Regional insurance plan against natural events

Magazine Issue:

Growth drivers [3]

Magazine date:

Feb 2013

A pilot regional insurance plan involving, at first, the Marshall Islands, Samoa, Solomon Islands, Tonga and Vanuatu will be tested. Launched in mid-January 2013, this scheme is designed to provide rapidly mobilisable financial assistance to nations hit by devastating natural catastrophes.

Used with permission from Microsoft (modified picture)

Eight countries of Oceania are listed among the 20 states having sustained natural events whose losses are very important in relation to their GDP. This project brings together the World Bank, the General Secretariat of the Pacific Community, the Asian Development Bank and the European Community. Private insurers have also joined this initiative by providing guarantees at rates which are deemed to be attractive.