Initial Market Assessment
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Washington, DC
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Senegal is implementing a Disaster Risk
Management (DRM) framework and has established a public
private agriculture insurance company. Rules,
responsibilities and operational procedures need
clarification, ideally guided by the findings of a fiscal
disaster risk assessment. Insurance mechanisms are not
considered in (sovereign) catastrophe risk transfer so far.
Additional investment in and guidance with data market
infrastructure would be necessary for sovereign DRM but
would also benefit the spread of catastrophe property
insurance for households, businesses and even low income
populations who are beginning to see flood micro-insurance.
With the public private agriculture insurance company,
Senegal has a unique partner for rural outreach that could
go beyond agriculture insurance. But the company would
require technical support to achieve sustainability and find
its role in the social protection framework. There is a
unique window of opportunity for micro-insurance in Senegal
as specific regulation is being implemented. This has
generated momentum that can significantly grow the outreach
of insurance but calls for technical and financial support.
The most immediate opportunities for promising multi
stakeholder interventions in Senegal are in agriculture
insurance, where various initiatives have begun specifying
the potential. Credit linked property micro-insurance
against floods could be explored.
Palabras clave
FLOODING, EMERGENCY PLAN, CATASTROPHIC RISKS, INCOME HOUSEHOLDS, EARLY WARNING SYSTEMS, CATASTROPHIC EVENTS, RISKS, RESCUE, ECONOMIC GROWTH, INSURANCE SUPERVISORS, STORM, EARLY WARNING, MARKET DISTORTIONS, RISK REDUCTION, PROPERTY INSURANCE, INCOME, INTEREST, LIFE INSURANCE, LAWS, SUSTAINABILITY, PROGRAMS, INFORMATION, WELFARE, FLOOD MANAGEMENT, INSURANCE SOLUTIONS, INCENTIVES, DISASTER, MODELS, DAMAGES, PRICE, DISASTER PREVENTION, HEAVY RAINFALL, SUPPLY SIDE, EARTHQUAKES, INSURANCE MARKET, INSURANCE COMPANY, ACCIDENT, CATASTROPHE INSURANCE, DISASTER RELIEF, CROP INSURANCE, REINSURERS, SAVINGS, CATASTROPHE REINSURANCE, RELIEF, NATURAL DISASTER, DISASTER MITIGATION, DISASTER RESPONSE, INSURANCE MARKETS, INSURANCE PRODUCT, FLOODS, INSURANCE REGULATIONS, STORM SURGES, FLOODED, NATURAL HAZARD, MONETARY FUND, NATURAL DISASTERS, MARKETS, EARNED PREMIUM, RATES, DISASTERS, INSURERS, EMERGENCY RESPONSE, FIRE, IMPORTS, FARMERS, RESERVES, VOLCANOES, FINANCE, BROKERS, CLIMATE VARIABILITY, REINSURANCE, MORTALITY RISK, DROUGHTS, REGULATIONS, EMERGENCY, MOTOR INSURANCE, FOOD SECURITY, DISASTER REDUCTION, MICRO- INSURANCE, DISASTER RISK, CLIMATE CHANGE, DROUGHT, NON-LIFE INSURANCE, INSURANCE PRODUCTS, VALUE, LOSSES, BANK, INSURANCE LAW, EXTREME EVENTS, CREDIT, DISASTER RISK FINANCING, AGRICULTURAL INSURANCE, CLIMATE, DEMAND, MICROINSURANCE, SLUM, CLAIMS, ANNUAL COST, DAMAGE, INSURANCE INDUSTRY, DISASTER PREPAREDNESS, MICRO-INSURANCE, MARKET, FLOOD, REGULATION, RISK TRANSFER, POLICY, INSURANCE, LOSS, CIVIL DEFENSE, RISK INSURANCE, RISK, COMMISSIONS, MITIGATION, WARNING SYSTEMS, BUILDING CODES, DISASTER RISKS, SUPPLY, RISK TAKING, INSURANCE MECHANISMS, DISASTER RISK REDUCTION, EXTERNAL SHOCKS, RELIEF ORGANIZATION, LAW, FINANCIAL SUPPORT, INVESTMENTS, RISK MANAGEMENT, INSURANCE COMPANIES, CASUALTY, SAFETY, COVERAGE, LAND MANAGEMENT, NATURAL HAZARDS, RISK ASSESSMENT, BENEFITS, REINSURER, RISK ANALYSIS