World Bank Group2014-07-212014-07-212014https://hdl.handle.net/10986/18940Bulgaria 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.en-USCC BY 3.0 IGOACCESS TO INFORMATIONACCIDENTACCIDENTSAGRICULTURAL INSURANCEAUDITORSAUTOMOBILE INSURANCEBANKRUPTCYBANKSBASIS RISKBUDGETARY FRAMEWORKBUILDING CODESCASUALTYCASUALTY INSURANCECATASTROPHE INSURANCECATASTROPHESCATASTROPHIC EVENTSCATASTROPHIC INSURANCECATASTROPHIC INSURANCE POOLCATASTROPHIC LOSSESCATASTROPHIC RISKSCENTRAL GOVERNMENTCLIMATECLIMATE CHANGECLIMATE CHANGE ADAPTATION STRATEGYCLIMATE CHANGE IMPACTSCLIMATE CHANGE ISSUESCLIMATE CHANGE MITIGATIONCLIMATE CHANGE SCENARIOSCLIMATE CHANGE VULNERABILITYCLIMATE EXTREMESCLIMATE SCIENCECOINSURANCECOLLAPSED BRIDGESCOMPETITIVENESSCOMPULSORY INSURANCECONSUMERSCONTINGENT LIABILITIESCONTINGENT LIABILITYDAMAGESDISASTERDISASTER ACTIVITIESDISASTER ASSISTANCEDISASTER COMPENSATIONDISASTER EVENTSDISASTER FINANCINGDISASTER INSURANCEDISASTER MANAGEMENTDISASTER PREPAREDNESSDISASTER RECONSTRUCTIONDISASTER RESPONSEDISASTER RISKDISASTER RISK FINANCINGDISASTER RISK REDUCTIONDISASTER RISKSDROUGHTDROUGHTSEARLY WARNINGEARLY WARNING SYSTEMSEARTHQUAKEEARTHQUAKESECONOMIC DEVELOPMENTECONOMIC IMPACTSECONOMIC SECTORSELECTRICITY PRODUCTIONEMERGENCIESEMERGENCY RESPONSEEMERGENCY SITUATIONSEMISSIONSENERGY CONSUMPTIONENERGY EFFICIENCYENERGY USEENVIRONMENTAL PROTECTIONEQUIPMENTEXPENDITUREEXTREME CLIMATE CHANGEEXTREME EVENTSEXTREME TEMPERATURESEXTREME WEATHERFARMERSFEASIBILITYFINANCIAL CAPACITYFINANCIAL CONSEQUENCESFINANCIAL CONSTRAINTSFINANCIAL DECISIONSFINANCIAL INSTRUMENTSFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL SUPERVISIONFINANCIAL SUPPORTFIREFIRE INSURANCEFISCAL DEFICITSFLOODFLOOD DAMAGESFLOOD MANAGEMENTFLOOD PROTECTIONFLOODINGFLOODSFOREIGN INVESTORSFOREST FIRESFORESTRY SECTORFREQUENCY OF CLIMATE EXTREMESGENERAL INSURANCEGOVERNMENT BUDGETGOVERNMENT EXPENDITURESGOVERNMENT POLICIESHEALTH INSURANCEHURRICANEHURRICANE WINDSIMPACT OF DISASTERSIMPACTS OF CLIMATE CHANGEINCOMEINDEMNITYINDEMNITY INSURANCEINFORMATION SYSTEMSINFRASTRUCTURE INVESTMENTINSPECTIONSINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE BROKERSINSURANCE CLAIMSINSURANCE COMPANIESINSURANCE COMPANYINSURANCE COVERAGEINSURANCE CULTUREINSURANCE INDUSTRYINSURANCE INSTRUMENTSINSURANCE MARKETINSURANCE MARKETSINSURANCE MECHANISMSINSURANCE OPTIONSINSURANCE PAYOUTINSURANCE PENETRATIONINSURANCE POLICIESINSURANCE POOLSINSURANCE PREMIUMINSURANCE PREMIUMSINSURANCE PRODUCTINSURANCE PRODUCTSINSURANCE SCHEMESINSURANCE SECTORINSURANCE SYSTEMINSURED LOSSESINSURERSINTERNATIONAL STRATEGY FOR DISASTER REDUCTIONINVESTMENT FUNDSLANDSLIDESLAWSLEGAL FRAMEWORKLIFE INSURANCELIFE INSURANCE COMPANIESLIGHTINGLOCAL GOVERNMENTSMARKET ECONOMYMARKET PENETRATIONMITIGATION MEASURESMORAL HAZARDMORAL HAZARDSMOTOR INSURANCENATURAL DISASTERNATURAL DISASTER INSURANCENATURAL DISASTERSNATURAL HAZARDSNON-LIFE INSURANCENOTARIESNUCLEAR POWEROUTBREAKPENSIONPENSION FUNDSPER CAPITA INCOMEPHYSICAL ASSETSPOLICY MAKERSPOLICYHOLDERSPORTFOLIOSPRIVATE INSURANCEPRIVATE INSURANCE COMPANIESPRIVATE REINSURANCEPRODUCT LIABILITYPROGRAMSPROPERTY INSURANCEPUBLIC ASSETSPUBLIC SPENDINGRATESREAL ESTATEREGULATORY FRAMEWORKREINSURANCEREINSURANCE COMPANIESREINSURANCE MARKETSREINSURANCE PREMIUMSREINSURERREINSURERSRESERVERESERVESRISK ASSESSMENTRISK EXPOSURERISK MANAGEMENTRISK MANAGEMENT STRATEGIESRISK MANAGERSRISK MITIGATIONRISK POOLINGRISK PROFILERISK PROFILESRISK REDUCTIONRISK SHARINGRISK TRANSFERSAFETYSET ASIDESOLVENCYSTORMSTAXTECTONIC PLATESTOTAL COSTUNDERWRITINGVICTIMSWEATHER EVENTSWIND SPEED10.1596/18940