Strategic Framework for the Financial Management of Disaster Risk
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Washington, DC
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Disasters associated with the impact of
natural hazards have had adverse social and fiscal effects
on Panama over time, and the Government of Panama (GoP) is
therefore committed to strengthening the financial
management of disaster risks. Actions taken by the GoP in
financial management of disaster risk are consistent with
law 34 of June 5, 2008, the law on social fiscal
responsibility. This law aims to establish norms,
principles, and methodologies for consolidating fiscal
discipline in national financial management of the public
sector, a necessary condition for continuous and sustainable
economic growth. The strategic framework was developed with
the support of regional and international entities. The
document incorporates a number of important lessons learned
from international experience: (i) include disaster risks as
part of an integrated framework of fiscal risk management;
(ii) ensure that governments have access to immediate funds
following a disaster; (iii) consider the creation of a
national disaster fund; and (iv) reduce the
government's contingent liabilities against disasters
associated with the impact of natural hazards by insuring
critical public assets and promoting the private insurance
market for catastrophic risks and agricultural insurance.
The strategic framework has the following five strategic
pillars: (i) identification, quantification, and
understanding of fiscal risk due to disasters; (ii)
incorporation of disaster risk analysis in the planning of
public investment; (iii) formulation of components for
developing and implementing risk retention and transfer
instruments; (iv) development of the domestic insurance
market; and (v) strengthening of the state directorate of
investment, concessions, and risks (DICRE) so it can fulfill
its role in designing and implementing financial protection strategies.
Palabras clave
AGRICULTURAL INSURANCE, BONDS, CATASTROPHIC INSURANCE, CLIMATE CHANGE, COINSURANCE, CONSUMERS, CONTINGENT LIABILITIES, COVERAGE, CREDIT FACILITIES, DISASTER, DISASTER REDUCTION, DISASTER RISK, DISASTER RISK REDUCTION, DISASTER RISKS, DISASTER SITUATIONS, DISASTERS, DROUGHT, DROUGHTS, EARTHQUAKE, EARTHQUAKES, EMERGENCY PLAN, EXISTING CONDITIONS, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL MANAGEMENT, FINANCIAL RISK, FLOODS, FOREST FIRES, HAILSTORMS, HEAVY RAINFALL, HURRICANE, INFORMATION SYSTEMS, INSURABLE RISKS, INSURANCE, INSURANCE PRODUCTS, INSURANCE RISK, LANDSLIDE, LANDSLIDES, MICROINSURANCE, MITIGATION, NATIONAL EMERGENCY, NATURAL DISASTERS, NATURAL HAZARDS, PROGRAMS, RECONSTRUCTION, REINSURANCE, REINSURANCE MARKETS, RELIEF, RESIDUAL RISK, RISK ANALYSIS, RISK ASSESSMENT, RISK INSURANCE, RISK MANAGEMENT, RISK MANAGEMENT SYSTEM, RISK TRANSFER, SAVINGS, SOCIAL DEVELOPMENT, SOCIAL INCLUSION, SOLVENCY, STORMS, SUSTAINABILITY, TSUNAMI, TSUNAMIS