Financial Management of Large-Scale Catastrophes

image of Financial Management of Large-Scale Catastrophes

Dramatic events, such as the earthquake that struck China’s Sichuan Province in 2008 and the devastation caused by Hurricane Katrina in the United States in 2005, have brought the financial management of catastrophic risks once again to the forefront of the public policy agenda globally. To address these issues and develop sound policies, the OECD has established an International Network on the Financial Management of Large-Scale Catastrophes. This publication supports the ongoing activities of the Network.

This book contains three reports focusing on different institutional approaches to the financial management of large-scale catastrophes in selected OECD and non-OECD countries, the role of risk mitigation and insurance in reducing the impact of natural disasters, and the importance of strategic leadership in the management of non-conventional crises.


Comparative Review

This chapter compares different policy and institutional approaches to the financial management of large-scale catastrophes, highlighting the importance of coordination between public and private sectors in the prevention, mitigation, and financial compensation of disaster losses. The comparative review is framed by a thematic concern revolving around the central question of ex ante and ex post approaches to managing the costs of catastrophes, and it focuses on key aspects such as the respective roles of public and private sectors, the types of perils and losses covered, and the pricing mechanisms.


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