Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses from Flood Hazards in Central Europe, Volume 2. Statistical Annex
This 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...
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| Format: | Other Financial Sector Study |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2012/01/16242871/financial-fiscal-instruments-catastrophe-risk-management-addressing-losses-flood-hazards-central-europe-poland-czech-republic-hungary-slovakiabr-vol-2-2-statistical-annex http://hdl.handle.net/10986/12376 |
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okr-10986-123762021-04-23T14:03:00Z Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses from Flood Hazards in Central Europe, Volume 2. Statistical Annex World Bank ASSET VALUE ASSET VALUES CITIES COMMUNES CONSTRUCTION DISTRICTS DWELLING EQUIPMENT EXCHANGE RATES FIXED ASSET HAZARD HOTELS HOUSEHOLDS HUNTING INCOME INSURANCE INVENTORIES MUNICIPALITIES MUNICIPALITY NATURAL DISASTERS PORTFOLIOS PROPERTY VALUE PUBLIC PUBLIC ADMINISTRATION PUBLIC ENTERPRISE PUBLIC PROPERTY REAL ESTATE REPAIR RETURN RISK MANAGEMENT ROADS RURAL AREAS TOWNS URBAN AREAS VILLAGES This 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. 2013-02-15T20:49:21Z 2013-02-15T20:49:21Z 2012-01 http://documents.worldbank.org/curated/en/2012/01/16242871/financial-fiscal-instruments-catastrophe-risk-management-addressing-losses-flood-hazards-central-europe-poland-czech-republic-hungary-slovakiabr-vol-2-2-statistical-annex http://hdl.handle.net/10986/12376 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work Europe and Central Asia Poland Czech Republic Hungary Slovakia |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ASSET VALUE ASSET VALUES CITIES COMMUNES CONSTRUCTION DISTRICTS DWELLING EQUIPMENT EXCHANGE RATES FIXED ASSET HAZARD HOTELS HOUSEHOLDS HUNTING INCOME INSURANCE INVENTORIES MUNICIPALITIES MUNICIPALITY NATURAL DISASTERS PORTFOLIOS PROPERTY VALUE PUBLIC PUBLIC ADMINISTRATION PUBLIC ENTERPRISE PUBLIC PROPERTY REAL ESTATE REPAIR RETURN RISK MANAGEMENT ROADS RURAL AREAS TOWNS URBAN AREAS VILLAGES |
| spellingShingle |
ASSET VALUE ASSET VALUES CITIES COMMUNES CONSTRUCTION DISTRICTS DWELLING EQUIPMENT EXCHANGE RATES FIXED ASSET HAZARD HOTELS HOUSEHOLDS HUNTING INCOME INSURANCE INVENTORIES MUNICIPALITIES MUNICIPALITY NATURAL DISASTERS PORTFOLIOS PROPERTY VALUE PUBLIC PUBLIC ADMINISTRATION PUBLIC ENTERPRISE PUBLIC PROPERTY REAL ESTATE REPAIR RETURN RISK MANAGEMENT ROADS RURAL AREAS TOWNS URBAN AREAS VILLAGES World Bank Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses from Flood Hazards in Central Europe, Volume 2. Statistical Annex |
| geographic_facet |
Europe and Central Asia Poland Czech Republic Hungary Slovakia |
| description |
This 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. |
| format |
Economic & Sector Work :: Other Financial Sector Study |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses from Flood Hazards in Central Europe, Volume 2. Statistical Annex |
| title_short |
Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses from Flood Hazards in Central Europe, Volume 2. Statistical Annex |
| title_full |
Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses from Flood Hazards in Central Europe, Volume 2. Statistical Annex |
| title_fullStr |
Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses from Flood Hazards in Central Europe, Volume 2. Statistical Annex |
| title_full_unstemmed |
Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses from Flood Hazards in Central Europe, Volume 2. Statistical Annex |
| title_sort |
financial and fiscal instruments for catastrophe risk management : addressing losses from flood hazards in central europe, volume 2. statistical annex |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2012/01/16242871/financial-fiscal-instruments-catastrophe-risk-management-addressing-losses-flood-hazards-central-europe-poland-czech-republic-hungary-slovakiabr-vol-2-2-statistical-annex http://hdl.handle.net/10986/12376 |
| _version_ |
1764419691171807232 |