Publication:
Caribbean and Central American Partnership for Catastrophe Risk Insurance : Pooling Risk to Safeguard against Catastrophes Generated by Natural Events

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dc.contributor.authorWorld Bank
dc.date.accessioned2014-06-11T21:40:50Z
dc.date.available2014-06-11T21:40:50Z
dc.date.issued2014-04
dc.description.abstractCountries in the Caribbean and Central America are highly vulnerable to the adverse effects associated with earthquakes, tropical cyclones, and other major hydro-meteorological events such as excessive rainfall. Aftermath of disasters typically place significant strain on the fiscal systems of affected countries. Consequently, ministers of the Central American integration system (SICA) and Caribbean community (CARICOM) countries have expressed a strong intention to collectively manage the disaster risk. By understanding the loss potential of disasters caused by natural events and the extent of public intervention in recovery and reconstruction efforts, governments can ascertain their respective contingent liabilities. Sovereign disaster risk financing and insurance can also safeguard against sudden macroeconomic shocks that negatively impact fiscal performance, and in turn, economic development. Caribbean and Central American governments are constrained in their ability to access quick liquidity to absorb fiscal shocks associated with natural hazard impacts because they have limited ability to create contingency funds, and limited capacity for external borrowing. The World Bank in partnership with the United States department of treasury assessed various options, which guided Ministers of Finance of Central America, Panama, and the Dominican Republic (COSEFIN) to identify the Caribbean catastrophe risk insurance facility (CCRIF) as the best option. The CCRIF provides cost-effective and fast-disbursing liquidity, and is an efficient way to finance a liquidity gap arising in the immediate aftermath of disaster.en
dc.identifierhttp://documents.worldbank.org/curated/en/2014/04/19476977/caribbean-central-american-partnership-catastrophe-risk-insurance-pooling-risk-safeguard-against-catastrophes-generated-natural-events
dc.identifier.doi10.1596/18635
dc.identifier.urihttps://hdl.handle.net/10986/18635
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTABILITY
dc.subjectADMINISTRATIVE COSTS
dc.subjectANNUAL FINANCIAL STATEMENTS
dc.subjectAUDITS
dc.subjectBUILDING CODES
dc.subjectCAPITAL MARKETS
dc.subjectCAPITALIZATION
dc.subjectCAPTIVE INSURANCE
dc.subjectCAPTIVE INSURANCE COMPANIES
dc.subjectCATASTROPHE COVERAGE
dc.subjectCATASTROPHE INSURANCE
dc.subjectCATASTROPHE RISK FINANCING
dc.subjectCATASTROPHES
dc.subjectCATASTROPHIC EVENTS
dc.subjectCLIMATE
dc.subjectCLIMATE CHANGE
dc.subjectCLIMATE RISK INSURANCE
dc.subjectCONTINGENT LIABILITIES
dc.subjectCONTINGENT LIABILITY
dc.subjectCOST OF CAPITAL
dc.subjectCOST OF INSURANCE
dc.subjectCOST OF REINSURANCE
dc.subjectCYCLONE EVENTS
dc.subjectDAMAGES
dc.subjectDAT DATABASE
dc.subjectDEBT
dc.subjectDISASTER
dc.subjectDISASTER EVENT
dc.subjectDISASTER EVENTS
dc.subjectDISASTER RECONSTRUCTION
dc.subjectDISASTER RECOVERY
dc.subjectDISASTER REDUCTION
dc.subjectDISASTER RISK
dc.subjectDISASTER RISK FINANCING
dc.subjectDISASTER RISK REDUCTION
dc.subjectDISASTER RISKS
dc.subjectDISASTERS
dc.subjectDONOR COMMUNITY
dc.subjectDONOR PLEDGES
dc.subjectEARLY WARNING
dc.subjectEARLY WARNING SYSTEMS
dc.subjectEARTHQUAKE
dc.subjectEARTHQUAKE INSURANCE
dc.subjectECONOMIC BENEFITS
dc.subjectECONOMIC IMPACT
dc.subjectECONOMIC IMPACT OF CLIMATE CHANGE
dc.subjectEFFECTS OF EARTHQUAKES
dc.subjectEFFICIENCY GAINS
dc.subjectEMERGENCIES
dc.subjectEMERGENCY RESPONSE
dc.subjectEMERGENCY RESPONSE ACTIVITIES
dc.subjectEXTREME RAINFALL
dc.subjectEXTREME RAINFALL EVENTS
dc.subjectFINANCIAL CAPACITY
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL NEEDS
dc.subjectFINANCIAL RESILIENCE
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STRUCTURE
dc.subjectFINANCIAL SUPPORT
dc.subjectFIXED COSTS
dc.subjectFLOOD
dc.subjectFLOODING
dc.subjectFLOODS
dc.subjectFOREIGN AFFAIRS
dc.subjectHURRICANE
dc.subjectHURRICANE CENTER
dc.subjectHURRICANE SEASON
dc.subjectHURRICANES
dc.subjectIMPACT OF DISASTERS
dc.subjectINDEMNITY
dc.subjectINDEMNITY INSURANCE
dc.subjectINSURANCE ACTIVITIES
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE COVERAGE
dc.subjectINSURANCE DESIGN
dc.subjectINSURANCE INSTRUMENTS
dc.subjectINSURANCE PAYOUT
dc.subjectINSURANCE POLICIES
dc.subjectINSURANCE PORTFOLIO
dc.subjectINSURANCE PREMIUM
dc.subjectINSURANCE PREMIUMS
dc.subjectINSURANCE PRODUCT
dc.subjectINSURANCE PRODUCTS
dc.subjectINSURERS
dc.subjectLANDSLIDES
dc.subjectLAWS
dc.subjectMINISTRIES OF FINANCE
dc.subjectMITIGATION
dc.subjectMONETARY FUND
dc.subjectMORAL HAZARD
dc.subjectNATURAL CATASTROPHES
dc.subjectNATURAL HAZARD
dc.subjectNATURAL HAZARDS
dc.subjectOPERATING COSTS
dc.subjectOPERATING EXPENDITURES
dc.subjectPARAMETRIC INSURANCE PRODUCTS
dc.subjectPORTFOLIO
dc.subjectPRIMARY INSURER
dc.subjectPRIVATE INSURANCE
dc.subjectPROGRAMS
dc.subjectPUBLIC DEBT
dc.subjectRATES
dc.subjectREINSURANCE
dc.subjectREINSURANCE CONTRACT
dc.subjectREINSURANCE CONTRACTS
dc.subjectREINSURANCE MARKETS
dc.subjectREINSURANCE PREMIUMS
dc.subjectREINSURER
dc.subjectREINSURERS
dc.subjectRELIEF
dc.subjectRESERVES
dc.subjectRISK ASSESSMENT
dc.subjectRISK ASSESSMENTS
dc.subjectRISK EXPOSURE
dc.subjectRISK INSURANCE
dc.subjectRISK MANAGEMENT
dc.subjectRISK PROFILES
dc.subjectRISK REDUCTION
dc.subjectRISK TRANSFER
dc.subjectSAFETY
dc.subjectSAVINGS
dc.subjectSCENARIOS
dc.subjectSOCIAL SAFETY NETS
dc.subjectSOLVENCY
dc.subjectSOVEREIGN RISK
dc.subjectSTORM
dc.subjectSTORM SURGE
dc.subjectSTORMS
dc.subjectSUBSIDIARY
dc.subjectSUSTAINABILITY
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTRANSPORT
dc.subjectTROPICAL CYCLONE
dc.subjectTROPICAL CYCLONES
dc.subjectUNDERWRITING
dc.subjectWIND SPEED
dc.titleCaribbean and Central American Partnership for Catastrophe Risk Insurance : Pooling Risk to Safeguard against Catastrophes Generated by Natural Eventsen
dc.title.alternativeAsociación entre el Caribe y Centro América para aseguramiento contra riesgo catastrófico : agrupación de riesgos para protegerse contra catástrofes generadas por eventos naturalesen
dspace.entity.typePublication
okr.crosscuttingsolutionareaClimate Change
okr.date.disclosure2014-05-08
okr.date.doiregistration2025-05-05T12:43:07.276809Z
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2014/04/19476977/caribbean-central-american-partnership-catastrophe-risk-insurance-pooling-risk-safeguard-against-catastrophes-generated-natural-events
okr.globalpracticeSocial, Urban, Rural and Resilience
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.identifier.externaldocumentum000456286_20140509091723
okr.identifier.internaldocumentum19476977
okr.identifier.report87924
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/05/09/000456286_20140509091723/Rendered/PDF/879240WP0P14980let0CCRIF0April02014.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.geographicalCaribbean
okr.region.geographicalCentral America
okr.sectorNon-compulsory pensions and insurance
okr.sectorFinance
okr.themeFinancial and private sector development :: Other financial and private sector development
okr.topicInsurance and Risk Mitigation
okr.topicMacroeconomics and Economic Growth::Climate Change Economics
okr.topicLaw and Development::Insurance Law
okr.topicUrban Development::Hazard Risk Management
okr.topicBanks and Banking Reform
okr.topicFinance and Financial Sector Development
okr.unitDisaster Risk Management & Urban (LCSDU)
okr.volume1 of 1
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