Guy Carpenter (GC)
Guy Carpenter’s recently released report on the public sector response to climate change, Protecting our Planet and the Public Purse, looks beyond the United States’ approach to natural catastrophe risk mitigation and investigates the measures taken by countries in Latin America and Asia.
The Fund for Natural Disasters (FONDEN) in Mexico
Mexico has been a pioneer in exploring innovative ways to transfer a portion of its natural catastrophe risk to private investors. More than 20 years ago, the Mexican government created The Fund for Natural Disasters, called FONDEN, which was designed to take a proactive approach to support disaster relief and, importantly, reconstruction and to act as a buffer against multiple losses that occurred in the 1990s.
Southeast Asia Disaster Risk Insurance Facility (SEADRIF)
SEADRIF is the first regional facility in the Association of Southeast Asian Nations (ASEAN) to address disaster risk financing in a comprehensive manner from risk identification, reduction and preparedness to insurance and resilient recovery.
The Philippines Catastrophe Bond for Earthquake and Typhoon
The Philippines is frequently impacted by tropical cyclones and earthquakes, which are expected to incur losses of more than USD 3 billion per year to public and private assets. In order to maintain fiscal health and to reduce the impact of natural disaster shocks on the most vulnerable, the Philippine government has developed a comprehensive disaster risk financing and insurance strategy.