OECD conference highlight the need to promote risk awareness and literacy in developing countries and the expansion of affordable, accessible insurance
The first conference organised under the auspices of the Organisation for Economic Co-operation and Development (OECD) international network on the financial management of large scale catastrophes took place in Hyderabad, India, on 26-27 February 2007. The conference brought together senior governmental officials, industry representatives, academics and others from OECD and non-OECD countries.
Key conclusions included the need to promote risk awareness and literacy in developing countries and the expansion of affordable, accessible insurance. Delegates also discussed the benefits of pooling arrangements on a national or even regional basis in promoting adequate insurance capacity, the growing role of capital markets in providing capital and liquidity for the financial management of large catastrophes and the need to integrate catastrophe risk management practices into government risk management practices better.
+ In time for the 2007 hurricane season, the World Bank has established the Caribbean Catastrophe Risk Insurance Facility (CCRIF), described as the world's first multi-country pool. The facility will allow the governments of the 18 participating countries to purchase cover similar to business interruption insurance against windstorms.
The CCRIF has $47 million in initial reserves from the World Bank and other sponsors.
+ Benfield-UCL Hazard Research Centre and Saraid, a British based charity which provides search and rescue services in disasters worldwide, have launched a global online database of natural hazards for use by the disaster relief community. The site is called inTERRAgate, and it is intended in time to provide a hazard profile for every country with maps and essential information to help improve preparedness and support emergency planners and workers. www.interragate.info