Financial and Fiscal Instruments for
            Catastrophe Risk Management : Addressing Losses From Flood
            Hazards In Central Europe (Poland, Czech Republic, Hungary
            and Slovakia)

Pollner, John D.

dc.creator	Pollner, John D.
dc.date	2012-03-19T10:14:33Z
dc.date	2012-03-19T10:14:33Z
dc.date	2011-07-01
dc.date.accessioned	2023-02-17T20:42:25Z
dc.date.available	2023-02-17T20:42:25Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000020953_20120229153123
dc.identifier	http://hdl.handle.net/10986/2827
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/243189
dc.description	This report addresses the large flood exposures of Central Europe and proposes efficient financial and risk transfer mechanisms to mitigate fiscal losses from natural catastrophes.. The report is primarily addressed to the governments of the region which should build into their fiscal planning, the necessary contingent funding mechanisms, based on their exposures. While there exist pan-European mechanisms such as the EU Solidarity Fund to help EU members fund mega disasters, these only kick in at extremely high loss levels. Given these issues, the Governments of the V-4 countries should consider it a priority to set up risk transfer mechanisms to reduce fiscal volatility following natural catastrophes. The private sector insurance markets in the V-4 countries appear adequate and reflect rather high levels of penetration in the economy and in the housing sector. Economic and fiscal analyses based on global data also show that countries with insurance mechanisms and markets show a stronger GDP recovery path and lower fiscal deficits following a disaster. However, the V-4 countries, having a common hazard of flood, are in a unique position to develop highly cost effective flood insurance mechanisms. As countries in general are more concerned with supplemental fiscal resources rather than individual property losses, the governments of the V-4 countries can consider parametric style contracts. Nevertheless, risk transfer or insurance mechanisms are not the only types that need to be considered. The analysis in this report is meant to show, besides the financial mechanisms that would be beneficial for risk management, what large catastrophe exposures exist and their relation to government finances and macroeconomic measures. Following a final phase of feasibility analysis and market testing, the V-4 countries should thus consider establishing a multi-country insurance pool to provide fast emergency funding after disasters.
dc.language	English
dc.publisher	World Bank
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCESS TO CAPITAL
dc.subject	ACCESS TO LOANS
dc.subject	ALTERNATIVE FUNDING
dc.subject	AMORTIZATION
dc.subject	AMOUNT OF RISK
dc.subject	ASSET PORTFOLIO
dc.subject	ASSET PORTFOLIOS
dc.subject	ASSET VALUE
dc.subject	ASSET VALUES
dc.subject	BASIS RISK
dc.subject	BENEFICIARY
dc.subject	BIDS
dc.subject	BOND FINANCING
dc.subject	BOND FUND
dc.subject	BOND FUNDS
dc.subject	BOND INSTRUMENT
dc.subject	BOND INSURANCE
dc.subject	BOND INVESTOR
dc.subject	BOND INVESTORS
dc.subject	BOND ISSUANCES
dc.subject	BOND ISSUER
dc.subject	BOND MARKET
dc.subject	BOND PORTFOLIO
dc.subject	BOND RATING
dc.subject	BOND RETURN
dc.subject	BOND SPREAD
dc.subject	BOND SPREADS
dc.subject	BOND YIELD
dc.subject	BONDHOLDER
dc.subject	BONDHOLDERS
dc.subject	BROKER
dc.subject	CAPITAL MARKET
dc.subject	CAPITAL MARKETS
dc.subject	CAPITAL REQUIREMENTS
dc.subject	CAPITALIZATION
dc.subject	CASH FLOW
dc.subject	CATASTROPHE BOND
dc.subject	CATASTROPHE BONDS
dc.subject	CATASTROPHE COVERAGE
dc.subject	CATASTROPHE REINSURANCE
dc.subject	CATASTROPHES
dc.subject	CATASTROPHIC EVENTS
dc.subject	CATASTROPHIC LOSSES
dc.subject	CATASTROPHIC RISKS
dc.subject	CLIMATE CHANGE
dc.subject	COMMERCIAL BANKS
dc.subject	CONTINGENT DEBT
dc.subject	CONTRACT DESIGN
dc.subject	COUNTRY RISK
dc.subject	COUNTRY RISKS
dc.subject	COUPON
dc.subject	COUPON INTEREST RATE
dc.subject	COUPON PAYMENT
dc.subject	COUPON PAYMENTS
dc.subject	COUPON RATE
dc.subject	COUPONS
dc.subject	CRED
dc.subject	CREDIBILITY
dc.subject	CREDIT GUARANTEE
dc.subject	CREDIT GUARANTEES
dc.subject	CREDIT QUALITY
dc.subject	CREDIT RATING
dc.subject	CREDIT RISK
dc.subject	CREDIT RISKS
dc.subject	CREDITORS
dc.subject	CROP LOSSES
dc.subject	CURRENCY
dc.subject	DAMAGE ASSESSMENTS
dc.subject	DEBT
dc.subject	DEBT FINANCING
dc.subject	DEBT INSTRUMENTS
dc.subject	DEBT LEVELS
dc.subject	DEBT SECURITY
dc.subject	DEFAULT RISK
dc.subject	DEGREE OF LIQUIDITY
dc.subject	DEPOSIT
dc.subject	DEPOSIT INSURANCE
dc.subject	DISASTER EVENT
dc.subject	DISASTER EVENTS
dc.subject	DISASTER INSURANCE
dc.subject	DISASTER MANAGEMENT
dc.subject	DISASTER RECONSTRUCTION
dc.subject	DISASTER RESPONSE
dc.subject	DISASTER RISK
dc.subject	DISBURSEMENT
dc.subject	DIVERSIFIED PORTFOLIO
dc.subject	DROUGHTS
dc.subject	DUE DILIGENCE
dc.subject	EARTHQUAKE
dc.subject	EARTHQUAKES
dc.subject	EPIDEMIOLOGY
dc.subject	EQUIPMENT
dc.subject	EXPENDITURE
dc.subject	EXPENDITURES
dc.subject	EXPLOSION
dc.subject	FINANCIAL COMPENSATION
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL INSTRUMENT
dc.subject	FINANCIAL INSTRUMENTS
dc.subject	FINANCIAL MANAGEMENT
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL SAVINGS
dc.subject	FINANCIAL SECTOR DEVELOPMENT
dc.subject	FINANCIAL STABILITY
dc.subject	FINANCIAL STRUCTURE
dc.subject	FIRE
dc.subject	FISCAL DEFICITS
dc.subject	FLOATING RATES
dc.subject	FLOOD
dc.subject	FLOOD DAMAGES
dc.subject	FLOOD INSURANCE
dc.subject	FLOODS
dc.subject	FUND MANAGER
dc.subject	GLOBAL CAPITAL
dc.subject	GLOBAL CAPITAL MARKET
dc.subject	GOVERNMENT ASSETS
dc.subject	GOVERNMENT BOND
dc.subject	GOVERNMENT BUDGET
dc.subject	GOVERNMENT EXPENDITURES
dc.subject	GOVERNMENT REVENUES
dc.subject	GOVERNMENT SPENDING
dc.subject	GOVERNMENT SUPPORT
dc.subject	GRACE PERIOD
dc.subject	GUARANTEE FEE
dc.subject	HEAVY RAIN
dc.subject	HURRICANE
dc.subject	HURRICANES
dc.subject	IMPACT OF DISASTERS
dc.subject	INDEMNITY
dc.subject	INDEMNITY INSURANCE
dc.subject	INFORMATION SYSTEM
dc.subject	INFORMATION SYSTEMS
dc.subject	INFORMED DECISIONS
dc.subject	INSTRUMENT
dc.subject	INSURANCE
dc.subject	INSURANCE COMPANY
dc.subject	INSURANCE CONTRACT
dc.subject	INSURANCE CONTRACTS
dc.subject	INSURANCE COVERAGE
dc.subject	INSURANCE INDUSTRY
dc.subject	INSURANCE MARKET
dc.subject	INSURANCE MARKETS
dc.subject	INSURANCE PENETRATION
dc.subject	INSURANCE POLICIES
dc.subject	INSURANCE POLICY
dc.subject	INSURANCE POOLS
dc.subject	INSURANCE PREMIUM
dc.subject	INSURANCE PREMIUMS
dc.subject	INSURANCE RESERVES
dc.subject	INSURANCE RISK
dc.subject	INSURED LOSSES
dc.subject	INSURER
dc.subject	INSURERS
dc.subject	INTEREST PAYMENTS
dc.subject	INTEREST RATE
dc.subject	INTEREST RATE SPREAD
dc.subject	INTERNATIONAL FINANCIAL STATISTICS
dc.subject	INVENTORIES
dc.subject	INVENTORY
dc.subject	INVESTING
dc.subject	ISSUANCE
dc.subject	LANDSLIDES
dc.subject	LEGAL PROVISIONS
dc.subject	LEVEL OF RISK
dc.subject	LIQUIDITY
dc.subject	LOAN
dc.subject	LOAN BALANCE
dc.subject	LOAN CONTRACT
dc.subject	MARKET COMPETITION
dc.subject	MARKET INSTRUMENT
dc.subject	MARKET INSTRUMENTS
dc.subject	MARKET PLAYERS
dc.subject	MARKET PRICING
dc.subject	MATURITIES
dc.subject	MATURITY
dc.subject	MATURITY PERIOD
dc.subject	NATURAL CATASTROPHES
dc.subject	NATURAL DISASTER
dc.subject	NATURAL DISASTERS
dc.subject	PENSION
dc.subject	PENSION FUND
dc.subject	PORTFOLIO
dc.subject	PORTFOLIO DIVERSIFICATION
dc.subject	PORTFOLIOS
dc.subject	PREMIUM PAYMENT
dc.subject	PREMIUM PAYMENTS
dc.subject	PRINCIPAL REPAYMENT
dc.subject	PRIVATE INSURANCE
dc.subject	PRIVATE PARTY
dc.subject	PRIVATE PROPERTY
dc.subject	PROBABILITY OF DEFAULT
dc.subject	PUBLIC ASSET
dc.subject	PUBLIC BUDGETS
dc.subject	PUBLIC DEBT
dc.subject	PUBLIC FINANCE
dc.subject	PUBLIC SECTOR DEFICITS
dc.subject	RATE OF RETURN
dc.subject	REINSURANCE BROKER
dc.subject	REINSURERS
dc.subject	REPAYMENT OF PRINCIPAL
dc.subject	REPAYMENTS
dc.subject	RESERVE
dc.subject	RESERVE FUNDS
dc.subject	RESERVE REQUIREMENTS
dc.subject	RESERVES
dc.subject	RETURN
dc.subject	RETURNS
dc.subject	RISK ANALYSIS
dc.subject	RISK ASSESSMENT
dc.subject	RISK EXPOSURE
dc.subject	RISK EXPOSURES
dc.subject	RISK FACTORS
dc.subject	RISK INSURANCE
dc.subject	RISK MANAGEMENT
dc.subject	RISK MANAGEMENT TOOLS
dc.subject	RISK MANAGERS
dc.subject	RISK POOLING
dc.subject	RISK PREMIUM
dc.subject	RISK PROFILE
dc.subject	RISK TRANSFER
dc.subject	SECURITIES
dc.subject	SHORT-TERM LIQUIDITY
dc.subject	SOVEREIGN ENTITIES
dc.subject	STORM
dc.subject	STORMS
dc.subject	SUSTAINABILITY
dc.subject	SWAP
dc.subject	SWAPS
dc.subject	TIMELY PAYMENT
dc.subject	TRANSACTION
dc.subject	TREASURIES
dc.subject	TROPICAL CYCLONE
dc.subject	TYPE OF DISASTER
dc.subject	UNDERWRITING
dc.subject	WEATHER DERIVATIVES
dc.subject	WEATHER EVENTS
dc.subject	WIND STORMS
dc.title	Financial and Fiscal Instruments for Catastrophe Risk Management : Addressing Losses From Flood Hazards In Central Europe (Poland, Czech Republic, Hungary and Slovakia)
dc.type	Economic & Sector Work :: Other Financial Sector Study
dc.coverage	Europe and Central Asia
dc.coverage	Central Europe
dc.coverage	Poland
dc.coverage	Czech Republic
dc.coverage	Hungary
dc.coverage	Slovak Republic