Pollner, John D.2013-06-172013-06-172001-050-8213-4917-1https://hdl.handle.net/10986/13961This report examines the constraints and opportunities in implementing a catastrophe insurance system which can resolve the key obstacles impeding broader implementation of a risk funding approach. The four main pillars in such a strategy involve: 1) strengthening insurance sector regulatory requirements and supervision; 2) establishing broad-based pooled catastrophe funding structures with efficient risk transfer tools; 3) promoting public insurance policies linked to programs for loss reduction in the uninsured sectors; and 4) strengthening the risk assessment and enforcement of structural measures such as zoning and building code compliance. The report is structured as follows: chapter 1 examines the characteristics of the global insurance and reinsurance market and its links with Caribbean insurers and policyholders Chapter 2 examines the domestic Caribbean insurance market structure and institutions, and their commercial practices Chapter 3 discusses how structural mitigation and vulnerability reduction measures can prove to be cost-effective investments that can dramatically reduce exposure risks on properties. Chapter 4 analyzes the modalities of risk transfer for potential financial losses. Chapter 5 demonstrates innovations being developed for catastrophe risk management. Chapter 6 examines risk management options. Chapter 7 concludes by demonstrating the financial feasibility and sustainability of operating and managing catastrophe risks under a sub-regional pool.CC BY 3.0 IGOACCOUNTINGACCOUNTING PRINCIPLESANNUITYAPPLICATIONSATTACHMENT POINTBALANCE SHEETSBANKBONDSCAPITAL BASECAPITAL MARKETSCAPITAL REQUIREMENTCATASTROPHE COVERAGECATASTROPHE REINSURANCECATASTROPHESCATASTROPHIC RISKSCOMMISSIONSCONSOLIDATIONCONTRACTUAL SAVINGSCOVERAGEDEBTDISASTERSEASTERN CARIBBEAN CENTRAL BANKECOLOGYECONOMIC IMPACTECONOMIC REFORMECONOMICSECONOMIES OF SCALEENVIRONMENTAL PERFORMANCEFINANCIAL INSTRUMENTSFINANCIAL INTEGRATIONFINANCIAL MANAGEMENTFINANCIAL MARKETSFINANCIAL RISKFINANCIAL SECTORFINANCIAL STRUCTUREFOREST MANAGEMENTINCOMEINDEMNITYINSURABLE ASSETSINSURANCEINSURANCE COMPANIESINSURANCE COVERAGEINSURANCE INDUSTRIESINSURANCE INDUSTRYINSURANCE POLICIESINSURANCE RATESINSURANCE RESERVESINSURANCE RISKINSURANCE SUPERVISORSINSURANCE SYSTEMINSURERSINTEGRITYINTERNATIONAL FINANCEINTERNATIONAL FINANCIAL MARKETSINVESTMENT BANKERSINVESTMENT GRANTSLIBERALIZATIONLOW INCOMEMANAGEMENT INFORMATION SYSTEMSMARKET FORCESMARKET INCENTIVESMARKET INSTRUMENTSMINISTRIES OF FINANCEMITIGATIONMORAL HAZARDSPOLICYHOLDERSPREMIUMSPRESENT VALUEPRIMARY INSURERPRIVATE SECTORPRIVATIZATIONPROBABILITY OF DEFAULTPROGRAMSPROPERTY INSURANCEPROPERTY RISKPUBLIC INSURANCEREGULATORY FRAMEWORKREINSURANCEREINSURANCE CONTRACTREINSURANCE CONTRACTSREINSURANCE MARKETSREINSURERSRISK ASSESSMENTRISK ASSESSMENTSRISK INSURANCERISK MANAGEMENTRISK REDUCTIONRISK SHARINGRISK TRANSFERRISK UNDERWRITINGSECURITIESSECURITIZATIONSELF INSURANCESOLVENCYSOLVENCY REQUIREMENTSSUSTAINABILITYSUSTAINABLE DEVELOPMENTSUSTAINABLE GROWTHTRANSITION ECONOMIESUNDERWRITINGWATER PRICINGWorld Bank10.1596/0-8213-4917-1