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Insurance --- Caribbean Area --- Disaster insurance --- Risk management --- Reinsurance --- Finance --- Business & Economics --- Catastrophe insurance --- Insurance, Disaster --- Management

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This report was prepared at the request of the ministry of finance (MoF) and ministry of emergency situations of Uzbekistan as of February 2019. It aims to provide a detailed overview of the current status of disaster insurance for residential property in the country, identify gaps, and provide recommendations for a way forward. Uzbekistan is prone to many natural disasters that have a devastating potential for the economy and the population. It is widely recognized that disaster insurance can reduce the fiscal impact of natural disasters as well as their adverse economic impact on the population; and lead to a faster post-disaster recovery. Disaster insurance in Uzbekistan is offered by the private insurers. The Government of Uzbekistan (GoU) can consider the following actions to further strengthen disaster insurance: (i) establish a centralized disaster insurance national pool in the form of a public-private partnership; (ii) improve regulatory framework for disaster insurance; (iii) strengthen the insurance supervision of the disaster insurance market and introduce adequate reporting of catastrophe risk accumulations retained by insurance companies; and (iv) invest in better risk information systems. The report is structured in three main parts. The first part provides an overview of Uzbekistan disaster profile and buildings' seismic vulnerability based on a risk assessment performed for the Kyrgyz Republic. The second part provides an overview of the local insurance market, disaster insurance line of business, and analyzes the current gaps in coverage and regulation. The third part reviews four examples of disaster insurance programs from the Kyrgyz Republic, Romania, Turkey, and New Zealand.

Catastrophe Insurance --- Environment --- Finance and Financial Sector Development --- Hazard Risk Management --- Insurance --- Insurance and Risk Mitigation --- Natural Disasters --- Urban Development

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Why should countries buy expensive catastrophe insurance? Abstracting from risk aversion or hedging motives, this paper shows that catastrophe insurance may have a catalytic role on external finance. Such effect is particularly strong in those middle-income countries that face financial constraints when hit by a shock or in its anticipation. Insurance makes defaults less appealing, relaxes countries' borrowing constraint, increases their creditworthiness, and enhances their access to capital markets. Catastrophe lending facilities providing "cheap" reconstruction funds in the aftermath of a natural disaster weaken but do not eliminate the demand for insurance.

Access to capital --- Bankruptcy and Resolution of Financial Distress --- Capital markets --- Catastrophe bond --- Catastrophe bonds --- Coordination failures --- Creditworthiness --- Debt Markets --- Defaults --- Developing countries --- Economic development --- Emerging Markets --- External finance --- Fair price --- Finance and Financial Sector Development --- Financial Intermediation --- Insurance --- Insurance market --- International bank --- Issuance --- Labor Policies --- Levy --- Natural disaster --- Natural disasters --- Private Sector Development --- Risk aversion --- Social Protections and Labor --- Sovereign default

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The publication provides an overview of the disaster risk assessment and financing practices of a broad range of economies relative to guidance elaborated in G20/OECD Framework for Disaster Risk Assessment and Risk Financing. The publications is based on survey responses provided by 29 economies, as well as research undertaken by the OECD and other international organisations, and provides a global overview of the approaches that economies facing various levels of disaster risk and economic development have taken to managing the financial impacts of natural and man-made catastrophes.

Disasters --- Risk management --- Disaster relief --- Disaster insurance --- Economic History --- Business & Economics --- Economic aspects --- Risk assessment --- Finance --- Calamities --- Catastrophes --- Catastrophe insurance --- Insurance, Disaster --- Curiosities and wonders --- Accidents --- Hazardous geographic environments --- Insurance --- Management --- Disaster insurance. --- Economic aspects. --- Risk assessment. --- Finance.

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China has long known more than its fair share of disasters, including earthquakes, typhoons, floods, and droughts. The good news is that in recent decades, the country has made tremendous headway in building its resilience to disasters. Learning from these efforts will be critical to strengthening resilience building efforts in China and beyond. In that spirit, this Knowledge Note distills some lessons from China's progress in many areas of disaster risk management. The note does not comprehensively cover the country's achievements but focuses instead on topics that might be of interest to DRM practitioners globally. Drawing on expert insights from China's disaster risk management community, key themes highlighted by this note include: the evolution of national disaster risk reduction (DRR) planning; the rise of demonstration communities; standardization of the disaster loss statistical system; development of an agricultural insurance system; establishment of a catastrophe risk insurance system. China has also made significant progress in establishing a catastrophe risk insurance system that allows for local innovations and pilots based on local characteristics; Development of a comprehensive space-based system of disaster and emergency monitoring. Amid a changing climate, China is facing the specter of even more significant disaster risks in the future, which may also bring global cascading impacts. Taking stock of the progress that has been achieved so far, there is good reason to believe that the country will continue to learn and innovate toward a resilient future.

Agriculture --- Catastrophe Insurance --- Earth Sciences and GIS --- Environment --- Environmental Disasters and Degradation --- Finance and Financial Sector Development --- Hazard Risk Management --- Insurance --- Insurance and Risk Mitigation --- Natural Disasters --- Prevention --- Risk Management --- Science and Technology Development --- Urban Development