Initial Market Assessment

World Bank

Initial Market Assessment

Autores

Descripción

Responding appropriately to the country’s high exposure and vulnerability to natural disasters, and capitalizing on a well-functioning insurance industry, Vietnam has embraced insurance mechanisms in disaster risk management and agriculture more vigorously than most developing countries. But some initiatives like the disaster risk reduction (DRR) strategy’s mandate to implement disaster risk insurance are yet to be conceived, while others such as the agriculture insurance scheme have been launched but experienced unsustainable outcomes and need strengthening. Technical assistance to guide this process can have substantial impact, and could include the consolidation of available risk modeling and hazard maps and closing major gaps these may have. Appropriate insurance of public assets will further strengthen the property insurance sector and justify investment in risk models and underwriting expertise that will subsequently be available for businesses and households. A public private partnership pursuing flood insurance for the urban poor in collaboration with existing community-based Disaster Risk Management programs could capitalize on the nascent micro-insurance market and further strengthen inclusive insurance. Vietnam has strong appetite for agriculture and catastrophe property insurance, and the governance structure as well as insurance industry to secure the desired impact of investments. Better incorporating agriculture and catastrophe property insurance principles in social safety net programs could increase the protection of larger populations.

Palabras clave

FLOODING, DISASTER ASSISTANCE, CATASTROPHIC EVENTS, CONTINGENT LIABILITIES, RISKS, CATASTROPHIC LOSSES, RESCUE, LIABILITY, EQUIPMENT, ACCOUNTING, STORM, DISASTER RECOVERY, EARLY WARNING, GROUPS OF BORROWERS, UNITED STATES AGENCY FOR INTERNATIONAL DEVELOPMENT, RISK REDUCTION, FINANCIAL MANAGEMENT, INTEREST, LIFE INSURANCE, STORMS, LOCAL GOVERNMENTS, INSURER, LIQUIDITY, DOMESTIC MARKET, DEVELOPING COUNTRIES, REPAYMENTS, INSURANCE POLICIES, BONDS, RECOVERY OPERATIONS, LOAN, CAPACITY BUILDING, DISASTER, BORROWERS, PRIVATE INSURANCE, DAMAGES, PUBLIC ASSETS, EMERGENCY RELIEF, MARKET INFRASTRUCTURE, DISASTER PREVENTION, TREATIES, RESERVE, LIFE INSURANCE POLICIES, EARTHQUAKES, INSTRUMENTS, INSURANCE MARKET, DISPUTE RESOLUTION, TSUNAMIS, DISASTER EMERGENCY, BUDGET, ACCIDENT, DISASTER RELIEF, REINSURERS, RELIEF, LEGISLATIVE FRAMEWORK, NATURAL DISASTER, DISASTER RESPONSE, INSURANCE MARKETS, WIND STORM, FLOODS, OPTIONS, NATURAL HAZARD, NATURAL DISASTERS, MARKETS, DOCUMENTS, LOCAL GOVERNMENT, INTERNATIONAL DEVELOPMENT, LOAN REPAYMENTS, TYPHOON, DISASTERS, INSURERS, EMERGENCY RESPONSE, FIRE, LOANS, FARMERS, LANDSLIDES, FAMINE, FINANCE, PUBLIC INVESTMENT, CONTINGENT LIABILITY, EXPENDITURE, FLOOD INSURANCE, TECHNOLOGY, REINSURANCE, EQUITY, TRANSACTION, DAMAGE ASSESSMENT, DISASTER RECONSTRUCTION, EMERGENCY, DISASTER REDUCTION, RELIEF ACTIVITIES, DISASTER RISK, CLIMATE CHANGE, DROUGHT, FIRES, TENTS, FUTURE, BANK, LOCAL MARKET, DISASTER PRONE COUNTRIES, BUDGETS, RESERVE FUNDS, AGRICULTURAL INSURANCE, MICROINSURANCE, EXCHANGES, SAFETY NET, CATASTROPHE BONDS, DAMAGE, EXPENDITURES, PROPERTY, NATURAL CATASTROPHE, INSURANCE INDUSTRY, TROPICAL STORMS, DISASTER INSURANCE, DISASTER PREPAREDNESS, INSTITUTIONAL CAPACITY, DISASTER MANAGEMENT, MARKET, FLOOD, CREDIT GUARANTEE, HOLDINGS, INSURANCE, ECONOMIC DEVELOPMENT, MARKET SHARE, SECURITY, INTERNATIONAL MARKET, INVESTMENT, RISK, SHARE, ACCIDENTS, TREATY, DISASTER RISKS, PHYSICAL DAMAGE, DISASTER RISK REDUCTION, INSTITUTIONAL DEVELOPMENT, FOREST FIRES, REVENUE, INVESTMENTS, RISK MANAGEMENT, INSURANCE COMPANIES, GOVERNMENT INVESTMENT, MEDICINES, CAPITAL INVESTMENT, LIABILITIES, SAFETY, INSURANCE PENETRATION, NATURAL HAZARDS, TYPHOONS, DAMAGE ASSESSMENTS, GUARANTEE, DEVELOPMENT BANK, RECONSTRUCTION, BLANKETS, RISK ANALYSIS