Financial and Fiscal Instrumentsfor Catastrophe Risk Management : Addressing Losses fromFlood Hazards in Central Europe

Pollner, John

Washington, DC:World Bank

关键词: ACCESS TO CAPITAL;    ACCESS TO LOANS;    ALTERNATIVE FUNDING;    AMORTIZATION;    AMOUNT OF RISK;   

DOI  :  10.1596/978-0-8213-9579-0
RP-ID  :  70911

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This report addresses the large floodexposures of Central Europe and proposes efficient financialand risk transfer mechanisms to mitigate fiscal losses fromnatural catastrophes. In particular, the Visegrad countries(V-4) of Central Europe, namely, Poland, the Czech Republic,Hungary, and the Slovak Republic, have such tremendouspotential flood damages that reliance on budgetaryappropriations or even European Union (EU) funds in suchcircumstances becomes ineffective and does not provideneeded cash funds for the quick response and recovery neededto minimize economic disruptions. The report is primarilyaddressed to the governments of the region, which shouldbuild into their fiscal planning the necessary contingentfunding mechanisms, based on their exposures. The report isaddressed to finance ministries and also to the insuranceand securities regulators and the private insurance andcapital markets, which may all play a role in the proposedmechanisms. An arrangement using a multi-country pool with ahazard-triggered insurance payout mechanism complemented bycontingent financing is proposed, to better manage theserisks and avoid major fiscal volatility and disruption.