Fiji

World Bank

Fiji | Disaster Risk Financing and Insurance

2015

World Bank

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.

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Palabras clave de AGROVOC

accounting agents allocation assurance banks climate climate change damage assessment disaster preparedness disaster relief disaster risk reduction earthquakes economic impact equipment exchange rate expenditure external debt fire flooding government departments gross domestic product health care income instrument insurance international bank land use landslides liquidity maturity natural disasters relief returns risk assessment risk factors risk management risk transfer stock exchange tsunami tsunamis underwriting valuation volcanoes wind speed

Información bibliográfica

Editorial

Washington, DC

Otras materias

Tax; Insurer; Political uncertainties; Solvency; Insurance law; Tax credits; Macroeconomic stabilization; Tax incentives; Reinsurance; Domestic credit; Financial resilience; Government bonds; Public spending; Currency; Insurance company; Risk exposure; Opportunity cost; Global bond; Insurance products; Disaster response; Reserve; Life insurance premium; Risk profile; Reserves; Solvency requirements; Applications; Country risk; Loan; Market penetration; Asset value; Income stream; Relief assistance; Offshore market; Damage assessments; Insurance rates; Insurance supervision; Inspections; Property insurance; Financial constraints; Transfer payments; Flood; Reserve bank; Earthquake insurance; Attachment point; Disaster emergency response; Financial risk; Financial management; Catastrophe bonds; Reinsurers; Indemnity; Portfolio; Risk insurance; Development bank; Disaster mitigation; Issuance; Trading; Financing requirements; Building code; Disaster risk financing; Disaster risks; Insurance markets; Reinsurance contract; Tropical cyclone; Insurance brokers; Drawn down; Tax deduction; Catastrophic event; Relief supplies; Domestic sources; Expenditures; Brokers; Disaster reduction; Catastrophe insurance; Disaster management; Holding; Disaster emergency; Insurance agents; Reserve fund; Disaster events; Non-life insurance; Swap; Insurance claims; Local market; Insurance industry; Forms of credit; Borrowing capacity; Storm; Captive insurance; External credit; Life insurers; International relief; Return; Underinsurance; Monetary fund; Valuations; Insurance contracts; Insurance companies; Risk management process; Domestic debt; Credit arrangements; Insurance regulation; Local nongovernmental organizations; Insurance penetration; Life insurance; Natural catastrophe; Broker; Credit lines; Financial markets; Swaps; International development; Prudential supervision; Government debt; Financial sector; Insurers; Insurance broker; Local businesses; Reinsurance premiums; Grant funding; Reinsurance capacity; Salespeople; Fungible; Indebted countries; Risk pooling; Emergency operations; Damages; Insurance supervisors; Public funds; Disbursements; Domestic bonds; Insured losses; Financial risk-sharing mechanisms; Budget deficit; National investment; Portfolios; Financial support; Public assets; Financial exposures; Insurance coverage; Floods; Natural disaster; International insurance; Banking corporation; International strategy for disaster reduction; Relief work; Risk exposures; Disaster insurance; Insurance pilot; Disaster risk; Insurance market; Foreign direct investment; Contingent liability; Capital markets; Disbursement; Contingency planning; International reinsurance; Natural hazards; Storm surge; Sovereign risk; Tax concessions; Property insurers; Extreme events; Stock exchanges; Indemnity insurance; Risk premiums; Tropical cyclones; Natural hazard; Physical assets; Disaster; Disaster financing; Disaster reconstruction; Earthquake; General insurance; Deposit; Holdings; Sinking fund; Settlement; Insurance premiums; Impact of disasters; Financial instruments; Vulnerability to disasters; Financial resources; Insurance premium; Programs; Natural catastrophes

Idioma

Inglés

Formato

application/pdf, text/plain

Licencia

CC BY 3.0 IGO, http://creativecommons.org/licenses/by/3.0/igo/, World Bank

Tipo

Report; Rapport; Informe

En AGRIS desde: 2024-10-18

Fecha de modificación: 2025-05-23

Formato: Dublin Core

Proveedor de Datos