Publication:
Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses From Flood Hazards In Central Europe (Poland, Czech Republic, Hungary and Slovakia)

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dc.contributor.authorPollner, John D.
dc.date.accessioned2012-03-19T10:14:33Z
dc.date.available2012-03-19T10:14:33Z
dc.date.issued2011-07-01
dc.description.abstractThis report addresses the large flood exposures of Central Europe and proposes efficient financial and risk transfer mechanisms to mitigate fiscal losses from natural catastrophes.. 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. While there exist pan-European mechanisms such as the EU Solidarity Fund to help EU members fund mega disasters, these only kick in at extremely high loss levels. Given these issues, the Governments of the V-4 countries should consider it a priority to set up risk transfer mechanisms to reduce fiscal volatility following natural catastrophes. The private sector insurance markets in the V-4 countries appear adequate and reflect rather high levels of penetration in the economy and in the housing sector. Economic and fiscal analyses based on global data also show that countries with insurance mechanisms and markets show a stronger GDP recovery path and lower fiscal deficits following a disaster. However, the V-4 countries, having a common hazard of flood, are in a unique position to develop highly cost effective flood insurance mechanisms. As countries in general are more concerned with supplemental fiscal resources rather than individual property losses, the governments of the V-4 countries can consider parametric style contracts. Nevertheless, risk transfer or insurance mechanisms are not the only types that need to be considered. The analysis in this report is meant to show, besides the financial mechanisms that would be beneficial for risk management, what large catastrophe exposures exist and their relation to government finances and macroeconomic measures. Following a final phase of feasibility analysis and market testing, the V-4 countries should thus consider establishing a multi-country insurance pool to provide fast emergency funding after disasters.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000020953_20120229153123
dc.identifier.doi10.1596/2827
dc.identifier.urihttps://hdl.handle.net/10986/2827
dc.languageEnglish
dc.publisherWorld Bank
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CAPITAL
dc.subjectACCESS TO LOANS
dc.subjectALTERNATIVE FUNDING
dc.subjectAMORTIZATION
dc.subjectAMOUNT OF RISK
dc.subjectASSET PORTFOLIO
dc.subjectASSET PORTFOLIOS
dc.subjectASSET VALUE
dc.subjectASSET VALUES
dc.subjectBASIS RISK
dc.subjectBENEFICIARY
dc.subjectBIDS
dc.subjectBOND FINANCING
dc.subjectBOND FUND
dc.subjectBOND FUNDS
dc.subjectBOND INSTRUMENT
dc.subjectBOND INSURANCE
dc.subjectBOND INVESTOR
dc.subjectBOND INVESTORS
dc.subjectBOND ISSUANCES
dc.subjectBOND ISSUER
dc.subjectBOND MARKET
dc.subjectBOND PORTFOLIO
dc.subjectBOND RATING
dc.subjectBOND RETURN
dc.subjectBOND SPREAD
dc.subjectBOND SPREADS
dc.subjectBOND YIELD
dc.subjectBONDHOLDER
dc.subjectBONDHOLDERS
dc.subjectBROKER
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCAPITALIZATION
dc.subjectCASH FLOW
dc.subjectCATASTROPHE BOND
dc.subjectCATASTROPHE BONDS
dc.subjectCATASTROPHE COVERAGE
dc.subjectCATASTROPHE REINSURANCE
dc.subjectCATASTROPHES
dc.subjectCATASTROPHIC EVENTS
dc.subjectCATASTROPHIC LOSSES
dc.subjectCATASTROPHIC RISKS
dc.subjectCLIMATE CHANGE
dc.subjectCOMMERCIAL BANKS
dc.subjectCONTINGENT DEBT
dc.subjectCONTRACT DESIGN
dc.subjectCOUNTRY RISK
dc.subjectCOUNTRY RISKS
dc.subjectCOUPON
dc.subjectCOUPON INTEREST RATE
dc.subjectCOUPON PAYMENT
dc.subjectCOUPON PAYMENTS
dc.subjectCOUPON RATE
dc.subjectCOUPONS
dc.subjectCRED
dc.subjectCREDIBILITY
dc.subjectCREDIT GUARANTEE
dc.subjectCREDIT GUARANTEES
dc.subjectCREDIT QUALITY
dc.subjectCREDIT RATING
dc.subjectCREDIT RISK
dc.subjectCREDIT RISKS
dc.subjectCREDITORS
dc.subjectCROP LOSSES
dc.subjectCURRENCY
dc.subjectDAMAGE ASSESSMENTS
dc.subjectDEBT
dc.subjectDEBT FINANCING
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT LEVELS
dc.subjectDEBT SECURITY
dc.subjectDEFAULT RISK
dc.subjectDEGREE OF LIQUIDITY
dc.subjectDEPOSIT
dc.subjectDEPOSIT INSURANCE
dc.subjectDISASTER EVENT
dc.subjectDISASTER EVENTS
dc.subjectDISASTER INSURANCE
dc.subjectDISASTER MANAGEMENT
dc.subjectDISASTER RECONSTRUCTION
dc.subjectDISASTER RESPONSE
dc.subjectDISASTER RISK
dc.subjectDISBURSEMENT
dc.subjectDIVERSIFIED PORTFOLIO
dc.subjectDROUGHTS
dc.subjectDUE DILIGENCE
dc.subjectEARTHQUAKE
dc.subjectEARTHQUAKES
dc.subjectEPIDEMIOLOGY
dc.subjectEQUIPMENT
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPLOSION
dc.subjectFINANCIAL COMPENSATION
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTRUMENT
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SAVINGS
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STRUCTURE
dc.subjectFIRE
dc.subjectFISCAL DEFICITS
dc.subjectFLOATING RATES
dc.subjectFLOOD
dc.subjectFLOOD DAMAGES
dc.subjectFLOOD INSURANCE
dc.subjectFLOODS
dc.subjectFUND MANAGER
dc.subjectGLOBAL CAPITAL
dc.subjectGLOBAL CAPITAL MARKET
dc.subjectGOVERNMENT ASSETS
dc.subjectGOVERNMENT BOND
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT EXPENDITURES
dc.subjectGOVERNMENT REVENUES
dc.subjectGOVERNMENT SPENDING
dc.subjectGOVERNMENT SUPPORT
dc.subjectGRACE PERIOD
dc.subjectGUARANTEE FEE
dc.subjectHEAVY RAIN
dc.subjectHURRICANE
dc.subjectHURRICANES
dc.subjectIMPACT OF DISASTERS
dc.subjectINDEMNITY
dc.subjectINDEMNITY INSURANCE
dc.subjectINFORMATION SYSTEM
dc.subjectINFORMATION SYSTEMS
dc.subjectINFORMED DECISIONS
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE CONTRACT
dc.subjectINSURANCE CONTRACTS
dc.subjectINSURANCE COVERAGE
dc.subjectINSURANCE INDUSTRY
dc.subjectINSURANCE MARKET
dc.subjectINSURANCE MARKETS
dc.subjectINSURANCE PENETRATION
dc.subjectINSURANCE POLICIES
dc.subjectINSURANCE POLICY
dc.subjectINSURANCE POOLS
dc.subjectINSURANCE PREMIUM
dc.subjectINSURANCE PREMIUMS
dc.subjectINSURANCE RESERVES
dc.subjectINSURANCE RISK
dc.subjectINSURED LOSSES
dc.subjectINSURER
dc.subjectINSURERS
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE SPREAD
dc.subjectINTERNATIONAL FINANCIAL STATISTICS
dc.subjectINVENTORIES
dc.subjectINVENTORY
dc.subjectINVESTING
dc.subjectISSUANCE
dc.subjectLANDSLIDES
dc.subjectLEGAL PROVISIONS
dc.subjectLEVEL OF RISK
dc.subjectLIQUIDITY
dc.subjectLOAN
dc.subjectLOAN BALANCE
dc.subjectLOAN CONTRACT
dc.subjectMARKET COMPETITION
dc.subjectMARKET INSTRUMENT
dc.subjectMARKET INSTRUMENTS
dc.subjectMARKET PLAYERS
dc.subjectMARKET PRICING
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMATURITY PERIOD
dc.subjectNATURAL CATASTROPHES
dc.subjectNATURAL DISASTER
dc.subjectNATURAL DISASTERS
dc.subjectPENSION
dc.subjectPENSION FUND
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO DIVERSIFICATION
dc.subjectPORTFOLIOS
dc.subjectPREMIUM PAYMENT
dc.subjectPREMIUM PAYMENTS
dc.subjectPRINCIPAL REPAYMENT
dc.subjectPRIVATE INSURANCE
dc.subjectPRIVATE PARTY
dc.subjectPRIVATE PROPERTY
dc.subjectPROBABILITY OF DEFAULT
dc.subjectPUBLIC ASSET
dc.subjectPUBLIC BUDGETS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC SECTOR DEFICITS
dc.subjectRATE OF RETURN
dc.subjectREINSURANCE BROKER
dc.subjectREINSURERS
dc.subjectREPAYMENT OF PRINCIPAL
dc.subjectREPAYMENTS
dc.subjectRESERVE
dc.subjectRESERVE FUNDS
dc.subjectRESERVE REQUIREMENTS
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK ANALYSIS
dc.subjectRISK ASSESSMENT
dc.subjectRISK EXPOSURE
dc.subjectRISK EXPOSURES
dc.subjectRISK FACTORS
dc.subjectRISK INSURANCE
dc.subjectRISK MANAGEMENT
dc.subjectRISK MANAGEMENT TOOLS
dc.subjectRISK MANAGERS
dc.subjectRISK POOLING
dc.subjectRISK PREMIUM
dc.subjectRISK PROFILE
dc.subjectRISK TRANSFER
dc.subjectSECURITIES
dc.subjectSHORT-TERM LIQUIDITY
dc.subjectSOVEREIGN ENTITIES
dc.subjectSTORM
dc.subjectSTORMS
dc.subjectSUSTAINABILITY
dc.subjectSWAP
dc.subjectSWAPS
dc.subjectTIMELY PAYMENT
dc.subjectTRANSACTION
dc.subjectTREASURIES
dc.subjectTROPICAL CYCLONE
dc.subjectTYPE OF DISASTER
dc.subjectUNDERWRITING
dc.subjectWEATHER DERIVATIVES
dc.subjectWEATHER EVENTS
dc.subjectWIND STORMS
dc.titleFinancial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses From Flood Hazards In Central Europe (Poland, Czech Republic, Hungary and Slovakia)en
dspace.entity.typePublication
okr.crosscuttingsolutionareaClimate Change
okr.date.disclosure2012-02-29
okr.date.doiregistration2025-05-07T08:53:57.400961Z
okr.doctypeEconomic & Sector Work::Other Financial Sector Study
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000020953_20120229153123
okr.globalpracticeSocial, Urban, Rural and Resilience
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid754691468029065250
okr.guid348631468026360317
okr.identifier.externaldocumentum000020953_20120229153123
okr.identifier.internaldocumentum15878985
okr.identifier.report67191
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/02/29/000020953_20120229153123/Rendered/PDF/671910ESW0WHIT00Report0Consolidated.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryPoland
okr.region.countryCzechia
okr.region.countryHungary
okr.region.countrySlovak Republic
okr.region.geographicalCentral Europe
okr.sectorNon-compulsory pensions and insurance
okr.sectorFinance
okr.topicFinance and Financial Sector Development::Insurance & Risk Mitigation
okr.topicUrban Development::Hazard Risk Management
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicPrivate Sector Development::Emerging Markets
okr.topicMacroeconomics and Economic Growth::Climate Change Economics
okr.unitPrivate/Financial Sectors Devt (ECSPF)
okr.volume1 of 1
relation.isAuthorOfPublicationb0f82774-24d9-5275-98e8-aae3f2ccab7e
relation.isAuthorOfPublication.latestForDiscoveryb0f82774-24d9-5275-98e8-aae3f2ccab7e
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