Posts Tagged ‘public sector’



April 24th, 2017

Public Sector Risk Financing Perspectives in Europe/Middle East/Africa: Part III: Highlights of Recent Public Sector Initiatives

Posted at 1:00 AM ET

whitmore_charles_photo-sm3Charles Whitmore, Managing Director

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Following years of planning by the insurance Industry and negotiation with a wide group of stakeholders including the government, Prudential Regulatory Authority (PRA), the Financial Conduct Authority (FCA) and others, Flood Re launched in April 2016. The overarching aim of the market-based scheme is to ensure better access to more affordable household insurance for those in high flood risk areas.

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April 20th, 2017

Public Sector Risk Financing Perspectives in Europe/Middle East/Africa: Part II: Public Sector Strategic Initiatives in EMEA

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Charles Whitmore, Managing Director

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Organizations throughout EMEA have significantly increased the establishment of strategic initiatives to close the protection gap and improve society’s ability to recover from the devastating impact of natural catastrophe losses. Marsh & McLennan Companies’ Risk & Insurance Services Segment, comprised of Guy Carpenter and Marsh, have developed resources and expertise to help clients in this area.

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April 19th, 2017

Public Sector Risk Financing Perspectives in Europe/Middle East/Africa: Part I

Posted at 1:00 AM ET

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Charles Whitmore, Managing Director

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On a global basis, approximately 70 (1) percent of the economic loss caused by natural catastrophe events is not covered by insurance. This gap, the cost of uninsured events, frequently falls on governments through disaster relief, welfare payments and infrastructure repair and rebuilding. The ultimate cost of these responses causes a strain on public balance sheets and an increase in public debt, ultimately burdening taxpayers. The protection gap is increasing in emerging economies especially where the amount of natural catastrophe economic loss covered by insurance dropped from 25 percent in 2002 to approximately eight percent in 2014.

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April 3rd, 2017

Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part V: Microinsurance Helping Close Insurance Gap

Posted at 1:00 AM ET

aidan-pope-headshot-sm26Aidan Pope, Managing Director

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Not to be outdone, the private sector has demonstrated its commitment to bringing insurance solutions to emerging economies through the industry consortium and venture incubator Blue Marble Microinsurance. Blue Marble’s founding consortium has committed to launching ten microinsurance ventures in the next ten years to deliver risk management solutions to the underserved. Through collaboration with strategic partners, including government and quasi-government entities and innovative technology-enabled platforms, Blue Marble seeks to improve sustainability by expanding the role of insurance in society. These ventures will consider unique distribution methods, local partnerships, product development and impact services.

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March 30th, 2017

Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part IV

Posted at 1:00 AM ET

aidan-pope-headshot-sm25Aidan Pope, Managing Director

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Mexico’s risk management strategy has earned a strong reputation in the international community. The World Bank said it is “at the vanguard of initiatives aimed at the development of an integrated disaster risk management framework, including the effective use of risk financing and insurance mechanisms to manage the fiscal risk derived from disasters,” highlighting it as an example for other governments to follow (1).

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March 29th, 2017

Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part III: A Lesson in Resilience from Mexico

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aidan-pope-headshot-sm24Aidan Pope, Managing Director

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The Mexican federal government’s risk management strategy exemplifies a modern, resilient disaster preparedness plan, including pre- and post-event approaches and public-private partnerships. Following the 1985 Mexico City earthquake, the Mexican National Civil Protection System (SINAPROC) was created, establishing a multi-level system to integrate stakeholders from the three levels of government, the private and social sectors, academia and scientific organizations. Its purpose was to provide an institutional framework for the improved coordination of emergency response. Its capacities in the areas of risk assessment, early warning, preparedness and disaster risk financing were developed. As SINAPROC evolved, it added risk reduction practices to shift from a reactive to a preventative, holistic and integrated risk management plan.

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March 28th, 2017

Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part II

Posted at 1:00 AM ET

aidan-pope-headshot-sm21Aidan Pope, Managing Director

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Many recent catastrophe events in the Latin America/Caribbean region provide examples of the protection gap: Only 5 percent of the USD 8 billion economic loss from Haiti’s 2010 earthquake was insured; and the insured portion of the USD 2 to 3 billion economic loss caused by the April 2016 earthquake in Manta, Ecuador, is expected to reach no more than 15 percent. The 2016 earthquake has deeply impacted the local economy and government finances as unemployment increased by approximately 50 percent and the government was compelled to increase sales taxes by two percent to fund national reparation and recovery costs. In general, emerging markets face a much larger protection gap than developed economies:

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March 27th, 2017

Public-Private Insurance Partnerships Bolster Latin American/Caribbean Resilience: Part I

Posted at 1:00 AM ET

aidan-pope-headshot-sm2Aidan Pope, Managing Director

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Globally, three of the ten most costly natural disaster events in the last 35 years occurred in total or in part in the Latin America/Caribbean (LAC) region (1); losses from Hurricane Matthew in the Caribbean are still being assessed.

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February 8th, 2017

Public Sector Risk Financing Perspectives – Sharing Visual Intelligence for Disaster Response: Part II

Posted at 1:00 AM ET

beverley-adams-sm21Dr. Beverley Adams, Head of CAT Planning and Response

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National disaster response plans of governments rarely include references to insurance or make provisions for visual intelligence as part of the operational response toolkit. Recent events reaffirm the value of visual intelligence - particularly when access to sites is restricted - and suggest that a more collaborative approach between emergency services and the insurance industry would enhance public sector response and facilitate community resilience.

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February 7th, 2017

Public Sector Risk Financing Perspectives – Sharing Visual Intelligence for Disaster Response: Part I

Posted at 1:00 AM ET

beverley-adams-sm2Dr. Beverley Adams, Head of CAT Planning and Response

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As governments and emergency responders focus on search and rescue in the hours and days following catastrophic events, the (re)insurance industry is autonomously responding with visual technologies for loss assessment.

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