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Risk Awareness, Capital Markets and Catastrophic Risks

image of Risk Awareness, Capital Markets and Catastrophic Risks

The OECD contributes to the improvement of the financial management of major catastrophes both through the activities of the International Network on the Financial Management of Large-Scale Catastrophes and through the leadership of its High-Level Advisory Board. This publication compiles a series of reports reflecting the OECD’s extensive work in this field over recent years. These reports include: 1) a stocktaking of initiatives to promote natural hazard awareness and disaster risk reduction education, resulting in the publication of a policy handbook; 2) a review of and recommendations on catastrophe-linked securities and the role of capital markets in supporting the financial mitigation of large-scale risks, aimed at governments promoting these instruments; 3) a review of current mechanisms used to quantify catastrophe losses within the OECD; and 4) a review of hazard risk mapping efforts in South East Asian countries.

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Analytical Framework

The management of large-scale catastrophes has emerged from combined concerns of earth science, engineering, economics, civil defence, public safety and environmental protection over the past 30 years (McClure 2006; Petal 2008; Ross 1989). Whereas in the past, "natural disasters" or "natural catastrophes" were thought of as one-time occurrences caused by hydro-meteorological or geological events, they are now beginning to be recognised as the combined result of human activity and the natural environment.

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