Financial and Fiscal Instruments for Catastrophe Risk Management
Addressing Losses from Flood Hazards in Central Europe
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- PDF
- Available on iOS & Android
Financial and Fiscal Instruments for Catastrophe Risk Management
Addressing Losses from Flood Hazards in Central Europe
About this book
This report addresses the large flood exposures of Central Europe and proposes efficient financial and risk transfer mechanisms to mitigate fiscal losses from natural catastrophes. In particular, the Visegrad countries (V-4) of Central Europe, namely, Poland, the Czech Republic, Hungary, and the Slovak Republic, have such tremendous potential flood damages that reliance on budgetary appropriations or even European Union (EU) funds in such circumstances becomes ineffective and does not provide needed cash funds for the quick response and recovery needed to minimize economic disruptions. The report is primarily addressed to the governments of the region, which should build into their fiscal planning the necessary contingent funding mechanisms, based on their exposures. The report is addressed to finance ministries and also to the insurance and securities regulators and the private insurance and capital markets, which may all play a role in the proposed mechanisms. An arrangement using a multi-country pool with a hazard-triggered insurance payout mechanism complemented by contingent financing is proposed, to better manage these risks and avoid major fiscal volatility and disruption.
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Information
Table of contents
- Contents
- Acknowledgments
- Abbreviations and Acronyms
- Executive Summary
- 1. Risk Analysis and Financial Instruments for Managing Catastrophe Exposures
- 2. Catastrophic Loss Exposure Analysis: Flood Exposures and Probabilistic Loss Estimations in Poland, the Czech Republic, Hungary, and the Slovak Republic
- 3. Modeling for Losses Correlated to Flood Magnitude Triggers
- 4. Private Insurance Markets and Public Disaster Financing Mechanisms
- 5. Fiscal Sustainability Effects of Natural Disaster Shocks
- 6. Overall Conclusions of the Report
- Bibliography
- Boxes
- Figures
- Tables