Global reinsurance: strengthening disaster risk resilience
Global reinsurance: strengthening disaster risk resilience
The connectivity of global supply chains combined with the increased reliance on fragile infrastructure will continue to increase the economic losses as a result of disaster. (see chart at bottom of page)
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How to mitigate the financial losses through reinsurance diversification:
Disaster
A serious disruption of the functioning of a community or a society involving widespread human, material, economic or environmental losses and impacts, which exceeds the ability of the affected community or society to cope using its own resources.
Comment: Disasters are often described as a result of the combination of: the exposure to a hazard; the conditions of vulnerability that are present; and insufficient capacity or measures to reduce or cope with the potential negative consequences. Disaster impacts may include loss of life, injury, disease and other negative effects on human physical, mental and social well-being, together with damage to property, destruction of assets, loss of services, social and economic disruption and environmental degradation.
30 Aug 2007
Disaster risk
The potential disaster losses, in lives, health status, livelihoods, assets and services, which could occur to a particular community or a society over some specified future time period.
Comment: The definition of disaster risk reflects the concept of disasters as the outcome of continuously present conditions of risk. Disaster risk comprises different types of potential losses which are often difficult to quantify. Nevertheless, with knowledge of the prevailing hazards and the patterns of population and socio-economic development, disaster risks can be assessed and mapped, in broad terms at least.
23 Jan 2009
Disaster risk management
The systematic process of using administrative directives, organizations, and operational skills and capacities to implement strategies, policies and improved coping capacities in order to lessen the adverse impacts of hazards and the possibility of disaster.
Comment: This term is an extension of the more general term “risk management” to address the specific issue of disaster risks. Disaster risk management aims to avoid, lessen or transfer the adverse effects of hazards through activities and measures for prevention, mitigation and preparedness.
30 Aug 2007
Disaster risk reduction
The concept and practice of reducing disaster risks through systematic efforts to analyse and manage the causal factors of disasters, including through reduced exposure to hazards, lessened vulnerability of people and property, wise management of land and the environment, and improved preparedness for adverse events.
Comment: A comprehensive approach to reduce disaster risks is set out in the United Nations-endorsed Hyogo Framework for Action, adopted in 2005, whose expected outcome is “The substantial reduction of disaster losses, in lives and the social, economic and environmental assets of communities and countries.” The International Strategy for Disaster Reduction (ISDR) system provides a vehicle for cooperation among Governments, organisations and civil society actors to assist in the implementation of the Framework. Note that while the term “disaster reduction” is sometimes used, the term “disaster risk reduction” provides a better recognition of the ongoing nature of disaster risks and the ongoing potential to reduce these risks.
30 Aug 2007
Disaster risk reduction plan
A document prepared by an authority, sector, organization or enterprise that sets out goals and specific objectives for reducing disaster risks together with related actions to accomplish these objectives.
Comment: Disaster risk reduction plans should be guided by the Hyogo Framework and considered and coordinated within relevant development plans, resource allocations and programme activities. National level plans needs to be specific to each level of administrative responsibility and adapted to the different social and geographical circumstances that are present. The time frame and responsibilities for implementation and the sources of funding should be specified in the plan. Linkages to climate change adaptation plans should be made where possible.
23 Jan 2009
