Publication: Insurance against Climate Change : Financial Disaster Risk Management and Insurance Options for Climate Change Adaptation in Bulgaria
Date
2014
ISSN
Published
2014
Author(s)
World Bank Group
Abstract
Bulgaria is exposed to nearly all types
of climate extremes, including floods, droughts, and others,
as well as earthquakes. The combination of insurance
products, early warning systems, information campaigns,
infrastructure adaptation measures, and strict regulations
can be very useful in tackling the negative climate change
impacts. This note provides an overview of the insurance
sector s contribution to climate change - related risk
prevention and highlights some of Bulgaria s ongoing
disaster risk management (DRM) efforts. The note aims to
raise awareness and emphasize the role that financial
disaster risk management (FDRM), including insurance, can
have in climate change adaptation. Based on a desk review
and preliminary in-country stakeholder consultations, the
note s findings are meant to motivate new thinking and serve
as an engagement tool for ongoing in-country discussions, as
well to help identify analytical work to be carried out in
the future. Based on the preliminary review of Bulgaria s
specific context, several ideas are being put forward to be
further explored in the ongoing discussions toward creating
FDRM products to address the major natural disasters (in
particular, floods, droughts, and earthquakes) and improving
adaptation to climate change. Potential areas of analysis
that can be further explored and, as such, plant a seed for
future action can focus on promoting risk prevention and
deploying insurance instruments, including issues around
traditional risk management, technology innovation,
compulsory disaster insurance, forecast insurance, and
disaster insurance pools. The analysis which will assess the
extent of vulnerability of the subjects covered by existing
insurance products, can subsequently lead to the decisions
on priority insurance products to be introduced in the future.
Citation
“World Bank Group. 2014. Insurance against Climate Change : Financial Disaster Risk Management and Insurance Options for Climate Change Adaptation in Bulgaria. © Washington, DC. http://openknowledge.worldbank.org/handle/10986/18940 License: CC BY 3.0 IGO.”