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The victims of flood navigating the road to Preedi in October 2011. | © Shutterstock.com In 2011, Thailand’s worst floods in over 50 years caused US$46.5 billion in damages, worth 12.6 percent of gross domestic product. Thailand is no stranger to the impacts of climate change. The country faces increasing threats from heavy rainfall, sea level rise, floods, and droughts. Historically, floods and storms have been the most frequent natural hazards, affecting up to 1 million people almost every...
For Saoirse Jones, the insurance industry offers more than financial tools—it offers a way to protect lives, communities, and entire societies. That sense of purpose is what has guided her career and continues to drive her work today. As Global Head of Public Sector Solutions at Zurich Resilience Solutions and Co-Chair of the Insurance Development Forum (IDF)’s Disaster Risk Reduction (DRR) Task Force, Saoirse brings over two decades of experience to bridging the gap between risk expertise and...
The growing toll of global disaster and climate losses seems inescapable. The year 2024 was another record-breaking year, with global disaster losses estimated at over $350 million. In an increasingly risky world, developing country governments must juggle the difficult tradeoff of protecting their people and economies from the shocks of today, while trying to invest for the future and better prepare for the crises of tomorrow. Development brings new risk simply by adding more assets to exposure...
Effective partnerships are like “the prisoner’s dilemma” where the best outcome – or Nash Equilibrium as we call it – is reached when all parties cooperate. Similarly, relying on uncertain, slow post-disaster assistance is a risky gamble, much like the suboptimal outcome in the 'Prisoner's Dilemma'. Effective protection requires foresight and cooperation, where the best outcome – or Nash Equilibrium – is reached when all parties cooperate. While selfish moves might seem appealing in the short...
In Madagascar, a nation frequently hit by tropical cyclones, floods, and droughts, securing financial resilience is an urgent priority. Muryelle Rabemananjara (Head of Department, Ministry of Economy and Finance, Madagascar, who is in charge of supervising the World Bank portfolio), has been at the forefront of these efforts, applying her analytical skills to strengthen the country's disaster risk financing (DRF) strategy. Originally drawn to mathematics with aspirations of becoming an...
Strengthened Regulatory Oversight: A two-year-long capacity building program for the Central Bank of Somalia to play a leading role in developing the insurance focusing on the takaful market It is undeniable that we are seeing more extreme weather events that lead to disastrous consequences for communities and economies around the world. Building financial resilience can protect many from these potential hardships, enabling them to cope and recover when disaster strikes. Insurance is one of the...
The average annual loss from hurricanes in Sint Maarten is estimated to be US$4.1 million as estimated by the 2019 Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC). For decades, the beautiful Caribbean Island of Sint Maarten has been repeatedly hit by intense tropical storms and hurricanes. A single storm has the potential to directly impact the entire population and economy, as Hurricane Irma did in 2017. Irma, a Category 5 hurricane, affected 90 percent of...