DOCSLIB.ORG

Natural Disaster Insurance Scheme

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Natural Disaster Insurance Scheme Sri Lanka’s National Natural Disaster Insurance Scheme Sanath C. de Silva CEO - NITF National Insurance Trust Fund Act No 28 of 2006 1. This Act may be cited as the National Insurance Trust Fund Act, No. 28 of 2006. 2. The provisions of this Act shall apply in relation to (a) public officers (b) persons retired from public office who are in receipt of a pension from the government (c) officers of the provincial public service Cont…. (g) persons receiving benefits under the Samurdhi Authority Act, No. 30 of 1995 (h) farmers, fishermen and persons engaged in self employment (i) needy persons or group of persons as may from time to time be identified by the Minister by Order published in the Gazette subject to any limitations contained herein; and (j) any property of the government which may be identified from time to time by the Minister by Order published in the Gazette. Key functions of NITF 1. To act as the National Reinsurer (a) To provide 30% compulsory RI (b) Management of National Health Insurance scheme (c) Management of SRCC & Terrorism pool (d) Managing National agricultural insurance scheme (e) Managing National Natural Disaster Scheme (f) To act as a general insurance company to provide insurance to government insurance requirements Nature of Nature • NATURE DOSEN’T NEED US • WE NEED THE NATURE National Insurance Trust Fund Natural Disaster - Definition A sudden event that causes widespread destruction, lots of collateral damages and/or life brought about by forces of such sudden event other than the forces created by the acts of human being National Insurance Trust Fund Ten worst Natural Disasters Death Toll Rank Event Location Date (Estimate) 1 1m to 4 m 1931 China floods China July, Aug, 1931 2 0.9m to 2 m 1887 Yellow River Flood China Sept,Oct, 1887 3 830000 1556 Shaanxi EQ China Jan 23, 1556 4 450000 1976 Tangshan EQ China July 28, 1976 5 375000 1970 Bhola cyclone Bangladesh Nov 13, 1970 6 300000 1839 India cyclone India Nov 25,1839 7 300000 1737 Calcutta cyclone India Oct 7, 1737 2004 Indian Ocean earthquake 8 280000 Indian Ocean December 26, 2004 and tsunami 9 273400 1920 Haiyuan earthquake China December 16, 1920 Byzantine 10 250,000 – 300,000 526 Antioch earthquake May, 526 Empire (Turkey) National Insurance Trust Fund Ten deadliest Natural Disasters since 1900 Death Toll Rank Event Location Date (Estimate) 1 1,000,000 – 4,000,000 1931 China floods China July, 1931 2 450,000 (242,000-655,000) 1976 Tangshan earthquake China July, 1976 East 3 375,000 (250,000-500,000) 1970 Bhola cyclone November, 1970 Pakistan(Bangladesh) 2004 Indian Ocean earthquake 4 280,000 Indian Ocean December 26, 2004 and tsunami 5 273,400 1920 Haiyuan earthquake China December, 1920 Typhone Nina – contributed to 6 229,000 China August 7,1975 Banqiao Dam failure 7 160,000 2010 Haiti earthquake Haiti January 12, 2010 8 145,000 1935 Yangtze river flood China 1935 9 143,000 1923 Great Kanto earthquake Japan September, 1923 10 138,866 1991 Bangladesh cyclone Bangladesh April, 1991 National Insurance Trust Fund Most Expensive Natural Disasters Nature of the Cost No Country Year disaster US $ 1 Earthquake & Tsunami Japan 2011 235 B 2 Kobe earthquake Japan 1995 100 B 3 Hurricane Katrina USA 2005 81 B 4 Northridge Earthquake California US 1994 42 B 5 Sichwan Earthquake China 2008 29 B National Insurance Trust Fund Recent Natural Disaster of Sri Lanka National Insurance Trust Fund Recent Natural Disaster of Sri Lanka National Insurance Trust Fund Recent Natural Disaster of Sri Lanka National Insurance Trust Fund National Natural Disaster Insurance Policy Natural Disaster Coverage Covers lives and properties, specifically all households and small business establishments Any household or business of which annual turnover does not exceed LKR 10 m covered up to 2.5 million rupees each in respect of damages (per event) caused to their property and contents due to cyclones, storm, tempest, flood, landslide, hurricane, earthquake, tsunami and any other similar natural perils up to the aggregate limit of Rs. 12.5 billion per annum excluding, ▪ Drought and ▪ Property damage for large businesses & those having insured with an insurance company. An accidental death cover for all victims of natural disasters will be paid LKR 100,000 each under the personal accident insurance policy. National Insurance Trust Fund National Natural Disaster Insurance Policy cont… Accidental Death Coverage of Fishermen All fishermen registered under Department of Fisheries Covered to the value of Rs.1 Million each in respect of accidental death whilst engaged in fishing. Compensation will be based on the Personal Accident Policy. Cost of rescue operation Any cost to be borne for search and rescue operation of fishermen in distress (whilst engaged in fishing) to be covered subject to annual limit of Rs. 10 Million. National Insurance Trust Fund Emergency relief measures for victims of natural disasters Annual limit for emergency relief expenses will be Rupees One Billion and five hundred million. (Rs. 2.5 billion) For different types and scales of occurrences, there will be sub limits as follows. a. Tsunami or Earthquake Rs.500 Mn b. Major flood/cyclone/similar incident affecting>1000 persons Rs.100 Mn c. Minor flood/cyclone/similar incident affecting <1000 persons Rs.50 Mn d. Landslide Rs.25 Mn National Insurance Trust Fund Accidental Death Coverage of Fishermen All fishermen registered under Department of Fisheries will be covered to the value of Rs.1 Million each in respect of accidental death whilst engaged in fishing. Compensation will be based on the Personal Accident Policy. Cost of rescue operation – any cost to be borne for search and rescue operation of fishermen in distress (whilst engaged in fishing) to be covered subject to annual limit of Rs. 10 Million. National Insurance Trust Fund Annual Limits of coverage Structural damages to property and content in respect of households and small business establishments (structural damages) Annual limit Rs. 12.5 Billion Cost of emergency relief measures Annual limit Rs. 2.5 Billion Total limit of liability in aggregate for the period is Rs. 15 Billion National Insurance Trust Fund NATIONAL NATURAL DISASTER INSURANCE SCHEME Deductible lkr 1Billion Cover available lkr14 Billion National Insurance Trust Fund CLAIMS PAID 2016 May Flood & Landslide Event – Rs. 3,550 Million 2017 May Flood & Landslide Event – Rs.1,700 Million 2017 November High Wind Situation – Rs. 600 Million 2018 May Flood Event – Rs. 300 Million 2018 Other Natural Disaster Events – Rs. 300 Million Financial Impact to NITF on recent Flood in Sri Lanka – 2016 & 2017 (NNDIS) Negative impact on P&L of NITF 2016 – LKR 1.2 2017 – LKR 2.3 National Insurance Trust Fund Impact of Natural Disasters on NNDIS 1. Wide spread damages will accumulate colossal claims to be managed 2. Hit on the reserves 3. Negative impact on cash flow management (liquidity) 4. Solvency margin issues & CAR 5. Increased cost of management & administration expenditure 6. Maintenance of confidence by the reinsured 7. Financial negative results 8. Government procedures & regulatory measures National Insurance Trust Fund Key solutions for NITF on Management of negative impact by Natural Disasters 1. Maintenance of adequate capital to meet unexpected claims 2. Create adequate reserves based on the risk exposure 3. Effective & efficient maximization of reinsurance 4. Maintenance of the balance between the risk exposure of the portfolio against the total capital and reserves 5. To have data on geographic distribution of houses 6. To obtain ART solutions (securitization) Ex – CAT bonds 7. Creation of data base on digital platform National Insurance Trust Fund The Way Forward… 1. To create integrated National Disaster Management Policy in support of Social Security 2. Creation of sound data base on a digital platform 3. To implement an integrated claims management system 4. Continuous monitoring of Financial viability of NNDIS & fine tuning 5. Establishment of Sri Lanka National Disaster Model 6. Risk contingent credit for an operating loan for NNDIS 7. To explore how to improve adaptation & increased resilience 8. Rationalization of Reinsurance on NNDIS National Insurance Trust Fund Any Questions ? National Insurance Trust Fund THANK YOU…. National Insurance Trust Fund.
Load more

Recommended publications
  • Bhola Cyclone 1970
    Md. Miraj ID: DREJD001/19 Reg: 05077 Course Title: Case Studies of International Projects on Disaster Resilience Course Code: DRE 5207 Bhola Cyclone 1970 1. Introduction The 1970 Bhola cyclone was a devastating tropical cyclone that struck East Pakistan and India's West Bengal on November 3, 1970. It remains the deadliest tropical cyclone ever recorded and one of the deadliest natural disasters. At least 500,000 people lost their lives in the storm, primarily as a result of the storm surge that flooded much of the low-lying islands of the Ganges Delta. Formed November 3, 1970 Dissipated November 13, 1970 Highest winds 3-minute sustained: 185 km/h (115 mph) 1-minute sustained: 240 km/h (150 mph) Lowest pressure 960 hPa (mbar); 28.35 inHg Fatalities ≥ 500,000 total (Deadliest tropical cyclone on record) Damage $86.4 million (1970 USD) Areas affected India, East Pakistan 2. Impact ✓ The exact death toll will never be known, but it is estimated to be 300,000 to 500,000 people in total. ✓ Over 3.6 million people were directly affected by the cyclone, and the total damage from the storm was estimated at $86.4 million. ✓ The survivors claimed that approximately 85% of homes in the area were destroyed. ✓ Ninety percent of marine fishermen in the region suffered heavy losses, including the destruction of 9,000 offshore fishing boats. ✓ Of the 77,000 onshore fishermen, 46,000 were killed by the cyclone, and 40% of the survivors were affected severely. ✓ Agricultural damage was similarly severe with the loss of $63 million worth of crops and 280,000 cattle.
    [Show full text]
  • Manual on Cyclone
    Scope of the Manual This manual is developed with wider consultations and inputs from various relevant departments/ministries, UN Agencies, INGOs, Local NGOs, Professional organizations including some independent experts in specific hazards. This is intended to give basic information on WHY, HOW, WHAT of a disaster. It also has information on necessary measures to be taken in case of a particular disaster in pre, during and post disaster scenario, along with suggested mitigation measures. It is expected that this will be used for the school teachers, students, parents, NGOs, Civil Society Organizations, and practitioners in the field of Disaster Risk Reduction. Excerpts from the speech of Ban Ki-moon, Secretary-General of the United Nations Don’t Wait for Disaster No country can afford to ignore the lessons of the earthquakes in Chile and Haiti. We cannot stop such disasters from happening. But we can dramatically reduce their impact, if the right disaster risk reduction measures are taken in advance. A week ago I visited Chile’s earthquake zone and saw how countless lives were saved because Chile’s leaders had learned the lessons of the past and heeded the warnings of crises to come. Because stringent earthquake building codes were enforced, much worse casualties were prevented. Training and equipping first responders ahead of time meant help was there within minutes of the tremor. Embracing the spirit that governments have a responsibility for future challenges as well as current ones did more to prevent human casualties than any relief effort could. Deaths were in the hundreds in Chile, despite the magnitude of the earthquake, at 8.8 on the Richter Scale, the fifth largest since records began.
    [Show full text]
  • Storm Surge and Its Effect- a Review on Disaster Management in Coastal Areas
    Review Article Civil Eng Res J Volume 4 Issue 5 - May 2018 Copyright © All rights are reserved by Chippy M Rajan DOI: 10.19080/CERJ.2018.04.555649 Storm Surge and its Effect- A Review on Disaster Management in Coastal Areas Chippy M Rajan1* and Jawahar Saud S2 1Department of Civil Engineering, Kerala Technological University, India 2Department of Civil Engineering, Federal Institute of Technology, India Submission: February 28, 2017; Published: May 08, 2018 *Corresponding author: Chippy M Rajan, Department of Civil Engineering, FISAT, Kerala TechnologicalUniversity, Ernakulam, India, Email: Abstract Globally, about 1.2 billion people reside in coastal areas presently, and this population scale is predicted to increase with time. With increase in coastal population the chances of exposure to storm surge is also increasing. Storm surge expose coastal areas and its residents to risk of loss of life, fatal injuries, property damage etc. Even though we cannot completely avoid the effect of this hazard, we can reduce the effect of hazard by proper study on the area under exposure and implementing a disaster management plan with adequate preparedness and mitigation strategies. Thus coastal hazard management has become an important aspect of coastal planning so as to develop the resilience of society towards coastal hazards. Hard engineering structures, soft protection measures, and managed retreat from the coastline are some of the possible management options. In this paper the study focus on the storm surge phenomenon, its effects and risk on people, environment, engineering structures and other infrastructure. It also covers the pre-disaster phases of disaster management cycle that is the common preparedness and mitigation strategies described along with incidents during past storm surge disaster.
    [Show full text]
  • Reconstruct the 1970 Bhola Cyclone and Analysis the Effects of Cyclone Track and Tide to the Flooding Area AOS21-P14
    AOS21-P14 JpGU-AGU Joint Meeting 2020 Reconstruct the 1970 Bhola Cyclone and Analysis the Effects of Cyclone Track and Tide to the Flooding Area *Po-Sen Tseng1, Tso-Ren Wu1, CHIA-CHUN HSU1, Chun-Wei Lin1, Shun-Chun Chunag1, Mei-Hui Chunag1 1. Graduate Institute of Hydrological and Oceanic Sciences, Nation Central University Bhola Cyclone caused nearly half a million casualties in the Bay of Bengal in 1970 This research aims to reconstruct the storm surge event and understand the effects of tides and cyclone track on the flooding area. In this study, the numerical simulations were performed with COMCOT storm surge model. The nonlinear shallow-water wave equation was solved on spherical coordinates, and physical terms such as pressure gradient force, wind shear force, bed friction force and Coriolis force were added to the momentum equation. To reconstruct the storm surge event, the tide component was considered by importing tidal boundary forcing from TPXO Global Tidal Solutions. The scenarios take a variety of cyclone track, cyclone moving speed, and cyclone intensity. Sensitivity tests are further introduced to see the storm coincides with high tide. The results can help to understand the influence of tides and other cyclone parameters on flooding, also provide a practical contribution to the quick alert and disaster control of the storm surge in the Bay of Bengal in the future. Keywords: Cyclones in the Bay of Bengal, COMCOT Model, Storm Surge, Tide and Path, Overflow ©2020. Japan Geoscience Union. All Right Reserved. - AOS21-P14 - AOS21-P14 JpGU-AGU Joint Meeting 2020 ©2020. Japan Geoscience Union.
    [Show full text]
  • Manual on Cyclone
    Scope of the Manual This manual is developed with wider consultations and inputs from various relevant departments/ministries, UN Agencies, INGOs, Local NGOs, Professional organizations including some independent experts in specific hazards. This is intended to give basic information on WHY, HOW, WHAT of a disaster. It also has information on necessary measures to be taken in case of a particular disaster in pre, during and post disaster scenario, along with suggested mitigation measures. It is expected that this will be used for the school teachers, students, parents, NGOs, Civil Society Organizations, and practitioners in the field of Disaster Risk Reduction. Excerpts from the speech of Ban Ki-moon, Secretary-General of the United Nations Don’t Wait for Disaster No country can afford to ignore the lessons of the earthquakes in Chile and Haiti. We cannot stop such disasters from happening. But we can dramatically reduce their impact, if the right disaster risk reduction measures are taken in advance. A week ago I visited Chile’s earthquake zone and saw how countless lives were saved because Chile’s leaders had learned the lessons of the past and heeded the warnings of crises to come. Because stringent earthquake building codes were enforced, much worse casualties were prevented. Training and equipping first responders ahead of time meant help was there within minutes of the tremor. Embracing the spirit that governments have a responsibility for future challenges as well as current ones did more to prevent human casualties than any relief effort could. Deaths were in the hundreds in Chile, despite the magnitude of the earthquake, at 8.8 on the Richter Scale, the fifth largest since records began.
    [Show full text]
  • 1St WMO International Conference on Indian Ocean Tropical Cyclones and Climate Change, Muscat, Sultanate of Oman, 8-11 March 2009
    WWRP 2010 - 2 1st WMO International Conference on Indian Ocean Tropical Cyclones and Climate Change, Muscat, Sultanate of Oman, 8-11 March 2009 For more information, please contact: World Meteorological Organization Research Department Atmospheric Research and Environment Branch 7 bis, avenue de la Paix – P.O. Box 2300 – CH 1211 Geneva 2 – Switzerland Tel.: +41 (0) 22 730 83 14 – Fax: +41 (0) 22 730 80 27 E-mail: [email protected] – Website: http://www.wmo.int/pages/prog/arep/index_en.html WMO/TD - No. 1541 © World Meteorological Organization, 2010 The right of publication in print, electronic and any other form and in any language is reserved by WMO. Short extracts from WMO publications may be reproduced without authorization, provided that the complete source is clearly indicated. Editorial correspondence and requests to publish, reproduce or translate these publication in part or in whole should be addressed to: Chairperson, Publications Board World Meteorological Organization (WMO) 7 bis, avenue de la Paix Tel.: +41 (0) 22 730 84 03 P.O. Box 2300 Fax: +41 (0) 22 730 80 40 CH-1211 Geneva 2, Switzerland E-mail: [email protected] NOTE The designations employed in WMO publications and the presentation of material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of WMO concerning the legal status of any country, territory, city or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries. Opinions expressed in WMO publications are those of the authors and do not necessarily reflect those of WMO.
    [Show full text]
  • Cyclone Nargis Storm Surge in Myanmar
    correspondence Cyclone Nargis storm surge in Myanmar To the Editor — Tropical cyclone of 100,000 striking India and Bangladesh tropical cyclone track included in the Nargis (category 4 on the Saffir–Simpson (Supplementary Fig. 1). Damage estimates International Best Track Record for Climate Hurricane Scale, SSHS) made landfall on at over $10 billion made Nargis the most Stewardship database2 has made a direct 2 May 2008, causing the worst natural destructive cyclone ever recorded in the landfall in Myanmar’s Ayeyarwady river disaster in Myanmar’s recorded history. Indian Ocean. Here we analyse the cause of delta at an untypically low latitude near Official death toll estimates exceed 138,000 the humanitarian disaster based on physical 16° N. In 2006, a similar tropical cyclone fatalities1 making it the eighth deadliest and societal observations. (Mala, category 4, SSHS) made landfall in cyclone ever recorded worldwide. Since On 28 April 2008, Nargis was located Myanmar at 17.6° N causing only 22 deaths the 1970 Bhola cyclone, which caused up near the centre of the Bay of Bengal and after a well executed evacuation effort, and to 500,000 fatalities, Nargis represents the upgraded to a category 1 cyclone (SSHS). the 2004 Indian Ocean tsunami, which deadliest tropical cyclone worldwide and The tropical cyclone developed sustained affected Myanmar’s Andaman coast, resulted one of the worst natural disasters, with winds over 210 km h–1, with gusts up to in only 71 fatalities. the exceptions of the 2004 Indian Ocean 260 km h–1, before landfall in Myanmar Three months after cyclone Nargis, access tsunami and the 1976 Tangshan earthquake.
    [Show full text]
  • East Pakistan, Disaster Politics, and the Bhola Cyclone
    Modern Asian Studies , () pp. –. © The Author(s), . Published by Cambridge University Press. This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (http://creativecommons.org/licenses/by/./), which permits unrestricted re-use, distribution, and reproduction in any medium, provided the original work is properly cited. doi:./SX First published online September ‘Cyclone Not Above Politics’ 1: East Pakistan, disaster politics, and the Bhola Cyclone* SRAVANI BISWAS Earth Observatory of Singapore, Nanyang Technological University Email: [email protected] PATRICK DALY Earth Observatory of Singapore, Nanyang Technological University Abstract On November , the Bhola Cyclone swept across the southern districts of East Pakistan, killing over , people. Small islands were swept away and dead bodies of humans and cattle lay strewn across the devastated landscape. Following the news of the destruction, journalists, students, artists, and political workers rushed to the affected area with basic relief supplies, without waiting for the Military Law Administration (MLA) to intervene. The cyclone’s occurrence just three weeks prior to the first general elections in Pakistan added a new dimension to the already simmering political crisis. The extensive media coverage of the disaster brought the pitiful state of infrastructural development and lack of governance in East Pakistan under local and global scrutiny. The cyclone and the corresponding issues soon became embroiled within the larger political demand for regional autonomy. The MLA came under attack from sections of East Pakistan’s politicians, press, and public, as well as international political actors, for its poor disaster governance. This article uses the Bhola Cyclone of as the lens to explore the complex interconnections between environmental disasters and a key issue of governance.
    [Show full text]
  • Numerical Modelling of Storm Surge from the 1991 Cyclone in the Bay of Bengal (Bangladesh) by Royal Haskoningdhv
    NorCal Open Access Publications Journal of Environmental Science and Allied Research Volume 2019; Issue 03 M A Sarker Review Article Numerical Modelling of Storm Surge from the 1991 Cyclone in the Bay of Bengal (Bangladesh) by Royal HaskoningDHV M A Sarker* Royal HaskoningDHV, Rightwell House, Bretton, Peterborough, United Kingdom *Corresponding author: M A Sarker, Royal HaskoningDHV, Rightwell House, Bretton, Peterborough, PE3 8DW, United Kingdom, Tel: +44 (0)1733 336556; E-mail: [email protected] Received: 15 June, 2019; Accepted: 30 October, 2019; Published: 05 November, 2019 Abstract Introduction Cyclone modelling results are used to derive robust Cyclones (also known as hurricanes or typhoons) need design conditions for coastal and marine structures and favourable conditions to form such as a) warm sea surface facilities. Cyclone modelling results are also used for temperature b) large convective instability c) low level emergency planning and decision-making to estimate positive vorticity d) weak vertical wind shear of horizontal potential loss of life, damage to properties and marine wind and e) Coriolis force. Cyclones require ocean facilities and to develop rescue and mitigation measures and temperatures of at least 26.5°C for their formation and plan clean-up operations. Royal HaskoningDHV (hereafter growth through a relatively deep layer (~50m). Cyclones are associated with steep pressure gradients and consequently RHDHV) has set up regional tidal hydrodynamic and wave generate strong winds and storm surges. The destruction generation/transformation models covering the Bay of from a cyclone depends on its intensity, size and location. Bengal and its surrounding areas to address the above Cyclones generate high winds, waves, water levels (surge) and are associated with intense rainfall.
    [Show full text]
  • Climatic Natural Disasters, Political Risk, and International Trade
    Global Environmental Change 20 (2010) 243–254 Contents lists available at ScienceDirect Global Environmental Change journal homepage: www.elsevier.com/locate/gloenvcha Climatic natural disasters, political risk, and international trade Chang Hoon Oh a,1, Rafael Reuveny b,* a Faculty of Business, Brock University, 500 Glenridge Avenue, St. Catharines, ON, L2S 3A1, Canada b School of Public and Environmental Affairs, Indiana University, 1309 10th Street, Bloomington, IN 47405, USA ARTICLE INFO ABSTRACT Article history: This paper statistically analyzes the effects of climatic natural disasters and political risk on bilateral Received 24 March 2009 trade in a large-N sample of countries and years. Our theory suggests that the effects of these forces on Received in revised form 13 November 2009 trade need to be studied together and that the two forces may interact with one another. In the statistical Accepted 18 November 2009 analysis, the unit of analysis is a pair of countries and the model is based on the trade gravity design. The results show that the direct effects of increases in the incidence of disasters and the political risk level in Keywords: the importer or the exporter countries are negative, reducing trade. The results for the interaction Climate change between the two forces show (1) as the incidence of disasters increases, the marginal effect of political Economic globalization risk on trade becomes more negative, which indicates a greater decline in trade and (2) as political risk Theoretical Statistical declines the marginal effect of disasters becomes less negative, indicating a smaller decline in trade. Additional analyses demonstrate the robustness of these results to changes in model specification, disaster measure, and estimation method.
    [Show full text]
  • By Maria Blackburn
    Damage Control BY MARIA BLACKBURN In the Irish Bayou of New Orleans after Hurricane Katrina. With fearsome fury, hurricanes bring punishing winds and deadly storm surges—but there are relatively easy steps you can take to protect life, limb and property. HEN THE STORM FORMED wsomewhere off the coast of the Bahamas, it was just another tropical depression—one of 100 or so cre - ated around the world each year as a mass of thun - derstorms with a cyclonic wind circulation at its core. Many of these depressions never develop into significant tropical storms. This one was different. Fueled by warm ocean water, its winds increased and it gained power quickly. By the time Hurricane Katrina slammed into the Gulf Coast on Aug. 29, 2005, it was a force to be reckoned with. Among the communities in its path was the small town of Diamondhead, Miss. Here, tornadoes and Diamondhead, an unprecedented 26-foot storm winds of 135 miles per hour howled through the surge pushed the waters of Bay St. Louis over its streets, uprooting trees and sending some more banks, flooding streets, destroying more than 350 than 20 feet in the air. The gusts tore off roofs and homes and leaving survivors clinging to rooftops exposed homes and businesses to hours of soaking, and praying for rescue. devastating rain. On the south side of When the rain and wind ceased and the flood - WWW . DIXONVALVE . COM SUMMER 2012 ᔢ BOSS 9 In the wake of Hurricane Katrina’s destruction, Raymond Sheehy’s storm-resistant house escaped virtually unscathed.
    [Show full text]
  • Disaster Risk Financing in Bangladesh
    Disaster Risk Financing in Bangladesh From 2000 to 2013, natural disasters caused more than $10 billion in economic losses to Bangladesh. However, the available funding for relief, rehabilitation, and reconstruction for the same period was only $2 billion, or $8 billion in unfunded losses. This funding gap is partly attributed to insufficient financial preparedness in disaster risk management. The limited postdisaster funding negatively affected the economy in terms of lowered economic growth and increased poverty. Applying appropriate disaster risk financing is key to minimizing economic impacts from disasters and sustain the country’s development. About the Asian Development Bank ADB’s vision is an Asia and Pacific region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to half of the world’s extreme poor. ADB is committed to reducing poverty through inclusive economic growth, environmentally sustainable growth, and regional integration. DISASTER RISK FINANCING Based in Manila, ADB is owned by 67 members, including 48 from the region. Its main instruments for helping its developing member countries are policy dialogue, loans, equity investments, guarantees, grants, and in BanglaDESH technical assistance. Mayumi Ozaki NO. 46 ADB SOUTH ASIA September 2016 WORKING PAPER SERIES ASIAN DEVELOPMENT BANK 6 ADB Avenue, Mandaluyong City 1550 Metro Manila, Philippines ASIAN DEVELOPMENT BANK www.adb.org ADB South Asia Working Paper Series Disaster Risk Financing in Bangladesh Mayumi Ozaki Mayumi Ozaki is senior portfolio management specialist, Public Management, Financial Sector, and Trade Division, No.
    [Show full text]