1887

UN Department of Economic and Social Affairs (DESA) Working Papers

The UN Department of Economic and Social Affairs (DESA) Working Papers aim to stimulate discussion and critical comment on the broad range of economic, social and environmental issues associated with the United Nations Development Agenda.

English

Insurance Against Losses From Natural Disasters in Developing Countries

This paper examines the recent experience with insurance and other risk-financing instruments in developing countries in order to gain insights into their effectiveness in reducing economic insecurity. Insurance and other risk financing strategies are viewed as efforts to recover from negative income shocks through risk pooling and transfer. Specific examples of public-private insurance programs for households, business-firms, and governments are described, highlighting their limitations, especially in light of the post-Katrina experience in the United States. It examines arguments both in support of and in opposition to donor and public involvement in provision of subsidized insurance in developing countries.

English

Keywords: natural disaster, cost, climate change, financing, Insurance, risk, benefit, developing country
JEL: Q1: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Agriculture; G14: Financial Economics / General Financial Markets / Information and Market Efficiency; Event Studies; Insider Trading; G11: Financial Economics / General Financial Markets / Portfolio Choice; Investment Decisions; Q14: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Agriculture / Agricultural Finance; G22: Financial Economics / Financial Institutions and Services / Insurance; Insurance Companies; Actuarial Studies
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