Natural disasters slow long-term development and lead to increased poverty in developing countries. Sovereign disaster risk financing increases the financial response capacity of governments of developing countries in the aftermath of natural disasters, while protecting their long-term fiscal balances. Governments are usually better served by retaining most of their natural disaster risk while using risk transfer mechanisms to manage the excess volatility of their budgets or to access immediate liquidity after a disaster.
Details
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Document Date
2012/03/01
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Document Type
Brief
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Report Number
97453
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Volume No
1
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Total Volume(s)
1
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Country
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Region
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Disclosure Date
2015/07/10
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Disclosure Status
Disclosed
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Doc Name
Sovereign disaster risk financing
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Keywords
natural disaster;disaster risk financing and insurance;risk transfer instrument;Catastrophe Risk Insurance;international financial market;natural disaster risk;catastrophe risk financing;advanced economy;financial protection;financing source;traditional insurance;cat bond;tax increase;social consideration;transfer mechanism;financial strategies;budget process;risk neutrality;small island;small country;governmental policy;fiscal balance;disaster credit;increase poverty;financial instrument;excess volatility;liquidity crunch;contingent credit;donor assistance;emergency loan;public intervention;budget funding;domestic credit;External Economies;insurance payout;financing instrument;relief operation;financial strategy;contingent debt;
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Citation
Sovereign disaster risk financing (English). Disaster risk financing and insurance case study Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/110301467986308047/Sovereign-disaster-risk-financing