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Financial and fiscal instruments for catastrophe risk management
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.
eBook
Takaful and mutual insurance
Access to insurance, as part of a broad range of essential financial services, is especially important for poor households in order to smooth consumption, build assets, absorb shocks, and manage risks associated with irregular and unpredictable income. Without access to good formal insurance services, the poor depend on less reliable and often far more expensive informal sector mechanisms. Yet, in many majority Islamic countries, accessing and using insur-ance products has been quite limited, as many Muslims avoid such services over concerns about riba (interest), gharar (uncertainty and ambiguity in contracts), and maysir (speculative risk), among other factors. Takaful insurance products are emerging as a central part of the Shariah-compliant family of financial services, helping meet insurance needs in ways that are consistent with the local norms and beliefs of many majority Islamic countries. Takaful has been developing steadily since the first Shariah-compliant insurer was founded in 1979, based on a Shariah-compliant cooperative model resembling mutual insurance. This is based on a group of participants donating funds into a pool that members can then use in the event of specified unfavorable contingencies. While practitioners have applied varying business models and standardization remains a challenge, many policy makers recognize the potential of takaful to expand financial inclusion and have aimed to promote the industry with supportive legislation and effective regulation. The response has been strong, with premiums growing about 30 percent (inflation adjusted) annually between 2007 and 2010, reaching US$8.3 billion. This robust performance is expected to continue, based on substantial latent demand in Muslim majority countries and improvements in the industry, including better distribution capabilities.
eBook
Insurance in a Climate of Change
Catastrophe insurance provides peace of mind and financial security. Climate change can have adverse impacts on insurance affordability and availability, potentially slowing the growth of the industry and shifting more of the burden to governments and individuals. Most forms of insurance are vulnerable, including property, liability, health, and life. It is incumbent on insurers, their regulators, and the policy community to develop a better grasp of the physical and business risks. Insurers are well positioned to participate in public-private initiatives to monitor loss trends, improve catastrophe modeling, address the causes of climate change, and prepare for and adapt to the impacts.
Journal Article
Managing business risk : a practical guide to protecting your business
\" Effective risk management - the identification, assessment and prioritization of risks - is a vital consideration when looking to safeguard a company's commercial future and deal with the latest regulatory requirements. Managing Business Risk shows companies how to maintain controls on risks that may threaten their business while at the same time delivering transparent reporting to their stakeholders. The book examines the key areas of risk in today's competitive and complex business market. Drawing on expert advice from leading risk consultants, lawyers and regulatory authorities, it explains how to protect a business from a rising tide of business risks. If risk controls aren't built into the structure of a company, from the boardroom down, then the business could be vulnerable to a number of threats - both internal and external. Identifying and neutralizing them now gives companies a competitive advantage. \"-- Provided by publisher.
Book
Belgium: Technical Note on Stress Testing the Banking and Insurance Sectors
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
eBook
Social Trust and Life Insurance
This book investigates the role of incomplete knowledge, social trust and risk perceptions in influencing acceptance of the perceived risks related to insurers using genetic test results. In addition, the author identifies and explains the factors and conditions that affect this risk acceptance pattern. In order to do so, both survey methods and semi-structured interviews are employed. A review of the 'necessity' of life insurance companies to acquire genetic test results is undertaken, followed by an analysis of the speculated consequences of such usage for society. Management of the risks related to insurers using genetic test results is examined and the problems and difficulties inherent in the risk management strategies, suggested and enforced, are explored. This is followed by a comparison between the societal risks produced by insurers using genetic test results and the risks theorised as pertaining to a 'risk society' (Beck, 1992) and a 'runaway world' (Giddens, 1990, 1999).
eBook