Disaster Risk Finance: What actions for today and tomorrow?!

Blog by Alfonso Garcia Mora, World Bank Group

I had just arrived to Bali at a late hour in the evening to join the 2018 World Bank-IMF 6358578319_f8b77d314a_oannual meetings when our group, visitors from more than 189 countries along with Indonesians on the island and neighboring communities were acutely woken up at dawn with magnitude 6.4 quake that struck off the coast. Early reports by the National Disaster Mitigation Agency indicated extensive damage to infrastructure and loss of lives in the span of a few minutes. The Indonesian response that followed revealed the difference disaster risk finance can bring to families, economies and societies at large. I was humbled by what I experienced and what we can contribute -as an institution together with our partners- to manage these acute disasters more prudently, effectively and humanely.

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Across Africa, disaster risk finance is putting a resilient future within reach

Sub-Saharan Africa knows more than its fair share of disasters induced by natural across-africa-disaster-risk-finance-is-putting-a-resilient-future-within-reach-780x439.jpghazards. The past few months alone have seen drought in the Horn of Africa, floods in Mali and Rwanda, and landslides in Ethiopia and Uganda. Between 2005 and 2015, the region experienced an average of 157 disasters per year, claiming the lives of roughly 10,000 people annually.

Disasters can have a debilitating impact on countries’ growth and development prospects. Losses from disasters are only expected to rise as the impacts of climate change intensify across the region. Given these challenges, governments have often been reliant on external aid and budget reallocation to pay for disaster recovery. However, this financing strategy comes at a cost. Uncertainty and delays in aid flows tend to complicate planning for relief and recovery efforts, and budget reallocations can divert funding from vital development programs.

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eC2: Development of Disaster Risk Finance Analytics Freeware Quantitative Tools

Deadline: 18-Dec-2018 at 11:59:59 PM (Eastern Time – Washington D.C.)

The DRFIP is undertaking a four-year DRF Analytics Project to improve the colombo2understanding and to increase the capacity of governments to take informed decisions on DRF based on sound financial analysis. The objective of the project will be achieved through four outcomes:
i. Governments understand their financial risk related to natural disasters;
ii. Governments employ efficient financial/actuarial analysis, such as cost-benefit analyses, in the development of DRF strategies;
iii. Improved financial capacity to meet financial needs immediately following natural disasters; and
iv. Increased capacity in Governments to monitor and evaluate DRF strategies. Under this project a suite of interactive DRF quantitative tools will be developed which can be adapted and applied to support capacity building and decision making in countries.

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Annual Meetings 2018 LIVE EVENT: Harnessing Technology for Inclusive Growth

Attend the LIVE EVENT Harnessing Technology for Inclusive Growth at Annual Meetings 2018 Online and join in on the discussion.

October 11, 2018 | 11:30 WITA (Bali Indonesia)
October 10, 2018 | 22:30 ET
October 11, 2018 | 3:30 GMT

Follow the event on Twitter #InclusiveGrowth and join the discussion.

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Annual Meetings 2018 LIVE EVENT: High Level Dialogue on Disaster Risk Financing and Insurance in Indonesia

Attend the LIVE EVENT High Level Dialogue on Disaster Risk Financing and Insurance in Indonesia at Annual Meetings 2018 Online and join in on the discussion.

October 10, 2018 | 11:30 WITA (Bali. Indonesia)
October 9, 2018 | 23:30 ET
October 10, 2018 | 3:30 GMT

Follow the event on Twitter #DisasterFinancing and join the discussion.

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eC2: Development of quantitative and actuarial tools for disaster risk financing and insurance

Deadline:  22-Oct-2018 at 11:59:59 PM (Eastern Time – Washington D.C.)vn-communitybased-disasterrisk-780x439

The Disaster Risk Financing and Insurance Program (DRFIP) is seeking support from a firm in the specification, development and validation of quantitative and actuarial tools (likely in MS Excel). The tools will be used in disaster risk financing and insurance capacity building and decision making. The tools should draw on current international best practice in user interface design, user experience, visualization, transparency and quality in coding, and probabilistic financial and actuarial and economic analysis.

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eC2: Executive Education: Disaster Risk Financing and Insurance

Deadline: 30-Nov-2017 at 11:59:59 PM (Eastern Time – Washington D.C.) vn-communitybased-disasterrisk-780x439

Objective: The objective is to develop a 4-day modular capacity building program on Disaster Risk Financing(DRF)to enhance understanding of DRF strategies and instruments for protection from natural disasters, embedded in the broader Disaster Risk Management and fiscal risk management frameworks, and build the skills of stakeholders to design and implement such strategies.

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