Baarsch, F;
Kelman, I;
(2016)
Insurance mechanisms for tropical cyclones and droughts in Pacific Small Island Developing States (SIDS).
Jàmbá: Journal of Disaster Risk Studies
, 8
(1)
, Article a288. 10.4102/jamba.v8i1.288.
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Abstract
One group of locations significantly affected by climate-related losses and damage is the Small Island Developing States (SIDS). One mechanism aiming to reduce such adverse impacts is insurance, with a wide variety of products and models available. Insurance for climate-related hazards affecting Pacific SIDS has not been investigated in detail. This article contributes to filling this gap by exploring how insurance mechanisms might be implemented in the Pacific SIDS for tropical cyclones and droughts. The study examines opportunities and constraints or limitations of some existing insurance mechanisms and programmes as applied to the Pacific SIDS. Eight insurance mechanisms are compared and discussed regarding the premium cost compared to the gross domestic product per capita, the amount of payout compared to the damage cost, the reserve and reinsurance, and the disaster risk reduction incentives. As such, this article offers a decision-making tool on insurance development for the Pacific SIDS. Ultimately, implementing disaster insurance for the Pacific SIDS depends on political will and external technical and financial assistance.
| Type: | Article |
|---|---|
| Title: | Insurance mechanisms for tropical cyclones and droughts in Pacific Small Island Developing States (SIDS) |
| Location: | South Africa |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.4102/jamba.v8i1.288 |
| Publisher version: | http://doi.org/10.4102/jamba.v8i1.288 |
| Language: | English |
| Additional information: | Copyright: © 2016. The Authors. Licensee: AOSIS. This work is licensed under the Creative Commons Attribution License. |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Maths and Physical Sciences UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Maths and Physical Sciences > Inst for Risk and Disaster Reduction |
| URI: | https://discovery.ucl.ac.uk/id/eprint/1512630 |
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