Fiji : Disaster Risk Financing and Insurance

This 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 encoura...

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Bibliographic Details
Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	Washington, DC 2015
Subjects:	ACCOUNTING AGENTS ALLOCATION APPLICATIONS ASSET VALUE ASSURANCE ATTACHMENT POINT BANKING CORPORATION BANKS BORROWING CAPACITY BROKER BROKERS BUDGET DEFICIT BUILDING CODE CAPITAL MARKETS CAPTIVE INSURANCE CATASTROPHE BONDS CATASTROPHE INSURANCE CATASTROPHIC EVENT CLIMATE CLIMATE CHANGE CONTINGENCY PLANNING CONTINGENT LIABILITY COUNTRY RISK CREDIT ARRANGEMENTS CREDIT LINES CURRENCY DAMAGE ASSESSMENT DAMAGE ASSESSMENTS DAMAGES DEPOSIT DEVELOPMENT BANK DISASTER DISASTER EMERGENCY DISASTER EMERGENCY RESPONSE DISASTER EVENTS DISASTER FINANCING DISASTER INSURANCE DISASTER MANAGEMENT DISASTER MITIGATION DISASTER PREPAREDNESS DISASTER RECONSTRUCTION DISASTER REDUCTION DISASTER RELIEF DISASTER RESPONSE DISASTER RISK DISASTER RISK FINANCING DISASTER RISK REDUCTION DISASTER RISKS DISBURSEMENT DISBURSEMENTS DOMESTIC BONDS DOMESTIC CREDIT DOMESTIC DEBT DOMESTIC SOURCES DRAWN DOWN EARTHQUAKE EARTHQUAKE INSURANCE EARTHQUAKES ECONOMIC IMPACT EMERGENCY OPERATIONS EQUIPMENT EXCHANGE RATE EXPENDITURE EXPENDITURES EXTERNAL CREDIT EXTERNAL DEBT EXTREME EVENTS FINANCIAL CONSTRAINTS FINANCIAL EXPOSURES FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL RESILIENCE FINANCIAL RESOURCES FINANCIAL RISK FINANCIAL RISK-SHARING MECHANISMS FINANCIAL SECTOR FINANCIAL SUPPORT FINANCING REQUIREMENTS FIRE FLOOD FLOODING FLOODS FOREIGN DIRECT INVESTMENT FORMS OF CREDIT FUNGIBLE GENERAL INSURANCE GLOBAL BOND GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEPARTMENTS GRANT FUNDING GROSS DOMESTIC PRODUCT HEALTH CARE HOLDING HOLDINGS IMPACT OF DISASTERS INCOME INCOME STREAM INDEBTED COUNTRIES INDEMNITY INDEMNITY INSURANCE INSPECTIONS INSTRUMENT INSURANCE INSURANCE AGENTS INSURANCE BROKER INSURANCE BROKERS INSURANCE CLAIMS INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACTS INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE LAW INSURANCE MARKET INSURANCE MARKETS INSURANCE PENETRATION INSURANCE PILOT INSURANCE PREMIUM INSURANCE PREMIUMS INSURANCE PRODUCTS INSURANCE RATES INSURANCE REGULATION INSURANCE SUPERVISION INSURANCE SUPERVISORS INSURED LOSSES INSURER INSURERS INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL INSURANCE INTERNATIONAL REINSURANCE INTERNATIONAL RELIEF INTERNATIONAL STRATEGY FOR DISASTER REDUCTION ISSUANCE LAND USE LANDSLIDES LIFE INSURANCE LIFE INSURANCE PREMIUM LIFE INSURERS LIQUIDITY LOAN LOCAL BUSINESSES LOCAL MARKET LOCAL NONGOVERNMENTAL ORGANIZATIONS MACROECONOMIC STABILIZATION MARKET PENETRATION MATURITY MONETARY FUND NATIONAL INVESTMENT NATURAL CATASTROPHE NATURAL CATASTROPHES NATURAL DISASTER NATURAL DISASTERS NATURAL HAZARD NATURAL HAZARDS NON-LIFE INSURANCE OFFSHORE MARKET OPPORTUNITY COST PHYSICAL ASSETS POLITICAL UNCERTAINTIES PORTFOLIO PORTFOLIOS PROGRAMS PROPERTY INSURANCE PROPERTY INSURERS PRUDENTIAL SUPERVISION PUBLIC ASSETS PUBLIC FUNDS PUBLIC SPENDING REINSURANCE REINSURANCE CAPACITY REINSURANCE CONTRACT REINSURANCE PREMIUMS REINSURERS RELIEF RELIEF ASSISTANCE RELIEF SUPPLIES RELIEF WORK RESERVE RESERVE BANK RESERVE FUND RESERVES RETURN RETURNS RISK ASSESSMENT RISK EXPOSURE RISK EXPOSURES RISK FACTORS RISK INSURANCE RISK MANAGEMENT RISK MANAGEMENT PROCESS RISK POOLING RISK PREMIUMS RISK PROFILE RISK TRANSFER SALESPEOPLE SETTLEMENT SINKING FUND SOLVENCY SOLVENCY REQUIREMENTS SOVEREIGN RISK STOCK EXCHANGE STOCK EXCHANGES STORM STORM SURGE SWAP SWAPS TAX TAX CONCESSIONS TAX CREDITS TAX DEDUCTION TAX INCENTIVES TRADING TRANSFER PAYMENTS TROPICAL CYCLONE TROPICAL CYCLONES TSUNAMI TSUNAMIS UNDERINSURANCE UNDERWRITING VALUATION VALUATIONS VOLCANOES VULNERABILITY TO DISASTERS WIND SPEED
Online Access:	http://documents.worldbank.org/curated/en/2015/02/24157492/fiji-country-note-disaster-risk-financing-insurance http://hdl.handle.net/10986/21696

Description
Summary:	This 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.

Fiji : Disaster Risk Financing and Insurance

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