Publication: Solomon Islands: Disaster Risk Financing and Insurance
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2015-02
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2015-02
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This report aims to build understanding of the existing disaster risk financing and insurance (DRFI) tools in use in the Solomon Islands and to identify gaps where engagement could further develop financial resilience. It also aims to encourage peer exchange of regional knowledge, specifically by encouraging dialogue on past experiences, lessons learned, optimal use of these financial tools, and the effect these tools may have on the execution of post-disaster funds. The Solomon Islands is located in an area known for frequent tropical cyclones and is also in the Pacific Ring of Fire, an active seismic area. Consequently, it is exposed to both hydrometeorological and geophysical hazards. This exposure was clearly demonstrated at the end of December 2012, when the country experience Tropical Cyclone Freda, followed in early February 2013 by a magnitude 8.0 earthquake and a subsequent tsunami affecting the Santa Cruz Islands. The Solomon Islands is expected to incur, over the long term, average annual losses of SI$145 million (US$20 million) due to earthquakes or tropical cyclones. In the next 50 years, the Solomon Islands has a 50 percent chance of experiencing a single event loss exceeding SI$1.7 billion (US$240 million), and a 10 percent chance of experiencing a single event loss exceeding SI$3.7 billion (US$520 million) (PCRAFI 2011).
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“World Bank. 2015. Solomon Islands: Disaster Risk Financing and Insurance. © World Bank. http://hdl.handle.net/10986/21693 License: CC BY 3.0 IGO.”
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Publication The Cook Islands(Washington, DC, 2015-02)This 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. 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The ultimate goal of the assessment is to measure in monetary and social terms the disaster's impact on the society, economy, and environment of the affected country or region.Publication Marshall Islands(Washington, DC, 2015-02)This 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. 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In 2012 alone Fiji experienced three major events with estimated total damage of F$146 million (US$78 million). Fiji is expected to incur, on average over the long term, annual losses of F$158 million (US$85 million) due to earthquakes and tropical cyclones. In the next 50 years Fiji has a 50 percent chance of experiencing a loss exceeding F$1,500 million (US$806 million). The country has a taken a proactive approach to DRFI and developed a finance manual for post-disaster budget execution. The government now has F$3 million (US$1.6 million) available in DRFI instruments to facilitate disaster response and also implemented tax concessions to encourage donations in the wake of tropical cyclone Evan. 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