Will you take two minutes to complete a brief survey that will help us to improve our website? Partnerships for Innovative Financial Solutions. Even countries with robust disaster risk management programs can still be highly exposed to the economic and fiscal shocks caused by major disasters. Analytical tools for financial decision-making. Actuarial analysis to support informed decisions on disaster risk insurance; tools for cost-benefit analysis of DRF strategies; tools for evaluating and structuring risk transfer mechanisms. Inputs to G7 Initiative on Climate Risk Insurance Contribution on DRF to regional organizations such as APEC and ASEAN, Share country experiences, lessons learned, and research. It was used to develop the PCRAFI insurance program. Thank you for participating in this survey! Developing countries feel the impacts of disasters most severely, and the costs of disaster response and rebuilding drain already limited resources. DRFI works with a range of partners, including the private sector, technical experts, development institutions, and civil society organizations, as well as across the World Bank Group. Support for the development of high level policy on strategy Disaster Risk and Insurance, 2014 publication “Financial Protection Against Natural Disasters” bringing together World Bank expertise in an operational framework to guide countries in developing and implementing comprehensive financial protection policies. Thank you for participating in this survey! Improvements to legal and regulatory f­rameworks to ­foster private catastrophe risk insurance solutions. DRF Products                                                 Project Description                                                  Example, Catastrophe risk modeling for financial solutions. In addressing the issue of disaster risk financing, insurance for… It is estimated that the country experiences a total of $3.5 billion in … G20 Initiative on Disaster Risk Management / Disaster Risk Financing and Insurance in 2012, including joint publication between the Government of Mexico and the World Bank. DAVAO, 8 February 2017 – The 2 nd Meeting of the ASEAN Cross-Sectoral Coordination Committee on Disaster Risk Financing and Insurance (ACSCC on DRFI) was held on 8 February 2017 in Davao, the Philippines.. Operations manual for State Reserve Fund in Lao PDR. Your feedback is very helpful to us as we work to improve the site functionality on worldbank.org. Disaster Risk Financing and Insurance Program (DRFIP) in Finance, Competitiveness, and Innovation GP leads the disaster risk finance dialogue with clients regarding the financial impact of natural disaster risks and helps countries design and implement comprehensive disaster risk financing strategies; Will you take two minutes to complete a brief survey that will help us to improve our website? OECD adopts guidance on disaster risk financing strategies. Rationale PACIFIC CATASTROPHE RISK INSURANCE PILOT (PCRIP) COUNTRY CONSULTATION REPORT . In Africa, 270,000 farmers were covered under a weather-based crop insurance in 2014. The Pacific Disaster Risk Financing and Insurance Program assists Pacific Island Countries in improving their post disaster financial response capacity through public financial management and the implementation of market-based sovereign catastrophe risk insurance solutions. A leading pioneer in doing this is Mexico with both a national strategy for financing the reconstruction of disaster-affected public assets, FONDEN, and Your feedback is very helpful to us as we work to improve the site functionality on worldbank.org. The Netherlands Ministry of Foreign Affairs is an established leader in promoting sustainable agricultural risk management in developing countries. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. Before you leave, we’d love to get your feedback on your experience while you were here. Support the development of domestic insurance industry (disaster) •Policy output: Innovative and sustainable financing schemes that are fit to disaster risk of particular area, social and economic characteristic of the communities and align with the DRM policy and National Development Plan as well as social protection policy. GFDRR supports governments in designing financial protection strategies and instruments to respond to natural disasters. The Association of Southeast Asian Nations (ASEAN), The World Bank, the Global Facility for Disaster Reduction and Recovery (GFDRR), and the United Nations International Strategy for Disaster Reduction (UNISDR) are convening the “ASEAN Disaster Risk Financing and Insurance Forum” to help ASEAN Member States build greater financial resilience to … For this reason, many countries have started to introduce Disaster Risk Financing and Insurance (DRFI) schemes. Countries around the globe have implemented regional strategies to protect themselves financially. Government of Germany- Federal Ministry for Economic Cooperation and Development (BMZ). Planning in advance allows governments to ensure that the money goes where it’s needed most. Provide an overview of the markets for disaster risk financing.
3. The Recommendation provides high-level policy guidance on the financial management of disaster risks, drawing on the lessons that have been learned through the OECD’s work for the G20 and APEC Finance Ministers. United States – U.S. Agency for International Development (USAID). With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. Financial protection: diagnosis, strategy and action plan. The DRFIP works through four main areas to help increase the ability of national and local governments, homeowners, businesses, agricultural producers, and low-income populations to respond more quickly and resiliently to disasters: Donors support the Disaster Risk Financing and Insurance (DRFI) program in its work to help vulnerable countries improve financial resilience against climate and disaster risk. The Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) includes a database of over 3.5 million geo-referenced buildings and infrastructure in 15 Pacific island countries. GRiF and InsuResilience Global Partnership. The Pacific Disaster Risk Financing and Insurance Program is supported by the Government of Japan for a period of four years. This paper is a product of the Disaster Risk Financing and Insurance Program (DRFIP), a partnership of the World Bank’s Finance and Markets Global Practice Group and the Global Facility for Disaster Reduction and Recovery, with funding from the UK Department For International Development. The Sovereign Disaster Risk Financing and Insurance Program for Middle-Income Countries is a partnership between the World Bank and SECO that aims to reduce the financial vulnerability of these states to natural disasters. This document presents the Recommendation of the Council on Disaster Risk Financing Strategies (hereafter the Recommendation). Thank you for agreeing to provide feedback on the new version of worldbank.org; your response will help us to improve our website. This GRiF also contributes to the vision and principles of the InsuResilience Global Partnership, which was established under Germany’s 2017 G20 presidency. Pacific Disaster Risk Financing and Insurance Program . (Sub) national catastrophe insurance pools, Advisory and intermediation services to establish regional sovereign or sub–sovereign insurance pools, WBG supported sovereign disaster risk insurance pools in the Caribbean and Pacific include 21 countries and, National property catastrophe insurance pools. Collaborations are critical to allow the Disaster Risk Insurance and Financing Initiative (DRFI) to develop and implement innovative instruments and tools that help mitigate the financial risk of natural disasters to vulnerable countries. Government of the Netherlands - Ministry of Foreign Affairs. The Disaster Risk Financing and Insurance Program (DRFIP) helps countries ensure that their populations are financially protected in the event of a disaster. GFDRR is a global partnership, managed by the World Bank, and provides grant financing and technical assistance to help vulnerable countries mainstream disaster and climate risk management. The United Kingdom’s Department for International Development (DFID) is a key supporter of DRFI's broad agenda to build disaster financial resilience in vulnerable countries. Colombia: Policy Strategy for Public Financial management of natural Disaster Risk Panama: Strategic Framework for the Financial Management of Disaster Risk. World Bank Development Policy Loan with Catastrophe Deferred Draw Down Option (Cat DDO) IDA contingent components and Crisis Response Window Contingent investment projects, Catastrophe Bonds and Capital-At-Risk Notes Intermediation for catastrophe swaps and weather derivatives. It is an ongoing supporter of DRFI activities. In Colombia, the government has insured $38 billion in infrastructure. Crucial to the success of the World Bank Group’s disaster risk management agenda, DRFI builds on long-standing collaboration among the Finance, Competitiveness, and Innovation Global Practice, Social, Urban, Rural, & Resilience Global Practice, and GFDRR. USAID and DRFI partner on a number of activities critical to the program’s mission. This program helps middle-income country governments improve their financial response capacity in the aftermath of a natural disaster while protecting their long-term fiscal balances. disaster-affected individuals remains limited. In a project managed by the DRFI program, DFID, the World Bank, and GFDRR have partnered to improve the evidence base for sovereign DRFI and develop new and innovative ways of managing risk. Commercial partners include risk modeling firms, local and global insurance companies, reinsurance companies, investment banks, funds, and asset management companies. SECO is partnering with the World Bank since 2011 to implement the Disaster Risk Financing and Insurance (DRFI) Program. Kenya’s Hunger Safety Net Program reached an additional 1 million people in a 2015 drought. Presently, the Disaster Risk Financing and Insurance Program and the Government of Japan are collaborating to provide technical assistance to the Pacific Island countries (PICs) and to finance the establishment of a disaster risk insurance pilot program. March 3, 2017 - BANGKOK, 3 March 2017 - The ASEAN Disaster Risk Financing and Insurance (DRFI) Partnership Forum was organised on 3 March to be a platform to share experie 19/08/2016 asean.org DISASTER RISK FINANCING AND INSURANCE PROGRAM (DRFIP) Understanding Risk Forum 2016 Disaster Risk Financing and Insurance Program Strong partnerships with GFDRR and donor partners DRF for MIDDLE INCOME COUNTRIES Support Middle-Income Countries to become proactive risk managers to meet the cost of disasters … We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. The Disaster Risk Financing and Insurance Program (DRFIP) leads the dialogue on financial resilience as a component of the World Bank’s support to countries in better managing disasters and climate shocks. This project, managed by the WB-GFDRR Disaster Risk Financing and Insurance (DRFI) Program expected to run from 2013-2016, aims to meet this need by developing a methodology to evaluate a range of DRFI programs and provide quantitative results based on five country-specific case studies. It is envisioned to be used as a planning tool for the potential development of a comprehensive disaster risk financing and insurance (DRFI) strategy that … Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Together, GFDRR and DRFI support the development of public-private partnerships (PPPs) to improve the supply and demand of property and agricultural catastrophe risk insurance solutions and strengthen domestic catastrophe risk insurance markets. Global Lead and Program Manager, Disaster Risk Financing and Insurance Program, World Bank and GFDRR, Finance, Innovation and Competitiveness Global Practice, World Bank Group, Environmental and Social Policies for Projects, ASEAN Asia First Regional Climate Disaster Risk Financing Facility, Kenya’s Pastoralists Protect Assets from Drought Risk with Financial Protection, Weathering Financial Shocks from Disasters in the Pacific Islands, Disaster risk finance: Being better prepared, High Level Dialogue on Disaster Risk Financing and Insurance in Indonesia, Global Facility for Disaster Reduction and Recovery, Disaster Risk Financing and Insurance Program, Finance, Competitiveness, and Innovation Global Practice. 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