Publication:
The Cook Islands: Disaster Risk Financing and Insurance

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dc.contributor.authorWorld Bank
dc.date.accessioned2015-04-06T22:51:40Z
dc.date.available2015-04-06T22:51:40Z
dc.date.issued2015-02
dc.description.abstractThis country note is produced is part of The Pacific Catastrophe Risk Assessment andFinancing Initiative (PCRAFI). The geographic spread of the Cook Islands poses logistical problems for any necessary post-disaster relief and response efforts. The events of 2005 demonstrated that the Cook Islands is extremely vulnerable to the threat of tropical cyclones (TCs): in the two months of February and March 2005, TCs Meena, Nancy, Olaf, Percy, and Rae swept the country. The Cook Islands is expected to incur, on average, about NZ$6 million (US$4.9 million) per year in losses due to tropical cyclones. In the next 50 years, the Cook Islands has a 50 percent chance of experiencing a per-event loss exceeding NZ$97 million (US$79.5 million. The Cook Islands has a proactive approach to disaster risk financing and insurance (DRFI), which is supported by the upper echelons of government. In January 2011, the prime minister in his role as chair of the National Disaster Risk Management Council requested that the Ministry of Finance and Economic Management look at ways to become self-reliant in initial disaster response and generate new income streams for investment in a fund specifically for disaster management response and recovery. The Cook Islands has available a maximum amount of NZ$5.6 million (US$4.6 million) in the form of contingency funds and catastrophe risk insurance to facilitate disaster response. A number of options for further improving the Cook Islands financial protection against disasters are presented for consideration: (a) the development of an integrated DRFI strategy; (b) investigation of using contingent credit to access additional liquidity post-disaster; (c) development of an operations manual for post-disaster budget mobilization and execution; and (d) the identification of assets to be included in an insurance program for critical public assets.en
dc.identifierhttp://documents.worldbank.org/curated/en/2015/02/24157490/cook-islands-country-note-disaster-risk-financing-insurance-cook-islands-disaster-risk-financing-insurance
dc.identifier.doi10.1596/21697
dc.identifier.urihttps://hdl.handle.net/10986/21697
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.subjectACCOUNTING
dc.subjectALLOCATION
dc.subjectAPPLICATIONS
dc.subjectATTACHMENT POINT
dc.subjectBONDS
dc.subjectBORROWING CAPACITY
dc.subjectBROKERS
dc.subjectBUILDING CODE
dc.subjectBUSINESS INTERRUPTION INSURANCE
dc.subjectCAPITAL COSTS
dc.subjectCAPITAL MARKETS
dc.subjectCAPTIVE INSURANCE
dc.subjectCASH RESERVES
dc.subjectCASUALTIES
dc.subjectCATASTROPHE BONDS
dc.subjectCATASTROPHE REINSURANCE
dc.subjectCATASTROPHIC EVENTS
dc.subjectCLIMATE
dc.subjectCLIMATE CHANGE
dc.subjectCOMPETITIVENESS
dc.subjectCONTINGENCY PLANNING
dc.subjectCONVENTIONAL INSURANCE
dc.subjectCOUNTRY RISK
dc.subjectCOVERAGE
dc.subjectCREDIT ARRANGEMENTS
dc.subjectCREDIT LINES
dc.subjectCURRENCY
dc.subjectCYCLONE EVENTS
dc.subjectDAMAGE ASSESSMENT
dc.subjectDEBT
dc.subjectDEBT OUTSTANDING
dc.subjectDEBT REPAYMENT
dc.subjectDEBT SERVICE
dc.subjectDEBT SERVICING
dc.subjectDEPOSIT
dc.subjectDERIVATIVES
dc.subjectDEVASTATION
dc.subjectDEVELOPMENT BANK
dc.subjectDISASTER
dc.subjectDISASTER EMERGENCY
dc.subjectDISASTER EMERGENCY RESPONSE
dc.subjectDISASTER FINANCING
dc.subjectDISASTER INSURANCE
dc.subjectDISASTER MANAGEMENT
dc.subjectDISASTER PREPAREDNESS
dc.subjectDISASTER RECONSTRUCTION
dc.subjectDISASTER REDUCTION
dc.subjectDISASTER RELIEF
dc.subjectDISASTER RESPONSE
dc.subjectDISASTER RISK
dc.subjectDISASTER RISK FINANCING
dc.subjectDISASTER RISK REDUCTION
dc.subjectDISASTER RISKS
dc.subjectDISBURSEMENT
dc.subjectDISBURSEMENTS
dc.subjectDOMESTIC CREDIT
dc.subjectDOMESTIC SOURCES
dc.subjectEARTHQUAKE
dc.subjectEARTHQUAKE INSURANCE
dc.subjectEARTHQUAKES
dc.subjectECONOMIC IMPACT
dc.subjectEMERGENCY ASSISTANCE
dc.subjectEMERGENCY MANAGEMENT
dc.subjectEMERGENCY RESPONSE
dc.subjectEQUIPMENT
dc.subjectEXCHANGE RATE
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXTERNAL CREDIT
dc.subjectEXTREME EVENTS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL RESILIENCE
dc.subjectFINANCIAL RISK
dc.subjectFINANCIAL RISK-SHARING MECHANISMS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SUPPORT
dc.subjectFINANCING REQUIREMENTS
dc.subjectFIRE
dc.subjectFLOODS
dc.subjectFOREIGN AFFAIRS
dc.subjectFORMS OF CREDIT
dc.subjectFUNGIBLE
dc.subjectGENERAL INSURANCE
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT BORROWING
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT EXPENDITURE
dc.subjectGOVERNMENT FINANCE
dc.subjectGOVERNMENT INSURANCE
dc.subjectGOVERNMENT REVENUE
dc.subjectGRANT FUNDING
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectHOLDING
dc.subjectINCOME
dc.subjectINCOME STREAM
dc.subjectINCOME STREAMS
dc.subjectINDEBTED COUNTRIES
dc.subjectINDEMNITY
dc.subjectINDEMNITY INSURANCE
dc.subjectINSPECTIONS
dc.subjectINSTRUMENT
dc.subjectINSURABLE RISKS
dc.subjectINSURANCE
dc.subjectINSURANCE AGENTS
dc.subjectINSURANCE BROKER
dc.subjectINSURANCE BROKERS
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE CONTRACTS
dc.subjectINSURANCE COVERAGE
dc.subjectINSURANCE INDUSTRY
dc.subjectINSURANCE LAW
dc.subjectINSURANCE MARKET
dc.subjectINSURANCE MARKETS
dc.subjectINSURANCE PENETRATION
dc.subjectINSURANCE PILOT
dc.subjectINSURANCE POLICY
dc.subjectINSURANCE PREMIUM
dc.subjectINSURANCE PRODUCTS
dc.subjectINSURANCE RATES
dc.subjectINSURANCE REGULATION
dc.subjectINSURANCE REGULATIONS
dc.subjectINSURANCE SCHEME
dc.subjectINSURANCE SUPERVISORS
dc.subjectINSURED LOSSES
dc.subjectINSURER
dc.subjectINSURERS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL INSURANCE
dc.subjectINTERNATIONAL RELIEF
dc.subjectINTERNATIONAL STRATEGY FOR DISASTER REDUCTION
dc.subjectINVENTORY
dc.subjectINVESTMENT CORPORATION
dc.subjectISSUANCE
dc.subjectLACK OF COMPETITION
dc.subjectLIFE INSURANCE PREMIUM
dc.subjectLIFE INSURERS
dc.subjectLIQUIDITY
dc.subjectLOAN
dc.subjectLOAN REPAYMENT
dc.subjectMACROECONOMIC STABILIZATION
dc.subjectMONETARY FUND
dc.subjectNATIONAL EMERGENCY
dc.subjectNATIONAL INVESTMENT
dc.subjectNATURAL CATASTROPHE
dc.subjectNATURAL CATASTROPHES
dc.subjectNATURAL DISASTER
dc.subjectNATURAL DISASTERS
dc.subjectNATURAL HAZARDS
dc.subjectNEGOTIATION
dc.subjectNON-LIFE INSURANCE
dc.subjectOFFSHORE MARKETS
dc.subjectOPPORTUNITY COST
dc.subjectPHYSICAL ASSETS
dc.subjectPHYSICAL DAMAGE
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO MANAGEMENT
dc.subjectPREMIUMS
dc.subjectPRIVATE CATASTROPHE INSURANCE
dc.subjectPROGRAMS
dc.subjectPROPERTY INSURANCE
dc.subjectPRUDENTIAL REGULATION
dc.subjectPRUDENTIAL SUPERVISION
dc.subjectPUBLIC ASSETS
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC FUNDS
dc.subjectPUBLIC SPENDING
dc.subjectRECURRENT EXPENDITURE
dc.subjectREGULATORY FRAMEWORK
dc.subjectREINSURANCE
dc.subjectREINSURANCE CAPACITY
dc.subjectREINSURANCE CONTRACT
dc.subjectREINSURANCE CONTRACTS
dc.subjectREINSURANCE PREMIUMS
dc.subjectREINSURERS
dc.subjectRELIEF WORK
dc.subjectRESERVE
dc.subjectRESERVE BANK
dc.subjectRESERVE FUND
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK ASSESSMENT
dc.subjectRISK FACTORS
dc.subjectRISK INSURANCE
dc.subjectRISK MANAGEMENT
dc.subjectRISK POOLING
dc.subjectRISK PREMIUMS
dc.subjectRISK PROFILE
dc.subjectRISK TRANSFER
dc.subjectSAVINGS
dc.subjectSETTLEMENT
dc.subjectSMALL BUSINESSES
dc.subjectSOLVENCY
dc.subjectSOLVENCY REQUIREMENTS
dc.subjectSOVEREIGN RISK
dc.subjectSTOCK EXCHANGES
dc.subjectSTORM
dc.subjectSTORM SURGE
dc.subjectSWAP
dc.subjectSWAPS
dc.subjectTAX
dc.subjectTAX CREDITS
dc.subjectTAX INCENTIVES
dc.subjectTERRITORIAL WATERS
dc.subjectTOTAL COST
dc.subjectTROPICAL CYCLONE
dc.subjectTROPICAL CYCLONES
dc.subjectTROPICAL STORMS
dc.subjectTRUST FUND
dc.subjectTRUSTEE
dc.subjectTRUSTEES
dc.subjectTSUNAMI
dc.subjectTYPHOON
dc.subjectUNDERINSURANCE
dc.subjectUNDERWRITING
dc.subjectVALUATION
dc.subjectVALUATION DATE
dc.subjectVALUATIONS
dc.subjectWIND SPEED
dc.subjectWITHDRAWAL
dc.titleThe Cook Islandsen
dc.title.subtitleDisaster Risk Financing and Insuranceen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.date.disclosure2015-03-16
okr.date.doiregistration2025-05-07T12:09:21.960294Z
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Policy Note
okr.docurlhttp://documents.worldbank.org/curated/en/2015/02/24157490/cook-islands-country-note-disaster-risk-financing-insurance-cook-islands-disaster-risk-financing-insurance
okr.globalpracticeSocial, Urban, Rural and Resilience
okr.globalpracticeFinance and Markets
okr.guid405171468244771591
okr.identifier.externaldocumentum000477144_20150316084313
okr.identifier.internaldocumentum24157490
okr.identifier.report94980
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/03/16/000477144_20150316084313/Rendered/PDF/949800WP0Box380ry0Note0Cook0Islands.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryCook Islands
okr.topicInsurance and Risk Mitigation
okr.topicMacroeconomics and Economic Growth::Climate Change Economics
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicUrban Development::Hazard Risk Management
okr.topicBanks and Banking Reform
okr.unitFinance & Markets - GP - IBRD (GFMDR)
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