Managing unnatural disaster risk from climate extremes

Mechler, Reinhard; Bouwer, Laurens M.; Linnerooth-Bayer, J.; Hochrainer‐Stigler, Stefan; Aerts, Jeroen C. J. H.; Surminski, Swenja; Williges, Keith

doi:10.1038/nclimate2137

Cited by 123 publications

(92 citation statements)

References 9 publications

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“…This relatively high probability is due to the fact that disaster occurrence is frequent in Cambodia, and the cumulative effect of frequent disaster events will likely stress the fiscal situation. Based on the risk layering framework (Hochrainer-Stigler and Pflug 2012; Mechler et al 2014), it can be inferred that investment in risk reduction would be the most effective way to manage disaster risk, as a fiscal resource gap is estimated to be relatively low, following a 28-year return period event. In addition, investment in a reserve fund as opposed to costlier alternatives such as sovereign insurance and contingent credit agreements could be an effective option for Cambodia.…”

Section: Fiscal Risk Assessment Resultsmentioning

confidence: 99%

“…Existing studies on disaster risk assessment in Cambodia are limited to a few vulnerability assessments (Royal Government of Cambodia and WFP 2003) and only retrospective assessments (World Bank 2012;HochrainerStigler et al 2014) with no forward-looking components have been conducted until now. Therefore the goal of this study was to compile a detailed national inventory of public and private buildings and perform an economic and fiscal risk assessment using bottom-up data on hazards, exposure, and vulnerability.…”

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Operationalizing Iterative Risk Management under Limited Information: Fiscal and Economic Risks Due to Natural Disasters in Cambodia

Mochizuki

Vitoontus

Wickramarachchi

et al. 2015

Int J Disaster Risk Sci

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Iterative risk management and risk-sensitive public investment planning are increasingly seen as essential elements of natural disaster resilience. This article assesses the disaster risk facing the hazard-prone Southeast Asian country of Cambodia and discusses its fiscal preparedness and need for proactive disaster risk management. The study provides a bottom-up assessment of flood and cyclone risks to public and private buildings including educational structures, health facilities, and housing and estimates the total direct economic damage to range from approximately USD 304 million for a 5-year return period event to USD 2.26 billion for a 1000-year return period event. These estimates were further analyzed using the fiscal risk due to disasters, which indicates that Cambodia will likely face a resource gap whenever a hazard as large as that of a 28-year return period event strikes. Given the frequent occurrence of disasters and rapid accumulation of capital assets taking place, proactive risk reduction is highly advisable. But interviews with national policymakers also revealed that there are a number of barriers to effective risk reduction and management in Cambodia. The general lack of awareness regarding risk-based concepts and the limited availability of local risk information necessitate a continued and sustained effort to build iterative risk management in Cambodia.

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Section: Fiscal Risk Assessment Resultsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Operationalizing Iterative Risk Management under Limited Information: Fiscal and Economic Risks Due to Natural Disasters in Cambodia

Mochizuki

Vitoontus

Wickramarachchi

et al. 2015

Int J Disaster Risk Sci

Self Cite

View full text Add to dashboard Cite

show abstract

“…The extent to which insurance can feature in this is risk-and country-specific and dependent on local risk appetite and demand, as well as societal values. 12 The political commitments coming from G7 and the Paris Agreement have been supported and welcomed by several insurance companies and industry initiatives such as the Munich Climate Insurance Initiative, ClimateWise, and the Geneva Association. Harnessing the potential of insurance for climate-resilient development does require collaboration between public and private actors, but will the current appetite from the private sector be sustainable?…”

Section: How To Make It Work?mentioning

confidence: 99%

How insurance can support climate resilience

2016

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“…It has been highlighted that reliable risk assessments are essential to take effective disaster risk reduction and adaptation actions. [5, 6,7] The execution and carrying of our mission will bring the following pros to Europe and its regions. Building disaster resilience is crucial to establishing the goal of exterminating large scale poverty.…”

Section: Introductionmentioning

confidence: 99%

“…Evidence suggests that the impacts of disasters undermine hard-earned development gains in both developing and developed countries, potentially dragging the poor and most vulnerable even deeper into poverty. [2,6,7] Humanity's welfare is often affected as a result of disasters and other catastrophes. A great danger to public health ais raised by diseases, injuries, psychosocial effects and disabilities linked to hard weather and climate-related dangerous events.…”

Section: Introductionmentioning

confidence: 99%