Initial Market Assessment : Country Scoping Note--Haiti
With the Caribbean Catastrophe Insurance Facility (CCRIF), the Micro-insurance Catastrophe Risk Organization (MiCRO), and the Alternative Insurance Company (AIC), Haiti has world champions of catastrophe insurance at the macro and micro level. None...
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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/2015/07/24773496/initial-market-assessment-country-scoping-note-haiti http://hdl.handle.net/10986/22431 |
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okr-10986-22431 |
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| recordtype |
oai_dc |
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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 |
INCOME HOUSEHOLDS RISKS STORM EARLY WARNING UNITED STATES AGENCY FOR INTERNATIONAL DEVELOPMENT RISK REDUCTION FINANCIAL MANAGEMENT INCOME LIFE INSURANCE AGRICULTURAL PRODUCTION STORMS COMMERCIAL INSURANCE COST OF REINSURANCE FINANCIAL RESOURCES INSURER LIQUIDITY INSURANCE SOLUTIONS INCENTIVES GOVERNMENT CAPACITY MODELS DISASTER PRIVATE INSURANCE PUBLIC ASSETS PRICE TAX EMERGENCY RELIEF BUDGETING BENEFICIARIES DEBT BURDEN HURRICANES INSTRUMENTS INSURANCE MARKET SAFETY NETS INSURANCE COMPANY BUDGET CATASTROPHE INSURANCE DISASTER RELIEF REINSURERS CATASTROPHE REINSURANCE RELIEF LEGISLATIVE FRAMEWORK NATURAL DISASTER DISASTER RESPONSE FEASIBILITY INSURANCE MARKETS FLOODS PRICE VOLATILITY PUBLIC BUDGETING EARLY WARNING SYSTEM MONETARY FUND EMERGENCY SITUATIONS EMERGENCIES NATURAL DISASTERS MARKETS DISASTERS INSURERS NEGOTIATIONS EMERGENCY RESPONSE CYCLONES FIRE EMERGENCY OPERATIONS FARMERS LANDSLIDES CASH TRANSFERS INSURANCE COVERAGE FOOD AID FINANCE BANKS GOVERNMENT BUDGETS REINSURANCE TROPICAL STORM DROUGHTS HUMAN CAPITAL TROPICAL CYCLONE EMERGENCY EARTHQUAKE ECONOMIC IMPACT MICRO- INSURANCE DISASTER REDUCTION POLICIES DISASTER RISK CLIMATE CHANGE COUPONS INSURANCE COVER VALUE OF COLLATERAL INSURANCE PRODUCTS FUTURE VALUE PENSIONS EMERGENCY RECOVERY BANK DISASTER RISK FINANCING BUDGETS CLIMATE DEMAND SAFETY NET DAMAGE PROPERTY INSURANCE CONTRACT INSURANCE INDUSTRY TROPICAL STORMS DISASTER PREPAREDNESS MICRO-INSURANCE DISASTER MANAGEMENT INSURANCE PREMIUM FINANCIAL ANALYSIS MARKET WARNING SYSTEM FLOOD CREDIT GUARANTEE RISK MANAGEMENT SYSTEM POLICY INSURANCE HURRICANE SEASON SECURITY WAR HURRICANE INVESTMENT RISK INDEMNITY ACCIDENTS COLLATERAL TROPICAL CYCLONES DISASTER RISKS SUPPLY INSURANCE MECHANISMS INSURANCE SECTOR DISASTER RISK REDUCTION EXTERNAL SHOCKS REVENUE INVESTMENTS RISK MANAGEMENT CIVIL WAR INSURANCE COMPANIES CASUALTY FINANCIAL SECTOR LIABILITIES SHORT-TERM LIQUIDITY SAFETY INSURANCE PENETRATION NATURAL HAZARDS GUARANTEE RISK ASSESSMENT BENEFITS RISK ANALYSIS DISASTER FINANCING |
| spellingShingle |
INCOME HOUSEHOLDS RISKS STORM EARLY WARNING UNITED STATES AGENCY FOR INTERNATIONAL DEVELOPMENT RISK REDUCTION FINANCIAL MANAGEMENT INCOME LIFE INSURANCE AGRICULTURAL PRODUCTION STORMS COMMERCIAL INSURANCE COST OF REINSURANCE FINANCIAL RESOURCES INSURER LIQUIDITY INSURANCE SOLUTIONS INCENTIVES GOVERNMENT CAPACITY MODELS DISASTER PRIVATE INSURANCE PUBLIC ASSETS PRICE TAX EMERGENCY RELIEF BUDGETING BENEFICIARIES DEBT BURDEN HURRICANES INSTRUMENTS INSURANCE MARKET SAFETY NETS INSURANCE COMPANY BUDGET CATASTROPHE INSURANCE DISASTER RELIEF REINSURERS CATASTROPHE REINSURANCE RELIEF LEGISLATIVE FRAMEWORK NATURAL DISASTER DISASTER RESPONSE FEASIBILITY INSURANCE MARKETS FLOODS PRICE VOLATILITY PUBLIC BUDGETING EARLY WARNING SYSTEM MONETARY FUND EMERGENCY SITUATIONS EMERGENCIES NATURAL DISASTERS MARKETS DISASTERS INSURERS NEGOTIATIONS EMERGENCY RESPONSE CYCLONES FIRE EMERGENCY OPERATIONS FARMERS LANDSLIDES CASH TRANSFERS INSURANCE COVERAGE FOOD AID FINANCE BANKS GOVERNMENT BUDGETS REINSURANCE TROPICAL STORM DROUGHTS HUMAN CAPITAL TROPICAL CYCLONE EMERGENCY EARTHQUAKE ECONOMIC IMPACT MICRO- INSURANCE DISASTER REDUCTION POLICIES DISASTER RISK CLIMATE CHANGE COUPONS INSURANCE COVER VALUE OF COLLATERAL INSURANCE PRODUCTS FUTURE VALUE PENSIONS EMERGENCY RECOVERY BANK DISASTER RISK FINANCING BUDGETS CLIMATE DEMAND SAFETY NET DAMAGE PROPERTY INSURANCE CONTRACT INSURANCE INDUSTRY TROPICAL STORMS DISASTER PREPAREDNESS MICRO-INSURANCE DISASTER MANAGEMENT INSURANCE PREMIUM FINANCIAL ANALYSIS MARKET WARNING SYSTEM FLOOD CREDIT GUARANTEE RISK MANAGEMENT SYSTEM POLICY INSURANCE HURRICANE SEASON SECURITY WAR HURRICANE INVESTMENT RISK INDEMNITY ACCIDENTS COLLATERAL TROPICAL CYCLONES DISASTER RISKS SUPPLY INSURANCE MECHANISMS INSURANCE SECTOR DISASTER RISK REDUCTION EXTERNAL SHOCKS REVENUE INVESTMENTS RISK MANAGEMENT CIVIL WAR INSURANCE COMPANIES CASUALTY FINANCIAL SECTOR LIABILITIES SHORT-TERM LIQUIDITY SAFETY INSURANCE PENETRATION NATURAL HAZARDS GUARANTEE RISK ASSESSMENT BENEFITS RISK ANALYSIS DISASTER FINANCING World Bank Initial Market Assessment : Country Scoping Note--Haiti |
| geographic_facet |
Haiti |
| relation |
Political Champions Group country note; |
| description |
With the Caribbean Catastrophe Insurance
Facility (CCRIF), the Micro-insurance Catastrophe Risk
Organization (MiCRO), and the Alternative Insurance Company
(AIC), Haiti has world champions of catastrophe insurance at
the macro and micro level. Nonetheless, there are various
opportunities to help scale up the impact they currently
have. The CCRIF has found it more difficult than anticipated
to adapt its excess rainfall model to Haiti, and the
existing earthquake and tropical cyclone cover could be
increased meaningfully by paying higher premium. AIC has
substantially promoted property micro-insurance in their
partnership with Fonkoze, and wants to reach larger
populations with other products and additional distribution
partnerships. One way to do this might be to retail a
catastrophe property insurance based on the CCRIF
parameters. The insurance sector in Haiti, however, is
generally weak and poorly supervised. Ongoing projects by
the development partners are addressing this but advance
slowly, and could benefit from more focus, urgency and top
level support. Possible incentives could be the outlook to
insure public assets, which deserves to be discussed with
the government and would provide a powerful demonstration
case. Possibilities for mandatory catastrophe insurance like
in Turkey should also be considered. Both require a strong
professional insurance sector. A further motivation for
strengthening the insurance sector is the untapped potential
for agriculture (index) insurance that has already attracted
projects. Social protection has become a priority of the
government, and can be further strengthened with
market-mediated insurance mechanisms, like for example cash
transfers that increase in amount or outreach based on
specific populations’ needs approximated by disaster loss
indices. Haiti can benefit from a growing body of evidence
that shows how public private partnerships and the use of
insurance related principles benefit low income households. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Initial Market Assessment : Country Scoping Note--Haiti |
| title_short |
Initial Market Assessment : Country Scoping Note--Haiti |
| title_full |
Initial Market Assessment : Country Scoping Note--Haiti |
| title_fullStr |
Initial Market Assessment : Country Scoping Note--Haiti |
| title_full_unstemmed |
Initial Market Assessment : Country Scoping Note--Haiti |
| title_sort |
initial market assessment : country scoping note--haiti |
| publisher |
Washington, DC |
| publishDate |
2015 |
| url |
http://documents.worldbank.org/curated/en/2015/07/24773496/initial-market-assessment-country-scoping-note-haiti http://hdl.handle.net/10986/22431 |
| _version_ |
1764450934707978240 |
| spelling |
okr-10986-224312021-04-23T14:04:08Z Initial Market Assessment : Country Scoping Note--Haiti World Bank INCOME HOUSEHOLDS RISKS STORM EARLY WARNING UNITED STATES AGENCY FOR INTERNATIONAL DEVELOPMENT RISK REDUCTION FINANCIAL MANAGEMENT INCOME LIFE INSURANCE AGRICULTURAL PRODUCTION STORMS COMMERCIAL INSURANCE COST OF REINSURANCE FINANCIAL RESOURCES INSURER LIQUIDITY INSURANCE SOLUTIONS INCENTIVES GOVERNMENT CAPACITY MODELS DISASTER PRIVATE INSURANCE PUBLIC ASSETS PRICE TAX EMERGENCY RELIEF BUDGETING BENEFICIARIES DEBT BURDEN HURRICANES INSTRUMENTS INSURANCE MARKET SAFETY NETS INSURANCE COMPANY BUDGET CATASTROPHE INSURANCE DISASTER RELIEF REINSURERS CATASTROPHE REINSURANCE RELIEF LEGISLATIVE FRAMEWORK NATURAL DISASTER DISASTER RESPONSE FEASIBILITY INSURANCE MARKETS FLOODS PRICE VOLATILITY PUBLIC BUDGETING EARLY WARNING SYSTEM MONETARY FUND EMERGENCY SITUATIONS EMERGENCIES NATURAL DISASTERS MARKETS DISASTERS INSURERS NEGOTIATIONS EMERGENCY RESPONSE CYCLONES FIRE EMERGENCY OPERATIONS FARMERS LANDSLIDES CASH TRANSFERS INSURANCE COVERAGE FOOD AID FINANCE BANKS GOVERNMENT BUDGETS REINSURANCE TROPICAL STORM DROUGHTS HUMAN CAPITAL TROPICAL CYCLONE EMERGENCY EARTHQUAKE ECONOMIC IMPACT MICRO- INSURANCE DISASTER REDUCTION POLICIES DISASTER RISK CLIMATE CHANGE COUPONS INSURANCE COVER VALUE OF COLLATERAL INSURANCE PRODUCTS FUTURE VALUE PENSIONS EMERGENCY RECOVERY BANK DISASTER RISK FINANCING BUDGETS CLIMATE DEMAND SAFETY NET DAMAGE PROPERTY INSURANCE CONTRACT INSURANCE INDUSTRY TROPICAL STORMS DISASTER PREPAREDNESS MICRO-INSURANCE DISASTER MANAGEMENT INSURANCE PREMIUM FINANCIAL ANALYSIS MARKET WARNING SYSTEM FLOOD CREDIT GUARANTEE RISK MANAGEMENT SYSTEM POLICY INSURANCE HURRICANE SEASON SECURITY WAR HURRICANE INVESTMENT RISK INDEMNITY ACCIDENTS COLLATERAL TROPICAL CYCLONES DISASTER RISKS SUPPLY INSURANCE MECHANISMS INSURANCE SECTOR DISASTER RISK REDUCTION EXTERNAL SHOCKS REVENUE INVESTMENTS RISK MANAGEMENT CIVIL WAR INSURANCE COMPANIES CASUALTY FINANCIAL SECTOR LIABILITIES SHORT-TERM LIQUIDITY SAFETY INSURANCE PENETRATION NATURAL HAZARDS GUARANTEE RISK ASSESSMENT BENEFITS RISK ANALYSIS DISASTER FINANCING With the Caribbean Catastrophe Insurance Facility (CCRIF), the Micro-insurance Catastrophe Risk Organization (MiCRO), and the Alternative Insurance Company (AIC), Haiti has world champions of catastrophe insurance at the macro and micro level. Nonetheless, there are various opportunities to help scale up the impact they currently have. The CCRIF has found it more difficult than anticipated to adapt its excess rainfall model to Haiti, and the existing earthquake and tropical cyclone cover could be increased meaningfully by paying higher premium. AIC has substantially promoted property micro-insurance in their partnership with Fonkoze, and wants to reach larger populations with other products and additional distribution partnerships. One way to do this might be to retail a catastrophe property insurance based on the CCRIF parameters. The insurance sector in Haiti, however, is generally weak and poorly supervised. Ongoing projects by the development partners are addressing this but advance slowly, and could benefit from more focus, urgency and top level support. Possible incentives could be the outlook to insure public assets, which deserves to be discussed with the government and would provide a powerful demonstration case. Possibilities for mandatory catastrophe insurance like in Turkey should also be considered. Both require a strong professional insurance sector. A further motivation for strengthening the insurance sector is the untapped potential for agriculture (index) insurance that has already attracted projects. Social protection has become a priority of the government, and can be further strengthened with market-mediated insurance mechanisms, like for example cash transfers that increase in amount or outreach based on specific populations’ needs approximated by disaster loss indices. Haiti can benefit from a growing body of evidence that shows how public private partnerships and the use of insurance related principles benefit low income households. 2015-08-17T16:06:22Z 2015-08-17T16:06:22Z 2013-09-22 Report http://documents.worldbank.org/curated/en/2015/07/24773496/initial-market-assessment-country-scoping-note-haiti http://hdl.handle.net/10986/22431 English en_US Political Champions Group country note; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work Economic & Sector Work :: Other Financial Sector Study Haiti |