Countries seek new ways to cover cost of catastrophes
Source(s):
Thomson Reuters
"The traditional response model of aid isn't working - disaster risk reduction models are more sustainable development models. Governments are re-analysing their positions as aid is not going as far as they need it to go," David Simmons, MD of Analytics at WRN, part of reinsurance broker Willis Re, told Reuters, in a report highlighting how governments are looking for ways to pay for the rising cost of disasters.
"We have seen a major increase over the last five-six years from developing countries looking for disaster risk management and risk financing," said Olivier Mahul, co-ordinator of the disaster risk financing and insurance programme at the World Bank.