Publication:
Marshall Islands: Disaster Risk Financing and Insurance

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dc.contributor.authorWorld Bank
dc.date.accessioned2015-04-06T22:05:54Z
dc.date.available2015-04-06T22:05:54Z
dc.date.issued2015-02
dc.description.abstractThis note aims to build understanding of the existing disaster risk financing and insurance (DRFI) tools in use in The Marshall Islands and to identify gaps where potential engagement could further develop financial resilience. The likelihood that a hazardous event will have a significant impact on the Marshall Islands has risen with the increasing levels of population and assets in the urban areas of Majuro and Ebeye. The low-lying atolls are at risk of damage to both assets and people as a result of storm surges and tsunamis. The Marshall Islands is expected to incur, on average over the long term, annual losses of US$3 million due to earthquakes and tropical cyclones. In the next 50 years, the Marshall Islands has a 50 percent chance of experiencing a loss exceeding US$53 million. The government takes an ex-ante approach to financing the cost of disasters, but the resources available are limited. The Marshall Islands has a maximum amount of US$15.6 million potentially available in ex-ante instruments to facilitate disaster response. The government s post-disaster budget execution process relies on a variety of financial tools, but the size of the economy limits access to immediate post-disaster cash resources. A number of options for improving disaster risk financing and insurance are presented here for consideration: (a) develop an integrated disaster risk financing and insurance strategy; (b) assess the domestic insurance market for both public and private assets to establish what products are currently offered and to determine their level of uptake; (c) carry out a quantitative analysis to determine whether contingent credit could be an effective tool to access additional liquidity post-disaster; and (d) investigate the possibility of establishing policies for financial assistance to disaster victims in remote communities.en
dc.identifierhttp://documents.worldbank.org/curated/en/2015/02/24157734/marshall-islands-country-note-disaster-risk-financing-insurance
dc.identifier.doi10.1596/21692
dc.identifier.urihttps://hdl.handle.net/10986/21692
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADB
dc.subjectASSET VALUE
dc.subjectASSET VALUES
dc.subjectBANK DEBT
dc.subjectBONDS
dc.subjectBORROWING CAPACITY
dc.subjectBUDGETARY PROCESSES
dc.subjectCAPITAL MARKETS
dc.subjectCASH RESERVES
dc.subjectCASUALTIES
dc.subjectCATASTROPHE BONDS
dc.subjectCATASTROPHIC EVENTS
dc.subjectCENTRAL GOVERNMENT DEBT
dc.subjectCLIMATE CHANGE
dc.subjectCONTINGENCY PLANNING
dc.subjectCOUNTRY RISK
dc.subjectCREDIT ARRANGEMENTS
dc.subjectCREDIT LINES
dc.subjectCURRENCY
dc.subjectDAMAGE ASSESSMENT
dc.subjectDAMAGES
dc.subjectDEBRIS REMOVAL
dc.subjectDEBT SERVICING
dc.subjectDEBT-SERVICE
dc.subjectDECLARATION
dc.subjectDERIVATIVES
dc.subjectDEVELOPMENT BANK
dc.subjectDISASTER
dc.subjectDISASTER ASSISTANCE
dc.subjectDISASTER EMERGENCY
dc.subjectDISASTER EMERGENCY RESPONSE
dc.subjectDISASTER INSURANCE
dc.subjectDISASTER MANAGEMENT
dc.subjectDISASTER PREPAREDNESS
dc.subjectDISASTER RECONSTRUCTION
dc.subjectDISASTER REDUCTION
dc.subjectDISASTER RESPONSE
dc.subjectDISASTER RISK
dc.subjectDISASTER RISK REDUCTION
dc.subjectDISASTER RISKS
dc.subjectDISASTER VICTIMS
dc.subjectDISBURSEMENT
dc.subjectDISBURSEMENTS
dc.subjectDOMESTIC CREDIT
dc.subjectDROUGHT
dc.subjectDROUGHTS
dc.subjectEARTHQUAKE
dc.subjectEARTHQUAKES
dc.subjectECONOMIC ASSISTANCE
dc.subjectEMERGENCY RESPONSE
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXTERNAL DEBT
dc.subjectEXTREME EVENTS
dc.subjectFATALITIES
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL RISK
dc.subjectFINANCIAL SUPPORT
dc.subjectFINANCING REQUIREMENTS
dc.subjectFIRE
dc.subjectFLOODING
dc.subjectFOOD SECURITY
dc.subjectFOREIGN AFFAIRS
dc.subjectFORMS OF CREDIT
dc.subjectFUNGIBLE
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT EXPENDITURE
dc.subjectGOVERNMENT EXPENDITURES
dc.subjectGOVERNMENT REVENUE
dc.subjectGRANT FUNDING
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectHOLDING
dc.subjectHOUSING
dc.subjectHUMANITARIAN ASSISTANCE
dc.subjectINCOME STREAM
dc.subjectINDEBTED COUNTRIES
dc.subjectINDEMNITY
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINSURANCE INDUSTRY
dc.subjectINSURANCE MARKET
dc.subjectINSURANCE MARKETS
dc.subjectINSURANCE PENETRATION
dc.subjectINSURANCE PREMIUM
dc.subjectINSURERS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL INSURANCE
dc.subjectINTERNATIONAL RELIEF
dc.subjectINTERNATIONAL STRATEGY FOR DISASTER REDUCTION
dc.subjectINVENTORY
dc.subjectISSUANCE
dc.subjectLAWS
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE PREMIUM
dc.subjectLIQUIDITY
dc.subjectLIVING STANDARDS
dc.subjectLOAN
dc.subjectLOCAL BUSINESSES
dc.subjectLOCAL NONGOVERNMENTAL ORGANIZATIONS
dc.subjectMACROECONOMIC STABILIZATION
dc.subjectMEDICAL SUPPLIES
dc.subjectMEDICINE
dc.subjectNATIONAL EMERGENCY
dc.subjectNATIONAL INVESTMENT
dc.subjectNATURAL CATASTROPHE
dc.subjectNATURAL DISASTER
dc.subjectNATURAL DISASTERS
dc.subjectNATURAL HAZARDS
dc.subjectNEGOTIATION
dc.subjectOPPORTUNITY COST
dc.subjectPHYSICAL DAMAGE
dc.subjectPORTFOLIOS
dc.subjectPRINCIPAL REPAYMENTS
dc.subjectPUBLIC ASSETS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC FUNDS
dc.subjectPUBLIC SPENDING
dc.subjectREINSURANCE
dc.subjectRELIEF
dc.subjectRELIEF SUPPLIES
dc.subjectRELIEF WORK
dc.subjectRENEGOTIATION
dc.subjectRESERVE
dc.subjectRESERVE FUND
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK ANALYSIS
dc.subjectRISK ASSESSMENT
dc.subjectRISK FACTORS
dc.subjectRISK MANAGEMENT
dc.subjectRISK PROFILE
dc.subjectRISK PROFILES
dc.subjectSAFETY
dc.subjectSAFETY NET
dc.subjectSITUATION REPORT
dc.subjectSOVEREIGN RISK
dc.subjectSTORM
dc.subjectSUBSIDIARY
dc.subjectSWAP
dc.subjectSWAPS
dc.subjectTAX
dc.subjectTAX CREDITS
dc.subjectTAX INCENTIVES
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTECTONIC PLATES
dc.subjectTIDAL WAVES
dc.subjectTROPICAL CYCLONE
dc.subjectTROPICAL CYCLONES
dc.subjectTROPICAL STORMS
dc.subjectTSUNAMI
dc.subjectTSUNAMIS
dc.subjectTYPHOON
dc.subjectTYPHOONS
dc.subjectUNDERWRITERS
dc.subjectWAGES
dc.subjectWIND SPEED
dc.subjectWIND SPEEDS
dc.titleMarshall Islandsen
dc.title.subtitleDisaster Risk Financing and Insuranceen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.date.disclosure2015-03-16
okr.date.doiregistration2025-05-07T11:53:05.322456Z
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Policy Note
okr.docurlhttp://documents.worldbank.org/curated/en/2015/02/24157734/marshall-islands-country-note-disaster-risk-financing-insurance
okr.globalpracticeFinance and Markets
okr.globalpracticeMacroeconomics and Fiscal Management
okr.guid209571468088772601
okr.identifier.externaldocumentum000477144_20150316093349
okr.identifier.internaldocumentum24157734
okr.identifier.report94982
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/03/16/000477144_20150316093349/Rendered/PDF/949820WP0Box380ote0Marshall0Islands.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryMarshall Islands
okr.topicBanks and Banking Reform
okr.topicUrban Development::Hazard Risk Management
okr.topicEnvironment::Natural Disasters
okr.topicConflict and Development::Disaster Management
okr.topicFinance and Financial Sector Development::Debt Markets
okr.unitMacro & Fiscal Mgmt - GP (GMFDR)
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