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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Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	Washington, DC 2015
Subjects:	DRFI DISASTER REDUCTION DISASTER RELIEF DISASTER RISK FINANCING AND INSURANCE NATIONAL EMERGENCY NATURAL DISASTERS
Online Access:	http://documents.worldbank.org/curated/en/2015/02/24157741/solomon-islands-country-note http://hdl.handle.net/10986/21693

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recordtype	oai_dc
spelling	okr-10986-216932021-04-23T14:04:04Z Solomon Islands : Disaster Risk Financing and Insurance World Bank DRFI DISASTER REDUCTION DISASTER RELIEF DISASTER RISK FINANCING AND INSURANCE NATIONAL EMERGENCY NATURAL DISASTERS 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). 2015-04-06T22:22:28Z 2015-04-06T22:22:28Z 2015-02 Report http://documents.worldbank.org/curated/en/2015/02/24157741/solomon-islands-country-note http://hdl.handle.net/10986/21693 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work Economic & Sector Work :: Policy Note East Asia and Pacific Solomon Islands
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	DRFI DISASTER REDUCTION DISASTER RELIEF DISASTER RISK FINANCING AND INSURANCE NATIONAL EMERGENCY NATURAL DISASTERS
spellingShingle	DRFI DISASTER REDUCTION DISASTER RELIEF DISASTER RISK FINANCING AND INSURANCE NATIONAL EMERGENCY NATURAL DISASTERS World Bank Solomon Islands : Disaster Risk Financing and Insurance
geographic_facet	East Asia and Pacific Solomon Islands
description	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).
format	Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Solomon Islands : Disaster Risk Financing and Insurance
title_short	Solomon Islands : Disaster Risk Financing and Insurance
title_full	Solomon Islands : Disaster Risk Financing and Insurance
title_fullStr	Solomon Islands : Disaster Risk Financing and Insurance
title_full_unstemmed	Solomon Islands : Disaster Risk Financing and Insurance
title_sort	solomon islands : disaster risk financing and insurance
publisher	Washington, DC
publishDate	2015
url	http://documents.worldbank.org/curated/en/2015/02/24157741/solomon-islands-country-note http://hdl.handle.net/10986/21693
_version_	1764448998182092800

Solomon Islands : Disaster Risk Financing and Insurance

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