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D EVELOPING RISK POOLING MECHANISMS

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4. I NTERNATIONAL R ISK P OOLING M ECHANISMS

4.4.   D EVELOPING RISK POOLING MECHANISMS

Intergovernmental disaster risk pooling mechanisms, in which small island countries or developing countries participate, can be efficient in providing financing for relief to poor and vulnerable populations after a disaster. Provided that the funds are well managed, payouts can be available quickly and the government can use them in a timely manner to prevent extreme economic and human consequences. Such an agreement can work especially well in strengthening the resilience of a group of small countries with high disaster exposure. The World Bank (2012) monitored the use of funds granted to the CCRIF and subsequently to the policy holder nations in the aftermath of disasters that triggered payouts. The report found that the funds had been used in operations targeting vulnerable populations allowing critical government functionalities to run.

While there are positive impacts of risk pooling mechanisms, Asia and the Pacific is still at an early stage of development, and countries further need to increase knowledge on what can expect from the international risk pooling agreements. The Pacific DRFIP, for example, suffered a setback in 2014 when the Solomon Islands decided to withdraw from the facility as the country suffered two disaster events that did not trigger payouts.

This suggests that some of the terms listed in the agreement may not be satisfactory for all member countries. There is a need to review the terms of the pooling agreements, including trigger levels and payment amounts. On the flip side, member countries need to understand the long-term benefits and costs on a risk pooling mechanism.

The current risk pooling mechanisms in Asia and the Pacific can learn from experiences from outside the region, such as the CCRIF. The CCRIF owes its success, to a large extent, to the cooperation of financial institutions across many countries including Japan, Canada, United Kingdom and France, plus international organizations such as the World Bank. Future developments of pooled funds in Asia and the Pacific should involve the engagement of funding institutions across the globe. Risk pooling mechanisms in Asia and the Pacific can involve the participation of international organizations such as the UNESCAP to create a platform for discussion on the agreed terms and conditions.

Moreover, risk pooling mechanisms in Asia and the Pacific can consider innovative financing tools in their portfolio. The CCRIF is looking at catastrophe bonds and collateralized reinsurance as part of its risk transfer toolkit, based on the recognition that

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the pool currently has too much reliance on traditional reinsurance markets. The inclusion of a wider variety of financial instruments can help lower risk through utilizing the unique advantages of each product. Over the years, the CCRIF has attracted participation of many institutional investors to become more involved in the capital markets, such as developing CAT bonds and collateralized insurance schemes.20 Asia and the Pacific risk pooling initiatives can learn from this experience. At the moment both risk pooling mechanisms for DRR and CAT-linked securities are at early stages of development, and there are many opportunities in utilizing them together for building resilience to natural disasters.

20https://unfccc.int/files/cooperation_and_support/financial_mechanism/standing_committee/application/pdf/s4_is sac_presentation_for_unfccc_scf_june_2014.pdf.

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ESCAP is the regional development arm of the United Nations and serves as the main economic and social development centre for the United Nations in Asia and the Pacific. Its mandate is to foster cooperation between its 53 members and 9 associate members. ESCAP provides the strategic link between global and country-level programmes and issues. It supports Government of countries in the region in consolidation regional positions and advocates regional approaches to meeting the region’s unique socio-economic challenges in a globalizing world. The ESCAP office is located in Bangkok, Thailand.

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문서에서 Discussion Paper (페이지 28-38)