The Geneva Association and IDF Publish Guidelines to Support Sovereign Risk Financing and Transfer
The Geneva Association, the leading international think tank of the insurance industry, has published in collaboration with the Insurance Development Forum (IDF) the paper Guidelines for Risk Assessment to Support Sovereign Risk Financing and Risk Transfer, which provide governments with a framework for conducting the risk assessment underpinning national risk transfer programmes.
Such programmes rely on an accurate understanding of the risk context, including the potential impact of hazards (natural or man-made) on the population, infrastructure and economy. In order to adequately quantify it, governments should partner with multiple stakeholders including the insurance industry, risk modelling experts and data providers. Through public-private partnerships, governments can benefit from the insurance industry’s holistic risk management expertise.
Dr Maryam Golnaraghi, Director of the Extreme Events and Climate Risk research programme of The Geneva Association, said: “There is growing evidence that countries with widespread market-based disaster insurance coverage do recover faster from the financial impacts of extreme events. While the benefits of risk transfer tools such as insurance are increasingly recognised globally, there is still a large and in some places growing protection gap, indicating that the opportunities and benefits of risk transfer mechanisms are not harnessed to their full potential. This guideline, which will be distributed by the UN to national governments, is a step towards addressing such gap.”
Stephen Catlin, IDF Chairman, commented: “Extreme events often have devastating effects, particularly in low-income countries, hindering economic development and poverty reduction efforts. The insurance sector is fully committed to working with governments, civil society and international institutions to build greater resilience and protection for people and communities that are increasingly vulnerable to natural disasters and their associated economic impacts.”
The Guidelines for Risk Assessment to Support Sovereign Risk Financing and Risk Transfer paper has been developed in response to a request from the United Nations Office for Disaster Risk Reduction (UNISDR) and is part of the document Words into Action Guidelines: National Disaster Risk Assessment–Governance System, Methodologies, and Use of Results.
The paper supports the adoption of the Sendai Framework for Disaster Risk Reduction 2015-2030, the 2030 Agenda for Sustainable Development, and the Paris Agreement. These three UN-backed initiatives have promoted the need for a comprehensive approach to managing extreme events and climate change risk, spanning across economic sectors and levels of government.
The Geneva Association
Director of Communications
+41 44 200 4906
+41 44 200 49 96
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme tältä julkaisijalta, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Global Game Exhibition 'G-STAR 2017' Ends with a Big Finale14.12.2017 03:00 | Tiedote
The global game exhibition ‘G-STAR 2017’ had attendees in 2,857 booths from 676 companies in 35 countries and was the largest ever held in history; amidst an enthusiastic response from industries and attendees it ended with a big finale. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171213005402/en/ G-STAR 2017 Public Area (Photo: Business Wire) ‘G-STAR 2017’ was hosted by the Korea Gaming Industry Association (K-GAMES) and managed by the G-STAR Organizing Committee and the Busan IT Industry Promotion Agency. It was held for four days from November 16 (Thursday) through November 19 (Sunday) at the Busan BEXCO. This was the 13th year for ‘G-STAR’, and it opened its doors to attendees with a variety of contents in an area approximately 55,300 square meters in size which included Exhib
IFF Declares Dividend for Fourth Quarter 201714.12.2017 00:15 | Tiedote
Regulatory News: International Flavors & Fragrances Inc. (NYSE: IFF) (Euronext Paris: IFF), a leading innovator of sensory experiences that move the world, announced that its Board of Directors has declared a regular quarterly cash dividend of $0.69 per share of the Company’s common stock, payable on January 8, 2018 to shareholders of record as of December 29, 2017. Meet IFF International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF) is a leading innovator of sensorial experiences that move the world. At the heart of our company, we are fueled by a sense of discovery, constantly asking “what if?”. That passion for exploration drives us to co-create unique products that consumers taste, smell, or feel in fine fragrances and beauty, detergents and household goods, as well as beloved foods and beverages. Our 7,400 team members globally take a
Limelight Networks Enhances DDoS Security Services with Faster Mitigation of Malicious Website Attacks13.12.2017 22:18 | Tiedote
Limelight Networks, Inc. (Nasdaq: LLNW), a global leader in digital content delivery, today introduced new capabilities to its DDoS Attack Interceptor Service that provide high-capacity on-network scrubbing and a scalable range of protection measures for web infrastructure, with the ability to easily increase protection as security requirements change. Protecting websites from online attacks and cyber threats is one of the most pressing security challenges today. For example, data from Limelight’s State of Cybersecurity Report: SE Asia shows consumers are very concerned about the security of ecommerce sites, with 72 percent saying they have a negative opinion of a brand after hearing that it has suffered a cyberattack. In addition, 51 percent of online websites feel they are vulnerable to attacks that could have significant financial and b
Interactive Brokers Now Allowing Short Positions in Bitcoin Futures13.12.2017 20:15 | Tiedote
Interactive Brokers Group, Inc. (NASDAQ GS: IBKR), a global electronic brokerage firm, will now accept orders for short sales of Cboe Futures Exchange (CFE) Bitcoin futures that began trading on the IBKR platform on Sunday, December 10, 2017. Interactive Brokers requires margin of $40,000 per contract for short sales in CFE Bitcoin futures. Margin on long positions of CFE Bitcoin futures is currently $9,000. “The introduction of short sales was necessitated by the large premium of the January futures contract over the price at which Bitcoin trades on the physical venues,” said Interactive Brokers founder, Chairman and CEO Thomas Peterffy. Interactive Brokers requires customers who wish to trade Bitcoin futures to execute a special agreement acknowledging the risk inherent in the contract. Current and new clients can learn more about trading Bitcoin futures with IBKR a
Sunny Optics Officially Licenses ImmerVision Panomorph Lens Technology for Global Production13.12.2017 15:47 | Tiedote
ImmerVision, developer of exclusive and patented panomorph wide-angle imaging technology, is proud to announce that Sunny Optics (Zhongshan) Co., a subsidiary of Sunny Optical Technology (Group) Co. Ltd., a leading manufacturer of integrated optical components and products, has licensed panomorph lens technology for global production, and will deliver its first small form-factor panomorph high-resolution super-wide-angle lenses for smartphones and mobile devices in Q1 2018. Panomorph lens technology combines state-of-the-art optical design and advanced, optimized algorithms, including low-power dewarping, to produce high-resolution super-wide-angle images without distortion, even in low light conditions. Sunny Optical is the largest Chinese lens supplier for the most popular smartphone brands and OEM applications such as sports cameras, surveillance, 360 image capture, autom
Synacor Launches Enhancements to Zimbra Communications and Collaboration Suite13.12.2017 15:30 | Tiedote
Synacor Inc. (NASDAQ:SYNC) today announced the commercial launch of Zimbra 8.8. The easy-to-use collaboration platform comes with new user experience features such as Zimbra Drive for enterprise-level file sync and sharing and Zimbra Chat. The Network Edition features tech stack enhancements including real-time backup, ActiveSync across mobile and desktop, hierarchical storage management (HSM) that enables customers to move archival data to less expensive storage solutions, and improved delegated admin functionality. “Zimbra 8.8 is an exciting update for end users and technical decision makers,” said Marcus Teo, Vice President, Enterprise Sales & Marketing, Synacor. “Customers look to Zimbra for security, privacy and transparency through open code, extensibility, accessibility on multiple devices and deployment flexibility. This update builds on these tenets and incorporates enhancemen
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme