The Cook Islands : Disaster Risk Financing and Insurance
This country note is produced is part of The Pacific Catastrophe Risk Assessment andFinancing Initiative (PCRAFI). The geographic spread of the Cook Islands poses logistical problems for any necessary post-disaster relief and response efforts. The...
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| Format: | Report |
| Language: | English en_US |
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Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/02/24157490/cook-islands-country-note-disaster-risk-financing-insurance-cook-islands-disaster-risk-financing-insurance http://hdl.handle.net/10986/21697 |
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okr-10986-21697 |
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oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ALLOCATION APPLICATIONS ATTACHMENT POINT BONDS BORROWING CAPACITY BROKERS BUILDING CODE BUSINESS INTERRUPTION INSURANCE CAPITAL COSTS CAPITAL MARKETS CAPTIVE INSURANCE CASH RESERVES CASUALTIES CATASTROPHE BONDS CATASTROPHE REINSURANCE CATASTROPHIC EVENTS CLIMATE CLIMATE CHANGE COMPETITIVENESS CONTINGENCY PLANNING CONVENTIONAL INSURANCE COUNTRY RISK COVERAGE CREDIT ARRANGEMENTS CREDIT LINES CURRENCY CYCLONE EVENTS DAMAGE ASSESSMENT DEBT DEBT OUTSTANDING DEBT REPAYMENT DEBT SERVICE DEBT SERVICING DEPOSIT DERIVATIVES DEVASTATION DEVELOPMENT BANK DISASTER DISASTER EMERGENCY DISASTER EMERGENCY RESPONSE DISASTER FINANCING DISASTER INSURANCE DISASTER MANAGEMENT DISASTER PREPAREDNESS DISASTER RECONSTRUCTION DISASTER REDUCTION DISASTER RELIEF DISASTER RESPONSE DISASTER RISK DISASTER RISK FINANCING DISASTER RISK REDUCTION DISASTER RISKS DISBURSEMENT DISBURSEMENTS DOMESTIC CREDIT DOMESTIC SOURCES EARTHQUAKE EARTHQUAKE INSURANCE EARTHQUAKES ECONOMIC IMPACT EMERGENCY ASSISTANCE EMERGENCY MANAGEMENT EMERGENCY RESPONSE EQUIPMENT EXCHANGE RATE EXPENDITURE EXPENDITURES EXTERNAL CREDIT EXTREME EVENTS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL RESILIENCE FINANCIAL RISK FINANCIAL RISK-SHARING MECHANISMS FINANCIAL SECTOR FINANCIAL SUPPORT FINANCING REQUIREMENTS FIRE FLOODS FOREIGN AFFAIRS FORMS OF CREDIT FUNGIBLE GENERAL INSURANCE GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT FINANCE GOVERNMENT INSURANCE GOVERNMENT REVENUE GRANT FUNDING GROSS DOMESTIC PRODUCT HOLDING INCOME INCOME STREAM INCOME STREAMS INDEBTED COUNTRIES INDEMNITY INDEMNITY INSURANCE INSPECTIONS INSTRUMENT INSURABLE RISKS INSURANCE INSURANCE AGENTS INSURANCE BROKER INSURANCE BROKERS INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACTS INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE LAW INSURANCE MARKET INSURANCE MARKETS INSURANCE PENETRATION INSURANCE PILOT INSURANCE POLICY INSURANCE PREMIUM INSURANCE PRODUCTS INSURANCE RATES INSURANCE REGULATION INSURANCE REGULATIONS INSURANCE SCHEME INSURANCE SUPERVISORS INSURED LOSSES INSURER INSURERS INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL INSURANCE INTERNATIONAL RELIEF INTERNATIONAL STRATEGY FOR DISASTER REDUCTION INVENTORY INVESTMENT CORPORATION ISSUANCE LACK OF COMPETITION LIFE INSURANCE PREMIUM LIFE INSURERS LIQUIDITY LOAN LOAN REPAYMENT MACROECONOMIC STABILIZATION MONETARY FUND NATIONAL EMERGENCY NATIONAL INVESTMENT NATURAL CATASTROPHE NATURAL CATASTROPHES NATURAL DISASTER NATURAL DISASTERS NATURAL HAZARDS NEGOTIATION NON-LIFE INSURANCE OFFSHORE MARKETS OPPORTUNITY COST PHYSICAL ASSETS PHYSICAL DAMAGE PORTFOLIO PORTFOLIO MANAGEMENT PREMIUMS PRIVATE CATASTROPHE INSURANCE PROGRAMS PROPERTY INSURANCE PRUDENTIAL REGULATION PRUDENTIAL SUPERVISION PUBLIC ASSETS PUBLIC FINANCES PUBLIC FUNDS PUBLIC SPENDING RECURRENT EXPENDITURE REGULATORY FRAMEWORK REINSURANCE REINSURANCE CAPACITY REINSURANCE CONTRACT REINSURANCE CONTRACTS REINSURANCE PREMIUMS REINSURERS RELIEF WORK RESERVE RESERVE BANK RESERVE FUND RESERVES RETURN RETURNS RISK ASSESSMENT RISK FACTORS RISK INSURANCE RISK MANAGEMENT RISK POOLING RISK PREMIUMS RISK PROFILE RISK TRANSFER SAVINGS SETTLEMENT SMALL BUSINESSES SOLVENCY SOLVENCY REQUIREMENTS SOVEREIGN RISK STOCK EXCHANGES STORM STORM SURGE SWAP SWAPS TAX TAX CREDITS TAX INCENTIVES TERRITORIAL WATERS TOTAL COST TROPICAL CYCLONE TROPICAL CYCLONES TROPICAL STORMS TRUST FUND TRUSTEE TRUSTEES TSUNAMI TYPHOON UNDERINSURANCE UNDERWRITING VALUATION VALUATION DATE VALUATIONS WIND SPEED WITHDRAWAL |
| spellingShingle |
ACCOUNTING ALLOCATION APPLICATIONS ATTACHMENT POINT BONDS BORROWING CAPACITY BROKERS BUILDING CODE BUSINESS INTERRUPTION INSURANCE CAPITAL COSTS CAPITAL MARKETS CAPTIVE INSURANCE CASH RESERVES CASUALTIES CATASTROPHE BONDS CATASTROPHE REINSURANCE CATASTROPHIC EVENTS CLIMATE CLIMATE CHANGE COMPETITIVENESS CONTINGENCY PLANNING CONVENTIONAL INSURANCE COUNTRY RISK COVERAGE CREDIT ARRANGEMENTS CREDIT LINES CURRENCY CYCLONE EVENTS DAMAGE ASSESSMENT DEBT DEBT OUTSTANDING DEBT REPAYMENT DEBT SERVICE DEBT SERVICING DEPOSIT DERIVATIVES DEVASTATION DEVELOPMENT BANK DISASTER DISASTER EMERGENCY DISASTER EMERGENCY RESPONSE DISASTER FINANCING DISASTER INSURANCE DISASTER MANAGEMENT DISASTER PREPAREDNESS DISASTER RECONSTRUCTION DISASTER REDUCTION DISASTER RELIEF DISASTER RESPONSE DISASTER RISK DISASTER RISK FINANCING DISASTER RISK REDUCTION DISASTER RISKS DISBURSEMENT DISBURSEMENTS DOMESTIC CREDIT DOMESTIC SOURCES EARTHQUAKE EARTHQUAKE INSURANCE EARTHQUAKES ECONOMIC IMPACT EMERGENCY ASSISTANCE EMERGENCY MANAGEMENT EMERGENCY RESPONSE EQUIPMENT EXCHANGE RATE EXPENDITURE EXPENDITURES EXTERNAL CREDIT EXTREME EVENTS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL RESILIENCE FINANCIAL RISK FINANCIAL RISK-SHARING MECHANISMS FINANCIAL SECTOR FINANCIAL SUPPORT FINANCING REQUIREMENTS FIRE FLOODS FOREIGN AFFAIRS FORMS OF CREDIT FUNGIBLE GENERAL INSURANCE GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT FINANCE GOVERNMENT INSURANCE GOVERNMENT REVENUE GRANT FUNDING GROSS DOMESTIC PRODUCT HOLDING INCOME INCOME STREAM INCOME STREAMS INDEBTED COUNTRIES INDEMNITY INDEMNITY INSURANCE INSPECTIONS INSTRUMENT INSURABLE RISKS INSURANCE INSURANCE AGENTS INSURANCE BROKER INSURANCE BROKERS INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACTS INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE LAW INSURANCE MARKET INSURANCE MARKETS INSURANCE PENETRATION INSURANCE PILOT INSURANCE POLICY INSURANCE PREMIUM INSURANCE PRODUCTS INSURANCE RATES INSURANCE REGULATION INSURANCE REGULATIONS INSURANCE SCHEME INSURANCE SUPERVISORS INSURED LOSSES INSURER INSURERS INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL INSURANCE INTERNATIONAL RELIEF INTERNATIONAL STRATEGY FOR DISASTER REDUCTION INVENTORY INVESTMENT CORPORATION ISSUANCE LACK OF COMPETITION LIFE INSURANCE PREMIUM LIFE INSURERS LIQUIDITY LOAN LOAN REPAYMENT MACROECONOMIC STABILIZATION MONETARY FUND NATIONAL EMERGENCY NATIONAL INVESTMENT NATURAL CATASTROPHE NATURAL CATASTROPHES NATURAL DISASTER NATURAL DISASTERS NATURAL HAZARDS NEGOTIATION NON-LIFE INSURANCE OFFSHORE MARKETS OPPORTUNITY COST PHYSICAL ASSETS PHYSICAL DAMAGE PORTFOLIO PORTFOLIO MANAGEMENT PREMIUMS PRIVATE CATASTROPHE INSURANCE PROGRAMS PROPERTY INSURANCE PRUDENTIAL REGULATION PRUDENTIAL SUPERVISION PUBLIC ASSETS PUBLIC FINANCES PUBLIC FUNDS PUBLIC SPENDING RECURRENT EXPENDITURE REGULATORY FRAMEWORK REINSURANCE REINSURANCE CAPACITY REINSURANCE CONTRACT REINSURANCE CONTRACTS REINSURANCE PREMIUMS REINSURERS RELIEF WORK RESERVE RESERVE BANK RESERVE FUND RESERVES RETURN RETURNS RISK ASSESSMENT RISK FACTORS RISK INSURANCE RISK MANAGEMENT RISK POOLING RISK PREMIUMS RISK PROFILE RISK TRANSFER SAVINGS SETTLEMENT SMALL BUSINESSES SOLVENCY SOLVENCY REQUIREMENTS SOVEREIGN RISK STOCK EXCHANGES STORM STORM SURGE SWAP SWAPS TAX TAX CREDITS TAX INCENTIVES TERRITORIAL WATERS TOTAL COST TROPICAL CYCLONE TROPICAL CYCLONES TROPICAL STORMS TRUST FUND TRUSTEE TRUSTEES TSUNAMI TYPHOON UNDERINSURANCE UNDERWRITING VALUATION VALUATION DATE VALUATIONS WIND SPEED WITHDRAWAL World Bank The Cook Islands : Disaster Risk Financing and Insurance |
| geographic_facet |
East Asia and Pacific Cook Islands |
| description |
This country note is produced is part of
The Pacific Catastrophe Risk Assessment
andFinancing Initiative (PCRAFI). The geographic
spread of the Cook Islands poses logistical problems for any
necessary post-disaster relief and response efforts. The
events of 2005 demonstrated that the Cook Islands is
extremely vulnerable to the threat of tropical cyclones
(TCs): in the two months of February and March 2005, TCs
Meena, Nancy, Olaf, Percy, and Rae swept the country. The
Cook Islands is expected to incur, on average, about NZ$6
million (US$4.9 million) per year in losses due to tropical
cyclones. In the next 50 years, the Cook Islands has a 50
percent chance of experiencing a per-event loss exceeding
NZ$97 million (US$79.5 million. The Cook Islands has a
proactive approach to disaster risk financing and insurance
(DRFI), which is supported by the upper echelons of
government. In January 2011, the prime minister in his role
as chair of the National Disaster Risk Management Council
requested that the Ministry of Finance and Economic
Management look at ways to become self-reliant in initial
disaster response and generate new income streams for
investment in a fund specifically for disaster management
response and recovery. The Cook Islands has available a
maximum amount of NZ$5.6 million (US$4.6 million) in the
form of contingency funds and catastrophe risk insurance to
facilitate disaster response. A number of options for
further improving the Cook Islands financial protection
against disasters are presented for consideration: (a) the
development of an integrated DRFI strategy; (b)
investigation of using contingent credit to access
additional liquidity post-disaster; (c) development of an
operations manual for post-disaster budget mobilization and
execution; and (d) the identification of assets to be
included in an insurance program for critical public assets. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
The Cook Islands : Disaster Risk Financing and Insurance |
| title_short |
The Cook Islands : Disaster Risk Financing and Insurance |
| title_full |
The Cook Islands : Disaster Risk Financing and Insurance |
| title_fullStr |
The Cook Islands : Disaster Risk Financing and Insurance |
| title_full_unstemmed |
The Cook Islands : Disaster Risk Financing and Insurance |
| title_sort |
cook islands : disaster risk financing and insurance |
| publisher |
Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2015/02/24157490/cook-islands-country-note-disaster-risk-financing-insurance-cook-islands-disaster-risk-financing-insurance http://hdl.handle.net/10986/21697 |
| _version_ |
1764449009664000000 |
| spelling |
okr-10986-216972021-04-23T14:04:04Z The Cook Islands : Disaster Risk Financing and Insurance World Bank ACCOUNTING ALLOCATION APPLICATIONS ATTACHMENT POINT BONDS BORROWING CAPACITY BROKERS BUILDING CODE BUSINESS INTERRUPTION INSURANCE CAPITAL COSTS CAPITAL MARKETS CAPTIVE INSURANCE CASH RESERVES CASUALTIES CATASTROPHE BONDS CATASTROPHE REINSURANCE CATASTROPHIC EVENTS CLIMATE CLIMATE CHANGE COMPETITIVENESS CONTINGENCY PLANNING CONVENTIONAL INSURANCE COUNTRY RISK COVERAGE CREDIT ARRANGEMENTS CREDIT LINES CURRENCY CYCLONE EVENTS DAMAGE ASSESSMENT DEBT DEBT OUTSTANDING DEBT REPAYMENT DEBT SERVICE DEBT SERVICING DEPOSIT DERIVATIVES DEVASTATION DEVELOPMENT BANK DISASTER DISASTER EMERGENCY DISASTER EMERGENCY RESPONSE DISASTER FINANCING DISASTER INSURANCE DISASTER MANAGEMENT DISASTER PREPAREDNESS DISASTER RECONSTRUCTION DISASTER REDUCTION DISASTER RELIEF DISASTER RESPONSE DISASTER RISK DISASTER RISK FINANCING DISASTER RISK REDUCTION DISASTER RISKS DISBURSEMENT DISBURSEMENTS DOMESTIC CREDIT DOMESTIC SOURCES EARTHQUAKE EARTHQUAKE INSURANCE EARTHQUAKES ECONOMIC IMPACT EMERGENCY ASSISTANCE EMERGENCY MANAGEMENT EMERGENCY RESPONSE EQUIPMENT EXCHANGE RATE EXPENDITURE EXPENDITURES EXTERNAL CREDIT EXTREME EVENTS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL RESILIENCE FINANCIAL RISK FINANCIAL RISK-SHARING MECHANISMS FINANCIAL SECTOR FINANCIAL SUPPORT FINANCING REQUIREMENTS FIRE FLOODS FOREIGN AFFAIRS FORMS OF CREDIT FUNGIBLE GENERAL INSURANCE GOVERNMENT BONDS GOVERNMENT BORROWING GOVERNMENT BUDGET GOVERNMENT DEBT GOVERNMENT EXPENDITURE GOVERNMENT FINANCE GOVERNMENT INSURANCE GOVERNMENT REVENUE GRANT FUNDING GROSS DOMESTIC PRODUCT HOLDING INCOME INCOME STREAM INCOME STREAMS INDEBTED COUNTRIES INDEMNITY INDEMNITY INSURANCE INSPECTIONS INSTRUMENT INSURABLE RISKS INSURANCE INSURANCE AGENTS INSURANCE BROKER INSURANCE BROKERS INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACTS INSURANCE COVERAGE INSURANCE INDUSTRY INSURANCE LAW INSURANCE MARKET INSURANCE MARKETS INSURANCE PENETRATION INSURANCE PILOT INSURANCE POLICY INSURANCE PREMIUM INSURANCE PRODUCTS INSURANCE RATES INSURANCE REGULATION INSURANCE REGULATIONS INSURANCE SCHEME INSURANCE SUPERVISORS INSURED LOSSES INSURER INSURERS INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL INSURANCE INTERNATIONAL RELIEF INTERNATIONAL STRATEGY FOR DISASTER REDUCTION INVENTORY INVESTMENT CORPORATION ISSUANCE LACK OF COMPETITION LIFE INSURANCE PREMIUM LIFE INSURERS LIQUIDITY LOAN LOAN REPAYMENT MACROECONOMIC STABILIZATION MONETARY FUND NATIONAL EMERGENCY NATIONAL INVESTMENT NATURAL CATASTROPHE NATURAL CATASTROPHES NATURAL DISASTER NATURAL DISASTERS NATURAL HAZARDS NEGOTIATION NON-LIFE INSURANCE OFFSHORE MARKETS OPPORTUNITY COST PHYSICAL ASSETS PHYSICAL DAMAGE PORTFOLIO PORTFOLIO MANAGEMENT PREMIUMS PRIVATE CATASTROPHE INSURANCE PROGRAMS PROPERTY INSURANCE PRUDENTIAL REGULATION PRUDENTIAL SUPERVISION PUBLIC ASSETS PUBLIC FINANCES PUBLIC FUNDS PUBLIC SPENDING RECURRENT EXPENDITURE REGULATORY FRAMEWORK REINSURANCE REINSURANCE CAPACITY REINSURANCE CONTRACT REINSURANCE CONTRACTS REINSURANCE PREMIUMS REINSURERS RELIEF WORK RESERVE RESERVE BANK RESERVE FUND RESERVES RETURN RETURNS RISK ASSESSMENT RISK FACTORS RISK INSURANCE RISK MANAGEMENT RISK POOLING RISK PREMIUMS RISK PROFILE RISK TRANSFER SAVINGS SETTLEMENT SMALL BUSINESSES SOLVENCY SOLVENCY REQUIREMENTS SOVEREIGN RISK STOCK EXCHANGES STORM STORM SURGE SWAP SWAPS TAX TAX CREDITS TAX INCENTIVES TERRITORIAL WATERS TOTAL COST TROPICAL CYCLONE TROPICAL CYCLONES TROPICAL STORMS TRUST FUND TRUSTEE TRUSTEES TSUNAMI TYPHOON UNDERINSURANCE UNDERWRITING VALUATION VALUATION DATE VALUATIONS WIND SPEED WITHDRAWAL This country note is produced is part of The Pacific Catastrophe Risk Assessment andFinancing Initiative (PCRAFI). The geographic spread of the Cook Islands poses logistical problems for any necessary post-disaster relief and response efforts. The events of 2005 demonstrated that the Cook Islands is extremely vulnerable to the threat of tropical cyclones (TCs): in the two months of February and March 2005, TCs Meena, Nancy, Olaf, Percy, and Rae swept the country. The Cook Islands is expected to incur, on average, about NZ$6 million (US$4.9 million) per year in losses due to tropical cyclones. In the next 50 years, the Cook Islands has a 50 percent chance of experiencing a per-event loss exceeding NZ$97 million (US$79.5 million. The Cook Islands has a proactive approach to disaster risk financing and insurance (DRFI), which is supported by the upper echelons of government. In January 2011, the prime minister in his role as chair of the National Disaster Risk Management Council requested that the Ministry of Finance and Economic Management look at ways to become self-reliant in initial disaster response and generate new income streams for investment in a fund specifically for disaster management response and recovery. The Cook Islands has available a maximum amount of NZ$5.6 million (US$4.6 million) in the form of contingency funds and catastrophe risk insurance to facilitate disaster response. A number of options for further improving the Cook Islands financial protection against disasters are presented for consideration: (a) the development of an integrated DRFI strategy; (b) investigation of using contingent credit to access additional liquidity post-disaster; (c) development of an operations manual for post-disaster budget mobilization and execution; and (d) the identification of assets to be included in an insurance program for critical public assets. 2015-04-06T22:51:40Z 2015-04-06T22:51:40Z 2015-02 Report http://documents.worldbank.org/curated/en/2015/02/24157490/cook-islands-country-note-disaster-risk-financing-insurance-cook-islands-disaster-risk-financing-insurance http://hdl.handle.net/10986/21697 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 Cook Islands |