Regional: Natural Catastrophe Risk Insurance Mechanisms for the Asia and Pacific Region

Sovereign Project | 42103-012

Summary

The international community recognizes that risk transfer and sharing should be a central part of disaster risk management efforts. However, the institutional and regulatory requirements for a functioning insurance and reinsurance market are demanding and far from satisfied in Asia Pacific at present. Although the insurance sector is very active in many countries in the region, insurance penetration under commercial or government insurance schemes is low, and catastrophe insurance is non existent outside of Japan.

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Project Name Natural Catastrophe Risk Insurance Mechanisms for the Asia and Pacific Region
Project Number 42103-012
Country Regional
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 6474-REG: Natural Catastrophe Risk Insurance Mechanisms for the Asia and Pacific Region
Japan Special Fund US$ 800,000.00
Strategic Agendas Environmentally sustainable growth
Inclusive economic growth
Regional integration
Drivers of Change Private sector development
Sector / Subsector

Finance - Insurance and contractual savings

Gender Equity and Mainstreaming No gender elements
Description The international community recognizes that risk transfer and sharing should be a central part of disaster risk management efforts. However, the institutional and regulatory requirements for a functioning insurance and reinsurance market are demanding and far from satisfied in Asia Pacific at present. Although the insurance sector is very active in many countries in the region, insurance penetration under commercial or government insurance schemes is low, and catastrophe insurance is non existent outside of Japan.
Project Rationale and Linkage to Country/Regional Strategy
Impact Strengthened financial resilience of participating developing member countries (DMCs) against the economic effects of selected natural disasters
Project Outcome
Description of Outcome A consensus on forward action to implement conference and workshop conclusions
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

1. Conference and workshop logistical arrangements

2. Preconference technical papers

3. Conference and workshop outcome documents

4. Conference and workshop participants have a heightened understanding of issues surrounding catastrophe insurance and risk pooling

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location Asia and Pacific
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Business Opportunities
Consulting Services The proposed technical assistance will require approximately 14 person months of international and 6 person months of domestic consultant inputs. Experts will be engaged for short term assignments.
Responsible ADB Officer Neil R. Britton
Responsible ADB Department SDCC
Responsible ADB Division SDGG
Executing Agencies
Asian Development Bank6 ADB Avenue, Mandaluyong
Metro Manila, Philippines
P.O. Box 789, 1099 Manila,
Philippines
Timetable
Concept Clearance 08 Apr 2008
Fact Finding 01 Apr 2008 to 31 May 2008
MRM -
Approval 06 Aug 2008
Last Review Mission -
PDS Creation Date 08 May 2008
Last PDS Update 20 Oct 2010

TA 6474-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
06 Aug 2008 - 06 Aug 2008 31 Mar 2009 31 Dec 2011 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
800,000.00 0.00 0.00 0.00 0.00 0.00 800,000.00 06 Aug 2008 764,720.32

Safeguard Documents

See also: Safeguards

No documents found.

Evaluation Documents

See also: Independent Evaluation

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