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Marshall Islands - Pacifice Resilence Project Under the Pacific Resilience Program : Additional Financing (Inglês)

The objective of the Pacifice Resilence Project Under the Pacific Resilience Program is ‘to strengthen the financial protection of the Republic of the Marshall Islands’, and the project is designed to finance part of the Government of RMI’s insurance premia for catastrophe risk insurance products. The additional grant will finance part of the costs associated with scale-up of activities under part one (premiums financing) of the project, enhancing its impact by covering the payment for the disaster insurance premiums for an additional five years, to provide insurance cover until October 2023. This will ensure that RMI continues to have access to catastrophe risk insurance as part of strengthening financial protection against natural disasters. RMI is exposed to a range of hydro-meteorological and geohazards, including tropical cyclone, which is currently covered by the catastrophe risk insurance program. The likelihood that a hazardous event will have a significant impact on the Marshall Islands is rising with the increasing levels of population and assets in the urban areas of Majuro and Ebeye. The low-lying atolls are at risk from tsunamis (and storm surge), which can cause damage to roads, houses, and other infrastructure on the low-lying atolls. Tropical cyclones are expected to become more frequent with climate change.

Detalhes

  • Data do documento

    2018/09/06

  • TIpo de documento

    Documento do projeto

  • No. do relatório

    PAD2917

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Ilhas Marshall,

  • Região

    Leste Asiático e Pacífico,

  • Data de divulgação

    2018/09/29

  • Disclosure Status

    Disclosed

  • Board Meeting Date

    2018-09-27T00:00:00Z

  • Nome do documento

    Marshall Islands - Pacifice Resilence Project Under the Pacific Resilience Program : Additional Financing

  • Palavras-chave

    Catastrophe Risk Insurance; natural disaster; Economic Internal Rate of Return; tropical cyclone; financial protection; sovereign disaster risk financing; economic and financial analysis; Environmental and Social Impact; real per capita term; access to international market; contribution to poverty reduction; Climate Adaptation and Mitigation; Federated States of Micronesia; catastrophe insurance; disaster risk management; Financial Management System; long-term climate change; insurance premium payment; financial protection mechanism; flow of fund; coastal vulnerability assessment; economies of scale; Disaster Risk Reduction; net present value; future insurance premium; insurance premium rate; competitiveness of export; cost risk; response to disaster; access to food; access to information; access to insurance; climate risk insurance; gross domestic product; damage to crops; climate change management; climate change adaptation; Grievance Redress Service; grievance redress mechanism; long term risk; procurement activities; counterpart funding; insurance contract; early warning; natural hazard; safeguard policy; Safeguard Policies; storm surge; insurance payout; insurance program; financial resilience; Consulting services; prior review; procurement procedure; financial statement; national budget; citizen engagement; project finance; Outer Islands; premium cost; coastal protection; institutional strengthening; emergency response; intermediate outcome; construction supervision; funding support; poor community; Transient Poverty; vulnerable population; donor support; income source; cash reserve; regional fund; financial mean; earthquake insurance; extreme poverty; recovery effort; affected country; climate shock; insurance product; eligibility criterion; grant basis; project financing; project costing; retroactive financing; contingent liability; river flooding; insurance pool; contractual payment; safeguard issue; residual risk; procurement transaction; technical expert; government fund; third-party provider; auditing system; financial reporting; project plan; country risk; Gender Gap; participating country; adequate resources; investment component; affected communities; Exchange Rates; physical characteristic; social interaction; gender issue; financing initiative; fatality rate; mortality risk; socio-economic status; insurance payment; fiscal consequence; domestic economy; aggregate risk; results framework; macroeconomic shock; offshore fishing; fiscal performance; tropical storm; contingent liabilities; coastal hazards; fiduciary requirements; public asset; market price; discount rate; expected return; land mass; diversification benefit; Public Services; diversified portfolio

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