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Climate Change or Climate Variability?

Climate Change or Climate Variability?. Average. July 2010. Trend. Wang, S.-Y., R. E. Davies, W. R. Huang, and R. R. Gillies , 2011: Pakistan’s two-stage monsoon and links with the recent climate change. J. Geophys . Res., 116, D16114, doi:10.1029/2011JD015760. What is different?.

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Climate Change or Climate Variability?

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  1. Climate Change or Climate Variability? Average July 2010 Trend Wang, S.-Y., R. E. Davies, W. R. Huang, and R. R. Gillies, 2011: Pakistan’s two-stage monsoon and links with the recent climate change. J. Geophys. Res., 116, D16114, doi:10.1029/2011JD015760.

  2. What is different?

  3. Flood Insurance Solutions

  4. Flood is insurable! • There is no technical obstacle to comprehensive flood cover: • a large risk community can be created • adequate assessibility is given • economic viability can be guaranteed • … provided that all stakeholders assume their respective responsibilities.

  5. The model – A partnership • Insured • takes preventive action to minimize damage • participates in losses via significant self-retention • Insurance industry • agrees to automatically provide flood cover • exception: individual highly exposed objects • charges risk-adjusted premiums

  6. The model – A partnership • State • raises risk awareness of the population • considers flood risk for regional planning • issues construction codes • guarantees investment in flood control works • allows insurance companies to build up loss reserves • denies compensation in case of disaster

  7. 1352 Cipo3,v3.00 ab The Microinsurance CatastropheRisk Organization (MiCRO) • Solution features • Insured perils: Hurricane, earthquake and rainfall • Payments are made to microfinance borrowers post-disaster to reduce their loans and provide emergency cash • Parametric and basis risk policies are distributed through a local Haitian microfinance institution, Fonkoze • Trigger: Index measured at Fonkoze branches in Haiti • Basis risk absorbed by new donor funded company, MiCRO • Inception: March 2011 • Involved parties • Insured: Fonkoze • Sole Reinsurer: Swiss Re • Other partners: MercyCorps, CaribRM, Guy Carpenter • Background information • Haiti is a nation that is susceptible to catastrophes and is unprepared for the costs of response • Prior to the setup of MiCRO, Fonkoze's clients bore 100% of natural disaster risk • MiCRO was named “Company Launch of the Year” at The Review magazine’s annual Worldwide Reinsurance Awards in September 2011.

  8. Swiss Re Global Flood ZonesTM Inspect, Inform, Insure

  9. Flood exposure is everywhere! Exposure is growing, especially in high hazardous areas close to rivers and coastlines

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