Solomon Islands : Disaster Risk Financing and Insurance
This report aims to build understanding of the existing disaster risk financing and insurance (DRFI) tools in use in the Solomon Islands and to identify gaps where engagement could further develop financial resilience. It also aims to encourage pee...
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| Format: | Report |
| Language: | English en_US |
| Published: |
Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/02/24157741/solomon-islands-country-note http://hdl.handle.net/10986/21693 |
| Summary: | This report aims to build understanding
of the existing disaster risk financing and insurance (DRFI)
tools in use in the Solomon Islands and to identify gaps
where engagement could further develop financial resilience.
It also 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 these tools may have on the execution
of post-disaster funds. The Solomon Islands is located in an
area known for frequent tropical cyclones and is also in the
Pacific Ring of Fire, an active seismic area. Consequently,
it is exposed to both hydrometeorological and geophysical
hazards. This exposure was clearly demonstrated at the end
of December 2012, when the country experience Tropical
Cyclone Freda, followed in early February 2013 by a
magnitude 8.0 earthquake and a subsequent tsunami affecting
the Santa Cruz Islands. The Solomon Islands is expected to
incur, over the long term, average annual losses of SI$145
million (US$20 million) due to earthquakes or tropical
cyclones. In the next 50 years, the Solomon Islands has a 50
percent chance of experiencing a single event loss exceeding
SI$1.7 billion (US$240 million), and a 10 percent chance of
experiencing a single event loss exceeding SI$3.7 billion
(US$520 million) (PCRAFI 2011). |
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