World Bank2015-04-062015-04-062015-02https://hdl.handle.net/10986/21696This note aims to build understanding of the existing disaster risk financing and insurance (DRFI) tools in use in Fiji and to identify gaps where potential engagement could further develop financial resilience. In addition the note aims to encourage peer exchange of regional knowledge, specifically by encouraging dialogue on past experiences, lessons learned, optimal use of these financial tools, and the effect they may have on the execution of post-disaster funds. In 2012 alone Fiji experienced three major events with estimated total damage of F$146 million (US$78 million). Fiji is expected to incur, on average over the long term, annual losses of F$158 million (US$85 million) due to earthquakes and tropical cyclones. In the next 50 years Fiji has a 50 percent chance of experiencing a loss exceeding F$1,500 million (US$806 million). The country has a taken a proactive approach to DRFI and developed a finance manual for post-disaster budget execution. The government now has F$3 million (US$1.6 million) available in DRFI instruments to facilitate disaster response and also implemented tax concessions to encourage donations in the wake of tropical cyclone Evan. A number of options to support ongoing DRFI improvements in Fiji are presented for consideration: (a) the finance manual developed by the Ministry of Finance for post-disaster procedures should be finalized, and cabinet approval should be sought; (b) an overarching disaster risk financing and insurance strategy should be developed that includes options for risk transfer; and (c) assets should be identified in order to develop an insurance program for critical public assets.en-USCC BY 3.0 IGOACCOUNTINGAGENTSALLOCATIONAPPLICATIONSASSET VALUEASSURANCEATTACHMENT POINTBANKING CORPORATIONBANKSBORROWING CAPACITYBROKERBROKERSBUDGET DEFICITBUILDING CODECAPITAL MARKETSCAPTIVE INSURANCECATASTROPHE BONDSCATASTROPHE INSURANCECATASTROPHIC EVENTCLIMATECLIMATE CHANGECONTINGENCY PLANNINGCONTINGENT LIABILITYCOUNTRY RISKCREDIT ARRANGEMENTSCREDIT LINESCURRENCYDAMAGE ASSESSMENTDAMAGE ASSESSMENTSDAMAGESDEPOSITDEVELOPMENT BANKDISASTERDISASTER EMERGENCYDISASTER EMERGENCY RESPONSEDISASTER EVENTSDISASTER FINANCINGDISASTER INSURANCEDISASTER MANAGEMENTDISASTER MITIGATIONDISASTER PREPAREDNESSDISASTER RECONSTRUCTIONDISASTER REDUCTIONDISASTER RELIEFDISASTER RESPONSEDISASTER RISKDISASTER RISK FINANCINGDISASTER RISK REDUCTIONDISASTER RISKSDISBURSEMENTDISBURSEMENTSDOMESTIC BONDSDOMESTIC CREDITDOMESTIC DEBTDOMESTIC SOURCESDRAWN DOWNEARTHQUAKEEARTHQUAKE INSURANCEEARTHQUAKESECONOMIC IMPACTEMERGENCY OPERATIONSEQUIPMENTEXCHANGE RATEEXPENDITUREEXPENDITURESEXTERNAL CREDITEXTERNAL DEBTEXTREME EVENTSFINANCIAL CONSTRAINTSFINANCIAL EXPOSURESFINANCIAL INSTRUMENTSFINANCIAL MANAGEMENTFINANCIAL MARKETSFINANCIAL RESILIENCEFINANCIAL RESOURCESFINANCIAL RISKFINANCIAL RISK-SHARING MECHANISMSFINANCIAL SECTORFINANCIAL SUPPORTFINANCING REQUIREMENTSFIREFLOODFLOODINGFLOODSFOREIGN DIRECT INVESTMENTFORMS OF CREDITFUNGIBLEGENERAL INSURANCEGLOBAL BONDGOVERNMENT BONDSGOVERNMENT DEBTGOVERNMENT DEPARTMENTSGRANT FUNDINGGROSS DOMESTIC PRODUCTHEALTH CAREHOLDINGHOLDINGSIMPACT OF DISASTERSINCOMEINCOME STREAMINDEBTED COUNTRIESINDEMNITYINDEMNITY INSURANCEINSPECTIONSINSTRUMENTINSURANCEINSURANCE AGENTSINSURANCE BROKERINSURANCE BROKERSINSURANCE CLAIMSINSURANCE COMPANIESINSURANCE COMPANYINSURANCE CONTRACTSINSURANCE COVERAGEINSURANCE INDUSTRYINSURANCE LAWINSURANCE MARKETINSURANCE MARKETSINSURANCE PENETRATIONINSURANCE PILOTINSURANCE PREMIUMINSURANCE PREMIUMSINSURANCE PRODUCTSINSURANCE RATESINSURANCE REGULATIONINSURANCE SUPERVISIONINSURANCE SUPERVISORSINSURED LOSSESINSURERINSURERSINTERNATIONAL BANKINTERNATIONAL DEVELOPMENTINTERNATIONAL INSURANCEINTERNATIONAL REINSURANCEINTERNATIONAL RELIEFINTERNATIONAL STRATEGY FOR DISASTER REDUCTIONISSUANCELAND USELANDSLIDESLIFE INSURANCELIFE INSURANCE PREMIUMLIFE INSURERSLIQUIDITYLOANLOCAL BUSINESSESLOCAL MARKETLOCAL NONGOVERNMENTAL ORGANIZATIONSMACROECONOMIC STABILIZATIONMARKET PENETRATIONMATURITYMONETARY FUNDNATIONAL INVESTMENTNATURAL CATASTROPHENATURAL CATASTROPHESNATURAL DISASTERNATURAL DISASTERSNATURAL HAZARDNATURAL HAZARDSNON-LIFE INSURANCEOFFSHORE MARKETOPPORTUNITY COSTPHYSICAL ASSETSPOLITICAL UNCERTAINTIESPORTFOLIOPORTFOLIOSPROGRAMSPROPERTY INSURANCEPROPERTY INSURERSPRUDENTIAL SUPERVISIONPUBLIC ASSETSPUBLIC FUNDSPUBLIC SPENDINGREINSURANCEREINSURANCE CAPACITYREINSURANCE CONTRACTREINSURANCE PREMIUMSREINSURERSRELIEFRELIEF ASSISTANCERELIEF SUPPLIESRELIEF WORKRESERVERESERVE BANKRESERVE FUNDRESERVESRETURNRETURNSRISK ASSESSMENTRISK EXPOSURERISK EXPOSURESRISK FACTORSRISK INSURANCERISK MANAGEMENTRISK MANAGEMENT PROCESSRISK POOLINGRISK PREMIUMSRISK PROFILERISK TRANSFERSALESPEOPLESETTLEMENTSINKING FUNDSOLVENCYSOLVENCY REQUIREMENTSSOVEREIGN RISKSTOCK EXCHANGESTOCK EXCHANGESSTORMSTORM SURGESWAPSWAPSTAXTAX CONCESSIONSTAX CREDITSTAX DEDUCTIONTAX INCENTIVESTRADINGTRANSFER PAYMENTSTROPICAL CYCLONETROPICAL CYCLONESTSUNAMITSUNAMISUNDERINSURANCEUNDERWRITINGVALUATIONVALUATIONSVOLCANOESVULNERABILITY TO DISASTERSWIND SPEEDReportWorld Bankhttps://doi.org/10.1596/21696