (MS), analyze the financial instruments in place to manage this risk and identify any associated funding gaps. The analysis is underpinned by the outputs of two regionally consistent probabilistic catastrophe risk models, one developed by JBA Risk Management (JBA) for fluvial and surface water flood, and one by the Global Earthquake Model Foundation (GEM) for seismic risk. The report provides, (i) an indication of future losses for each country; (ii) an indication of each countries funding gap based upon the information available on national and EU level financial instruments; and (iii) options for consideration to strengthen financial resilience at the EU and the national level. Overall, this report finds that financial instruments to manage disaster risk are limited in most of the countries and at the EU level, despite the devastating impacts disasters pose to welfare, fiscal balance, and more broadly the economy.

Environment --- Finance and Financial Sector Development --- Insurance and Risk Mitigation --- Natural Disasters --- Public Finance --- Public Sector Development