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Dr. Sebastian von Dahlen Economic Counsellor IAIS c/o BIS, Basel London, 25 th June 2014

Disaster Resilience – does regulation matter? UN Summit on Disaster Resilience, 25 th June 2014. Dr. Sebastian von Dahlen Economic Counsellor IAIS c/o BIS, Basel London, 25 th June 2014. Outline. Resilience Disasters Learning

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Dr. Sebastian von Dahlen Economic Counsellor IAIS c/o BIS, Basel London, 25 th June 2014

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  1. Disaster Resilience – does regulation matter? UN Summit on Disaster Resilience, 25th June 2014 Dr. Sebastian von Dahlen EconomicCounsellor IAIS c/o BIS, Basel London, 25th June 2014

  2. Outline • Resilience • Disasters • Learning • Integrating disaster risk and resilience

  3. 1. Resilience … … (re)insurance, and regulation Toward defining resilience: Source: von Dahlen (2014), forthcoming in «Exploring Extremes» (book) Resilience – synonyms include: flexibility and elasticity

  4. 2. Disasters … … insurance, and GDP growth effects a) Impact on growthpath (GDP) b) Cumulativeeffect (GDP) Source: von Dahlen, von Peter (2014), Journal of Financial Perspectives (forthcoming)

  5. 3. Learning … … including on risks at the sovereign level Source: von Dahlen (2014), forthcoming in «Exploring Extremes» (book)

  6. 4. Integrating disaster risk and resilience … … in financial and wider regulation • On-going IAIS work: • Macroprudential surveillance (MPS) tools / analytics • Toward a global BCR and ICS • More broadly, integrating disaster risks and resilience: • Goes beyond insurance regulation • Should include appropriate incentive structures

  7. 4. Integrating disaster risk and resilience … … and the post-2015 Framework for Disaster Risk Reduction • Proposed architecture of indicator system includes: Source: UNISDR (2014), United Nations Office for Disaster Risk Reduction, Post-2015 Framework for DRR, draft 5 June 2014 • Identify underlying drivers of risk and resilience!

  8. 4. Integrating disaster risk and resilience … … and three resilience and stability dimensions: • Environmentalresilience and stability, Actors: e.g. UN, WB; • Economic resilience and stability, Actors: e.g. G20, OECD, IMF; • Financial resilience and stability, Actors: e.g. FSB, BIS, IAIS, IOSCO; Source: von Dahlen (2014), forthcoming in «Exploring Extremes» (book)

  9. 4. Integrating disaster risk and resilience ... ... into the financial system This should include: • Identifying and analysing prevailing risks; • Reducing existing risks; • Avoiding new risks; • Strengthening financial, economic, social and environmental resilience – 1:100 ? • Supporting stakeholders from different fields.

  10. Thank you!

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