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A Better Metro Manila?Risk Transfer Mechanism: Charting a Strategy on Local Insurance

A Better Metro Manila?: Risk Transfer Mechanism: Charting a Strategy on Local Insurance [Disaster risk financing is usually sourced from public funds for recovery and rehabilitation. National government allocates large amounts of public funds for recovery, rather than on public investments for development. Risk transfer mechanisms (RTMs), such as local insurance, ease the financial burden on local governments by providing additional funds for early recovery. While many laws require insurance of local public assets against disasters, these are still not insured, or are under-insured. This chapter assesses current issues on RTMs by looking at the experience of Quezon City to identify policy gaps that need to be addressed in charting an enabling policy. It argues that institutional convergence, RTM risk layering, and risk transfer options planning be part of the investment planning process of local disaster funds. These can be undertaken by crafting a clear policy strategy—ensuring that insurance funds are locally available for timely disaster recovery.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Better Metro Manila?Risk Transfer Mechanism: Charting a Strategy on Local Insurance

Editors: Tadem, Teresa S. Encarnacion; Atienza, Maria Ela L.
de la Torre, Dennis G.; Alampay, Erwin A.
A Better Metro Manila? — Mar 1, 2023
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Publisher
Springer Nature Singapore
Copyright
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023
ISBN
978-981-19-7803-6
Pages
465 –487
DOI
10.1007/978-981-19-7804-3_15
Publisher site
See Chapter on Publisher Site

Abstract

[Disaster risk financing is usually sourced from public funds for recovery and rehabilitation. National government allocates large amounts of public funds for recovery, rather than on public investments for development. Risk transfer mechanisms (RTMs), such as local insurance, ease the financial burden on local governments by providing additional funds for early recovery. While many laws require insurance of local public assets against disasters, these are still not insured, or are under-insured. This chapter assesses current issues on RTMs by looking at the experience of Quezon City to identify policy gaps that need to be addressed in charting an enabling policy. It argues that institutional convergence, RTM risk layering, and risk transfer options planning be part of the investment planning process of local disaster funds. These can be undertaken by crafting a clear policy strategy—ensuring that insurance funds are locally available for timely disaster recovery.]

Published: Mar 1, 2023

Keywords: Local insurance; Risk transfer mechanisms; Disaster risk financing and insurance; Risk transfer options planning; Risk layering

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