Climate Change and Insurance: Disaster Risk Financing in by Eugene N. Gurenko

By Eugene N. Gurenko

Weather swap brings a few new set of significant monetary dangers coming up from altering climate styles, severe climate occasions and emerging sea degrees. these so much in danger are constructing nations, who, regardless of massive post-disaster donor reduction, were bearing the foremost brunt of disaster-related losses. One variation answer that's quickly gaining help of nations and foreign donors is a threat move to the worldwide reinsurance and capital markets. This quantity, a distinct factor of the magazine weather coverage, explores the position that insurance-based mechanisms can play in supporting those nations to organize for weather swap. It deals a distinct and finished viewpoint at the capability function of assurance suggestions in international version to weather switch.

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8 as ‘one of the most critical aspects’ of the climate-change negotiations (Capdevila, 2000, quoted in Barnett and Dessai, 2002). This article has made a tentative step in this direction by proposing the creation of a two-tiered climate insurance strategy, which would specialize in supporting developing country insurance-related initiatives and providing disaster relief for uninsured and uninsurable climate risks. The strategy could be implemented by a stand-alone mechanism, or it could leverage its support by partnering with other donor initiatives, such as the recent multi-donor initiative to create a Global Index Insurance Facility.

8, which specifically calls for actions to address the needs and concerns of small-island countries and countries with low-lying coastal areas exposed to gradual sea-level rise (United Nations, 1992). This proposal does not cover gradual (and, in terms of occurrence, predictable) risks; rather, it is meant to complement the AOSIS proposal, which is designed to compensate the victims of small-island states and low-lying developing countries for sea-level rise. pmd Climate Policy 6 (2006) 621–636 631 6/5/2007, 10:19 AM 632 Joanne Linnerooth-Bayer, Reinhard Mechler Support for persons or governments facing stochastic risks (as opposed to gradual impacts) for which no insurance is available could follow some of the principles set out by the AOSIS and Germanwatch proposals.

Theoretical and Applied Climatology 75, 245–250. , 2005. Looking at Rural Risk Management using an Asset-based Approach. Paper prepared for the Commodity Risk Management Group, Agricultural and Rural Development Department, ESW. The World Bank, Washington, DC. Tsunami Evaluation Coalition, 2006. org/The+TEC+Synthesis+Report/]. UNFCCC, 2001. 1, p. 7 (Funding under the Convention). United Nations, 1992. United Nations Framework Convention on Climate Change. United Nations, 1997. Kyoto Protocol to the United Nations Framework Convention on Climate Change.

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