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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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Strategic Initiatives

management are indispensable, but they are not sufficient. In these turbulent fields, where paralysis is so common, we must overcome two kinds of obstacles. • The cultural block, which prevents us from a really serious examination of the actual challenges: we remain caught up in risk analysis systems and models for managing exposure and crises that are no longer in phase with current and coming realities. • The managerial block, which prevents us from taking indispensable initiatives for making stakeholders capable of action in these new fields. What we must do immediately is to give some strategic impetus to our systems, not only to overcome these blocks but to put ourselves in a position to be more creative, open and innovative. Our systems will then be able to cope with the challenges of our time, not through blind groping, but through intelligent, positive and determined action.

English

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