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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.

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Part 2. Conclusions

The past 15 years have witnessed a series of large-scale catastrophes that have inflicted historic economic and insured losses throughout the world. Half of the 20 most costly insured catastrophes since 1970 occurred after 2001. Except for the terrorist attacks of September 11, 2001, all of them were natural disasters. In Chapter 1 we discussed why the growing concentration of population and structures in high-risk areas, combined with the potential consequences of global warming, are likely to lead to even more devastating catastrophes in the coming months and years, unless proper risk reduction measures are implemented now.

English

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