A New Wave in Disaster Financing: Parametric Insurance for Tsunami Damage

A new wave in disaster financing: Parametric insurance for tsunami damage

If your home was destroyed by a sudden disaster that you couldn't control, you would hope that at the very least, your insurance would cover your losses. However, disaster risk financing systems are struggling to keep pace with growing economic losses. Natural catastrophic (NatCat) events are becoming increasingly costly, and recent global warming could potentially worsen the situation.

Treasury looks to private sector for disaster insurance

Initiative comes in the context of the heightened risk of disasters induced by climate change

Treasury wants insurers to assume more municipal disaster risk – Moonstone Information Refinery

National Treasury has published two documents relating its plan to reduce municipalities’ financial exposure to natural disasters by transferring more risk to the insurance sector. Historically, disaster response in South Africa has relied on reallocating funds from essential services, such as education, health, and safety. This, Treasury says, erodes current and future development gains because the funds for repairing and rebuilding infrastruct…