Insurance and flood risk reduction in Ghana: do insurers penalise homeowners who take precautionary measures?

Today, many advocate insurance as a tool for coping with natural disasters. Beyond providing prompt financial relief to victims of disasters, insurance can also incentivise individuals to invest in preventive measures if insurers reward such efforts with reduced premiums. However, insurers might be unable to reward investments in precautionary measures with lower premiums if they are ill-informed about individual-level risks. Here, we explore how Ghanaian home insurers respond to investments in flood risk reduction by asking them to quote premiums for four identical buildings; two had investments in flood risk reduction, while the other two had none. We find that insurers did not reward investments in risk reduction, with some charging higher premiums for elevated buildings, suggesting they have interpreted such preventive measures as a sign of high flood risk. This failure to reward investments in precautionary measures may discourage insured homeowners from investing in risk reduction.     

Financial services and disaster risk finance: Examples from the community level

Increased attention has recently been given to the possible role of financial services in the management of natural disaster risk. Local communities have been at the forefront of developing innovative disaster risk finance strategies and implementing risk-oriented incentive programs. In view of increasing risks, including the impacts of climate change, such programs will become more important. This paper examines four models and some recent experiences in using financial services at the community level. The paper offers an overview of advantages and limitations of each model to manage disaster risk in communities. Examples include a federal government initiated scheme of social protection funds, a local government risk reduction scheme, an insurance product provided by a non-governmental organization , and a micro-insurance scheme. Finally, the paper offers some directions about specific ways that the public and private sectors, in collaboration with other partners can improve finance alternatives for disaster management at the community level. It appears that a range of follow-up studies and further dialogue is needed, in order to expand the knowledge on what types of risk finance models can help manage and reduce the financial impacts of natural disasters.     

Innovation in risk transfer for natural hazards impacting agriculture

Agricultural income from growing crops is susceptible to a variety of risks—the price of output and the actual amount of output are generally the largest risk variables. This article focuses on yield risk rather than price risk by reviewing innovation in risk transfer for natural hazard risk in agriculture. While many higher-income countries have long-standing crop insurance programs, these programs are not appropriate for lower-income countries. Lower-income countries can ill-afford the subsidies that are used in most multiple peril crop insurance programs throughout the world. Still, lower-income countries have large numbers of small farms increasing the need for agricultural insurance to protect against common problems that create disastrous losses for many individual farm households.     

小天体撞击灾害

由小天体与地球相撞而造成的撞击灾害是发生在太阳系尺度上的特大自然灾害：所谓小天体,是指那些可能与地球相撞的近地小行星、短周期彗星和长周期彗星,撞击灾害比洪水、地震和其他自然灾害更少发生,可是撞击灾害的后果却严重得多,甚至严重到可以引起地球生物大规模绝来的程度,并非所有撞击地球的小天体都能造成撞击灾害,能量低于10Mt的小天体就不能形成撞击灾害,而能量接近全球撞击灾害阈值（10^5-10^6Mt）的撞击灾害风险最大,全球撞击灾害是目前我们唯一知道能够造成世界上当大部分死亡的自然灾害,并且它的风险水平与我们熟悉的许多自然灾害相当。     

Financial services and disaster risk finance: Examples from the community level

Increased attention has recently been given to the possible role of financial services in the management of natural disaster risk. Local communities have been at the forefront of developing innovative disaster risk finance strategies and implementing risk-oriented incentive programs. In view of increasing risks, including the impacts of climate change, such programs will become more important. This paper examines four models and some recent experiences in using financial services at the community level. The paper offers an overview of advantages and limitations of each model to manage disaster risk in communities. Examples include a federal government initiated scheme of social protection funds, a local government risk reduction scheme, an insurance product provided by a non-governmental organization, and a micro-insurance scheme. Finally, the paper offers some directions about specific ways that the public and private sectors, in collaboration with other partners can improve finance alternatives for disaster management at the community level. It appears that a range of follow-up studies and further dialogue is needed, in order to expand the knowledge on what types of risk finance models can help manage and reduce the financial impacts of natural disasters.     

‘Are you prepared?’ Representations and management of floods in Lomanikoro,Rewa (Fiji)

The islands of Fiji, in the Western Pacific, are exposed to a wide range of natural hazards. Tropical storms and associated floods are recurring natural phenomena, but it has been regularly alleged that Fijians lack preparation, over‐rely on state assistance in post‐disaster situations or engage in risky behaviours that aggravate the negative impact of floods. Risk reduction strategies, which are now implemented by government authorities and international organisations, heavily promote the principle of ‘community preparedness’. Both community awareness programmes and capacity‐building programmes are conducted throughout the country in the most vulnerable communities. This paper analyses how the inhabitants of Lomanikoro village, in the low areas of the Rewa Delta, perceive and manage existing flood risks. It examines social and cultural factors that contribute to shape risk response locally—in particular, why villagers may be reluctant to adopt some recommended preparedness measures and resettle in higher, safer zones.     

Earthquake insurance pricing: a risk‐based approach

Flat earthquake premiums are ‘uniformly’ set for a variety of buildings in many countries, neglecting the fact that the risk of damage to buildings by earthquakes is based on a wide range of factors. How these factors influence the insurance premiums is worth being studied further. Proposed herein is a risk‐based approach to estimate the earthquake insurance rates of buildings. Examples of application of the approach to buildings located in Taipei city of Taiwan were examined. Then, the earthquake insurance rates for the buildings investigated were calculated and tabulated. To fulfil insurance rating, the buildings were classified into 15 model building types according to their construction materials and building height. Seismic design levels were also considered in insurance rating in response to the effect of seismic zone and construction years of buildings. This paper may be of interest to insurers, actuaries, and private and public sectors of insurance.     

电力系统自然灾害的现状与对策

回顾了近年来世界各国的电力系统在自然灾害下的运行安全状况，特别是我国电力系统的主要自然灾害状况。重点介绍了电力系统在灾害性强风和地震作用下所受的影响。近年的自然灾害说明，开展我国电力系统防御重大自然灾害的研究和风险评估工作，建立电力系统自然灾害事故的预警机制、应急反应机制和灾后快速恢复重建机制，是提高电力系统防灾能力的关键。     

联邦德国自然灾害保险述评

灾害保险作为减轻灾害损失的重要手段,受到了国际社会的广泛关注。本文评述了德国的自然灾害保险发展体系及保险人、保险业及国家在灾害保险中的职能关系,可为我国开展灾害保险提供借鉴。     

Application of catastrophe loss modelling to promote property insurance in developing countries

Many mega cities in developing countries are exposed to the sources of natural catastrophes, particularly seismic activity. A high level of seismic hazard in some of these places, coupled with a relatively high degree of vulnerability within the built environment, can result in dire human and economic consequences. This paper contains examples of such potentially disruptive factors in relation to Tehran, Iran. It presents preliminary seismic loss estimates for residential buildings in a pilot area of northern Tehran. The paper briefly investigates the effectiveness of risk management measures and loss compensation mechanisms before assessing the feasibility of an insurance‐based risk transfer instrument for managing potential seismic losses among residential buildings in Tehran. It goes on to suggest how probabilistic catastrophe loss modelling can help local insurers to manage their portfolios and facilitate risk sharing among insurance companies and households. Finally, the paper addresses the question of how catastrophe loss modelling can help to strengthen the penetration of property insurance in developing countries.     

Disaster risk insurance and catastrophe models in risk‐prone small Caribbean islands

Post‐catastrophe recovery and financial liquidity have long challenged small Caribbean islands. These states are vulnerable to multifarious natural hazards that often cause considerable socioeconomic dislocation. Such events inflict heavy losses on businesses and households, and significantly disrupt all aspects of government operations. After Hurricane Ivan devastated the economies of some islands in September 2004—with estimated losses of as much as 200 per cent of gross domestic product in some cases—regional governments, aided by the World Bank and international donors, approved the creation of a regional catastrophe insurance scheme. This parametric‐based mechanism is underpinned by derivatives‐based catastrophe modelling whose outputs determine policy triggers and pay outs. Hazard models, particularly catastrophe models, are not widely accepted as yet. Despite recent advancements, major concerns have rendered them peripheral tools for many establishments. This paper reviews the region's vulnerabilities and examines constraints on the application of these models and suggests a means of improving their efficacy and acceptability.     

灾难模型化及其国外主要开发商

简略分析了灾难模型化和它在保险业中的应用;介绍了当前国外从事灾难模型化的主要研发单位,包括独立的模型化公司、大学研究所、再保险公司、再保险中介经纪公司和政府机构。同时收集了一些最近灾难模型化些文献,希望这些信息能有助于同行在我国减灾保险方面的研究。     

以保险为重要内容的我国巨灾风险管理体系探讨

我国是世界上自然灾害最严重的国家之一。如何对巨灾风险进行有效的管理是世界范围内的难题和重大的问题,也是各国政府面临的严峻挑战。在讨论了国内外巨灾风险管理体系的基础上,探讨了建立以保险为重要内容的我国巨灾风险管理体系的重要性和举措。     

Natural Hazard Reporting in the UK Press

Important sources of information concerning world natural hazards are provided by the mass media, especially newspapers. The nature, depth and consistency of the reporting, however, varies considerably depending upon the journalistic approach of the newspaper and on the perceived 'newsworthiness' of a disaster. Intensive events are much more likely to receive attention than pervasive hazards but other contributory factors play a part, such as the day, time, severity in terms of damage and loss of life, and location of the event. This paper reflects on the reporting of natural hazards in UK newspapers and is based on an analysis of press cuttings taken over a period of twelve months. The survey indicated that there is a very uneven coverage of world disasters, that location maps are scarce, and that valuable follow-up reporting is minimal.     

北京山区泥石流灾害保险的风险评判方法研究

泥石流是北京山区主要的自然灾害,在1989-1999年期间,泥石流灾害造成的经济损失高达3.09亿元.对泥石流灾害保险风险的评判是首先按北京山区各区县的泥石流危险度分区划分风险区,然后对各风险区进行灾害危险性和灾害易损性评判.在危险性评判中,按各风险区的泥石流危险度等级赋予危险度评判指标值.在易损性评判中,选择国内生产总值、固定资产、人口密度和人口自然增长率等4个因素作为评判指标,并分为两个层次进行评判.第一层次是经济易损性与社会易损性评判,第二层次是泥石流灾害易损性评判.最后用泥石流灾害保险风险分析数学模型,计算出各风险区的泥石流灾害保险风险度,并由此绘制了北京山区泥石流灾害保险风险区划图.     

Exploring the feasibility of private micro flood insurance provision in Bangladesh

This paper aims to contribute to the debate on the feasibility of the provision of micro flood insurance as an effective tool for spreading disaster risks in developing countries and examines the role of the institutional-organisational framework in assisting the design and implementation of such a micro flood insurance market. In Bangladesh, a private insurance market for property damage and livelihood risk due to natural disasters does not exist. Private insurance companies are reluctant to embark on an evidently unprofitable venture. Testing two different institutional-organisational models, this research reveals that the administration costs of micro-insurance play an important part in determining the long-term viability of micro flood insurance schemes. A government-facilitated process to overcome the differences observed in this study between the nonprofit micro-credit providers and profit-oriented private insurance companies is needed, building on the particular competence each party brings to the development of a viable micro flood insurance market through a public-private partnership.     

Efficacy of insurance for organisational disaster recovery: case study of the 2010 and 2011 Canterbury earthquakes

Insurance is widely acknowledged to be an important component of an organisation's disaster preparedness and resilience. Yet, little analysis exists of how well current commercial insurance policies and practices support organisational recovery in the wake of a major disaster. This exploratory qualitative research, supported by some quantitative survey data, evaluated the efficacy of commercial insurance following the sequence of earthquakes in Canterbury, New Zealand, in 2010 and 2011. The study found that, generally, the commercial insurance sector performed adequately, given the complexity of the events. However, there are a number of ways in which insurers could improve their operations to increase the efficacy of commercial insurance cover and to assist organisational recovery following a disaster. The most notable of these are: (i) better wording of policies; (ii) the availability of sector‐specific policies; (iii) the enhancement of claims assessment systems; and (iv) risk‐based policy pricing to incentivise risk reduction measures.     

当前我国巨灾经济损失补偿机制的探讨

我国是世界上遭受自然灾害最严重的国家之一,自然灾害每年都给我国财政与保险业带来巨大的压力,财政补偿和保险补偿能力不足的弊端已经显现。因此,积极探寻新的巨灾损失补偿机制已经成为我国经济发展的迫切要求。首先对我国目前自然灾害所造成的经济损失情况进行了介绍;以地震和洪水为例,对灾情进行了论述;对我国当前主要采用的巨灾损失补偿机制存在的问题进行了讨论,并对巨灾风险证券化的优势作用以及在我国的实施提出了一些观点与建议。     

Remodelling reparation: changes in the compensation of victims of natural catastrophes in Belgium and the Netherlands

The paper presents a comparative analysis of the development and present state of compensation for victims of catastrophes in Belgium and the Netherlands. These two neighbouring countries have both seen legislative changes in this field in recent years, albeit with different outcomes. The paper thus analyses to what extent the two compensation scheme structures allow for conclusions as to the comparative benefits of a comprehensive insurance scheme for natural disasters. From the perspective of law and economics, the evolution of private insurance and public intervention through compensation funds, the preference for private or public solutions and the actual financing of these are examined. Drawing on practical experience, such as the case of flood risks, the solutions are tested in view of incentive-based financing. The paper concludes that the private insurance market is more developed in Belgium than it is in the Netherlands, where the reform process has not yet ended.     

Innovation in risk transfer for natural hazards impacting agriculture

Agricultural income from growing crops is susceptible to a variety of risks—the price of output and the actual amount of output are generally the largest risk variables. This article focuses on yield risk rather than price risk by reviewing innovation in risk transfer for natural hazard risk in agriculture. While many higher-income countries have long-standing crop insurance programs, these programs are not appropriate for lower-income countries. Lower-income countries can ill-afford the subsidies that are used in most multiple peril crop insurance programs throughout the world. Still, lower-income countries have large numbers of small farms increasing the need for agricultural insurance to protect against common problems that create disastrous losses for many individual farm households.