Insurance against Climate Change : Financial Disaster Risk Management and Insurance Options for Climate Change Adaptation in Bulgaria
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Washington, DC
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Bulgaria is exposed to nearly all types
of climate extremes, including floods, droughts, and others,
as well as earthquakes. The combination of insurance
products, early warning systems, information campaigns,
infrastructure adaptation measures, and strict regulations
can be very useful in tackling the negative climate change
impacts. This note provides an overview of the insurance
sector s contribution to climate change - related risk
prevention and highlights some of Bulgaria s ongoing
disaster risk management (DRM) efforts. The note aims to
raise awareness and emphasize the role that financial
disaster risk management (FDRM), including insurance, can
have in climate change adaptation. Based on a desk review
and preliminary in-country stakeholder consultations, the
note s findings are meant to motivate new thinking and serve
as an engagement tool for ongoing in-country discussions, as
well to help identify analytical work to be carried out in
the future. Based on the preliminary review of Bulgaria s
specific context, several ideas are being put forward to be
further explored in the ongoing discussions toward creating
FDRM products to address the major natural disasters (in
particular, floods, droughts, and earthquakes) and improving
adaptation to climate change. Potential areas of analysis
that can be further explored and, as such, plant a seed for
future action can focus on promoting risk prevention and
deploying insurance instruments, including issues around
traditional risk management, technology innovation,
compulsory disaster insurance, forecast insurance, and
disaster insurance pools. The analysis which will assess the
extent of vulnerability of the subjects covered by existing
insurance products, can subsequently lead to the decisions
on priority insurance products to be introduced in the future.
Palabras clave
ACCESS TO INFORMATION, ACCIDENT, ACCIDENTS, AGRICULTURAL INSURANCE, AUDITORS, AUTOMOBILE INSURANCE, BANKRUPTCY, BANKS, BASIS RISK, BUDGETARY FRAMEWORK, BUILDING CODES, CASUALTY, CASUALTY INSURANCE, CATASTROPHE INSURANCE, CATASTROPHES, CATASTROPHIC EVENTS, CATASTROPHIC INSURANCE, CATASTROPHIC INSURANCE POOL, CATASTROPHIC LOSSES, CATASTROPHIC RISKS, CENTRAL GOVERNMENT, CLIMATE, CLIMATE CHANGE, CLIMATE CHANGE ADAPTATION STRATEGY, CLIMATE CHANGE IMPACTS, CLIMATE CHANGE ISSUES, CLIMATE CHANGE MITIGATION, CLIMATE CHANGE SCENARIOS, CLIMATE CHANGE VULNERABILITY, CLIMATE EXTREMES, CLIMATE SCIENCE, COINSURANCE, COLLAPSED BRIDGES, COMPETITIVENESS, COMPULSORY INSURANCE, CONSUMERS, CONTINGENT LIABILITIES, CONTINGENT LIABILITY, DAMAGES, DISASTER, DISASTER ACTIVITIES, DISASTER ASSISTANCE, DISASTER COMPENSATION, DISASTER EVENTS, DISASTER FINANCING, DISASTER INSURANCE, DISASTER MANAGEMENT, DISASTER PREPAREDNESS, DISASTER RECONSTRUCTION, DISASTER RESPONSE, DISASTER RISK, DISASTER RISK FINANCING, DISASTER RISK REDUCTION, DISASTER RISKS, DROUGHT, DROUGHTS, EARLY WARNING, EARLY WARNING SYSTEMS, EARTHQUAKE, EARTHQUAKES, ECONOMIC DEVELOPMENT, ECONOMIC IMPACTS, ECONOMIC SECTORS, ELECTRICITY PRODUCTION, EMERGENCIES, EMERGENCY RESPONSE, EMERGENCY SITUATIONS, EMISSIONS, ENERGY CONSUMPTION, ENERGY EFFICIENCY, ENERGY USE, ENVIRONMENTAL PROTECTION, EQUIPMENT, EXPENDITURE, EXTREME CLIMATE CHANGE, EXTREME EVENTS, EXTREME TEMPERATURES, EXTREME WEATHER, FARMERS, FEASIBILITY, FINANCIAL CAPACITY, FINANCIAL CONSEQUENCES, FINANCIAL CONSTRAINTS, FINANCIAL DECISIONS, FINANCIAL INSTRUMENTS, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL SUPERVISION, FINANCIAL SUPPORT, FIRE, FIRE INSURANCE, FISCAL DEFICITS, FLOOD, FLOOD DAMAGES, FLOOD MANAGEMENT, FLOOD PROTECTION, FLOODING, FLOODS, FOREIGN INVESTORS, FOREST FIRES, FORESTRY SECTOR, FREQUENCY OF CLIMATE EXTREMES, GENERAL INSURANCE, GOVERNMENT BUDGET, GOVERNMENT EXPENDITURES, GOVERNMENT POLICIES, HEALTH INSURANCE, HURRICANE, HURRICANE WINDS, IMPACT OF DISASTERS, IMPACTS OF CLIMATE CHANGE, INCOME, INDEMNITY, INDEMNITY INSURANCE, INFORMATION SYSTEMS, INFRASTRUCTURE INVESTMENT, INSPECTIONS, INSTITUTIONAL INVESTORS, INSTRUMENT, INSURANCE, INSURANCE BROKERS, INSURANCE CLAIMS, INSURANCE COMPANIES, INSURANCE COMPANY, INSURANCE COVERAGE, INSURANCE CULTURE, INSURANCE INDUSTRY, INSURANCE INSTRUMENTS, INSURANCE MARKET, INSURANCE MARKETS, INSURANCE MECHANISMS, INSURANCE OPTIONS, INSURANCE PAYOUT, INSURANCE PENETRATION, INSURANCE POLICIES, INSURANCE POOLS, INSURANCE PREMIUM, INSURANCE PREMIUMS, INSURANCE PRODUCT, INSURANCE PRODUCTS, INSURANCE SCHEMES, INSURANCE SECTOR, INSURANCE SYSTEM, INSURED LOSSES, INSURERS, INTERNATIONAL STRATEGY FOR DISASTER REDUCTION, INVESTMENT FUNDS, LANDSLIDES, LAWS, LEGAL FRAMEWORK, LIFE INSURANCE, LIFE INSURANCE COMPANIES, LIGHTING, LOCAL GOVERNMENTS, MARKET ECONOMY, MARKET PENETRATION, MITIGATION MEASURES, MORAL HAZARD, MORAL HAZARDS, MOTOR INSURANCE, NATURAL DISASTER, NATURAL DISASTER INSURANCE, NATURAL DISASTERS, NATURAL HAZARDS, NON-LIFE INSURANCE, NOTARIES, NUCLEAR POWER, OUTBREAK, PENSION, PENSION FUNDS, PER CAPITA INCOME, PHYSICAL ASSETS, POLICY MAKERS, POLICYHOLDERS, PORTFOLIOS, PRIVATE INSURANCE, PRIVATE INSURANCE COMPANIES, PRIVATE REINSURANCE, PRODUCT LIABILITY, PROGRAMS, PROPERTY INSURANCE, PUBLIC ASSETS, PUBLIC SPENDING, RATES, REAL ESTATE, REGULATORY FRAMEWORK, REINSURANCE, REINSURANCE COMPANIES, REINSURANCE MARKETS, REINSURANCE PREMIUMS, REINSURER, REINSURERS, RESERVE, RESERVES, RISK ASSESSMENT, RISK EXPOSURE, RISK MANAGEMENT, RISK MANAGEMENT STRATEGIES, RISK MANAGERS, RISK MITIGATION, RISK POOLING, RISK PROFILE, RISK PROFILES, RISK REDUCTION, RISK SHARING, RISK TRANSFER, SAFETY, SET ASIDE, SOLVENCY, STORMS, TAX, TECTONIC PLATES, TOTAL COST, UNDERWRITING, VICTIMS, WEATHER EVENTS, WIND SPEED