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Natural Catastrophe Risk Insurance Mechanisms

for Asia and the Pacific

Main Report

45 November 2008, Tokyo, Japan

Conference supported by the Asian Development Bank
and the Ministry of Finance, Government of Japan

2009 Asian Development Bank

All rights reserved. Published 2009.

Printed in the Philippines.

ISBN 978-971-561-799-4

Publication Stock No. RPT090284

Cataloging-In-Publication Data

Asian Development Bank.

Natural catastrophe: risk insurance mechanisms for Asia and the Pacificmain report.

Mandaluyong City, Philippines: Asian Development Bank, 2009.

1. Insurance. 2. Risk management. 3. Disaster management 4. Asia and the Pacific. I. Asian Development Bank.

The views expressed in this report are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.

Use of the term country does not imply any judgment by the authors or ADB as to the legal or other status of any territorial entity.

ADB encourages printing or copying information exclusively for personal and noncommercial use with proper acknowledgment of ADB. Users are restricted from reselling, redistributing, or creating derivative works for commercial purposes without the express, written consent of ADB.

6 ADB Avenue, Mandaluyong City

1550 Metro Manila, Philippines

Tel +63 2 632 4444

Fax +63 2 636 2444

www.adb.org

For orders, contact

Department of External Relations

Fax +63 2 636 2648

Contents

Executive Summary

Background and Credits

Glossary of Terms

Acronyms and Abbreviations

Overview

Historical Background

Opportunities to Use Catastrophe Risk Finance and How ADB Could Best Facilitate the Process

Fundamental Issues of Catastrophe Risk Finance in Asia and the Pacific

Overview

Leveraging Insurance and Capital Markets Against Natural Catastrophes

Are There Deficiencies in the Commercial Insurance Markets Coverage of the Asia and Pacific Catastrophe Risk and Does Risk Pooling Bridge the Gap?

Building Blocks of Catastrophe Insurance: Catastrophe Risk ModelsTheir Purpose and Importance

Catastrophe Insurance Triggers: What is the Best Fit for Asia and the Pacific? Why Does it Matter? What Initiates a Payment Under a Catastrophe Risk Insurance Policy?

Applications of Catastrophe Risk Transfer Mechanisms in Asia and the Pacific

Creating a Viable Risk Pool for the Pacific

Overview

Opening Addresses

The Caribbean Catastrophe Risk Insurance Facility

Pacific Catastrophe Risk Financing Initiatives

Options for Catastrophe Risk Transfer in the Pacific Region

Applications of Catastrophe Risk Transfer Mechanisms in Asia and the Pacific

Catastrophe Insurance for Megacities

Objectives

Background: Megacity Growth Introduces Disaster Risks that Merit Special Attention

Overview: Tailoring Solutions for Each Megacitys Situation and Priorities

Areas for Consideration

Framework Statement

Recommendations

Appendixes

Appendix I: List of Conference Papers

Appendix II: Conference Report Summaries

List of Figures

Figure 1: Strengths and Weaknesses of the Public and Private Sector in Catastrophe Risk Management

Figure 2: Example of a Risk Pool

Figure 3: Trend in Annual Reports of Natural Disasters in the Pacific Islands

Figure 4: Munich Res Megacity Risk Index

Figure 5: Megacity Contribution to National GDP in Asia in 2005 and Projected for 2020

List of Boxes

Box 1: Report Highlight: Disaster Risk Management Principles

Box 2: Report Highlight: The Hyogo Framework for Action

Box 3: Report Highlight: Insurance-Linked Financial Products

Box 4: Report Highlight: Credit Crisis Update

Box 5: Report Highlight: Insured Catastrophe Losses in 2008

Box 6: Report Highlight: The Inter-American Development Bank Approach to Ex Ante Disaster Risk Management

Box 7: Report Highlight: Risk Pooling

Executive Summary

Introduction

This summary reviews the key issues and discussions that occurred during the Asian Development Bank (ADB) Conference on Natural Catastrophe Risk Insurance Mechanisms for Asia and the Pacific held in Tokyo on 45 November 2008. The conference featured a general plenary session followed by a day of focused workshops. The summary concludes with a series of recommendations based on the conference results.

The key finding of this report is that many opportunities exist for transferring natural disaster risk in Asia and the Pacific if addressed within a regional publicprivate partnership (PPP). That partnership must necessarily include national governments, all regional development partners and institutions, and key private sector players, both global and local. The opportunities discussed in this report will largely remain opportunities unless obstacles and gaps in knowledge, research, and experience are bridged. A regional approach to bridging these gaps, involving all critical parties, represents the best chance to unlock the resources necessary to move the region forward to better disaster risk management (DRM).

Background and Objectives

Developing member countries (DMCs) are vulnerable to natural hazards given their location, fragile economies, and relatively modest investment in disaster management planning. Natural catastrophes are a major threat to sustainable development.

New developments in catastrophe risk financing markets have expanded the opportunities to transfer natural catastrophe risks originating within Asia and the Pacific. Designing such catastrophe risk transfer programs in conjunction with comprehensive DRM strategies further enhances their attractiveness to global risk finance markets.

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