Colombia : Improving Property Catastrophe Insurance Coverage of Public Infrastructure under Concessions
The World Bank has been assisting the Government of Colombia (GoC) since 2012 in the preparation and implementation of an Integrated Disaster Risk Financing and Insurance (DRFI) strategy. To reduce GoC’s contingent liabilities to catastrophe risk,...
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| Format: | Brief |
| Language: | English en_US |
| Published: |
Washington, DC
2015
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| Online Access: | http://documents.worldbank.org/curated/en/2015/07/24794193/colombia-improving-property-catastrophe-insurance-coverage-public-infrastructure-under-concessions http://hdl.handle.net/10986/22415 |
| Summary: | The World Bank has been assisting the
Government of Colombia (GoC) since 2012 in the preparation
and implementation of an Integrated Disaster Risk Financing
and Insurance (DRFI) strategy. To reduce GoC’s contingent
liabilities to catastrophe risk, one component of the DRFI
strategy seeks to enhance insurance requirements for
concessions under Public Private Partnerships (PPPs). The
World Bank delivered technical guidelines on insurance
requirements for PPPs to the Ministry of Finance (MHCP).
These have been integrated into the Master Insurance
Contract, to which all PPPs must abide. The enhanced
insurance contract provides minimum requirements for
contract participants; standards and covers; underwriting
information; and terms and conditions to reflect
international (re)insurance market best practice. |
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