The Regional Risk Transfer Initiative: Is Afro Asian Link Possible? Mihir R. Bhatt Honorary Director All India Disaster Mitigation Institute 411, Sakar Five, Near Natraj Cinema Ashram Road, Ahmedabad - 380 009, India Tel: 0091-79-26583607/26586234, Fax: 0091-79-26582962
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The Regional Risk Transfer Initiative: Is Afro Asian Link Possible?
Mihir R. Bhatt
All India Disaster Mitigation Institute
411, Sakar Five, Near Natraj Cinema
Ashram Road, Ahmedabad - 380 009, India
Tel: 0091-79-26583607/26586234, Fax: 0091-79-26582962
E-mail: firstname.lastname@example.org, Website: http://www.southasiadisasters.net
ALNAP Biannual Meeting, Nairobi, June 13-15, 2006
A Sad Reality
The poor face disasters on a day-to-day basis. Afat Vimo covers risks that have impact on a small and large scale.
4. Studies including the Gujarat Community Survey of 2002 by AIDMI and the ProVention Consortium revealed that access to risk transfer is correlated with sustainable economic recovery among victims.
5. How different is Africa’s risk and recovery reality?
4. Assuming that the impact of natural disasters remains so high, and many estimates expect them to increase, how will India be able to cope?
5. Do we even have such risk and recovery data on Africa?
4. Recovery is not perceived as an opportunity to promote structural changes in development planning and governance.
5.Recovery is viewed as a separate humanitarian agenda and not perceived as an integral part of development.
6.Investments in relief often neglect recovery needs or the investments are far too small.
Client is ready.
“Victims” manage the majority of disaster recovery themselves. Microinsurance can help accelerate their efforts.
Tsunami recovery is a huge opportunity to transfer financial risks of the poor. Following a major disaster like the 2004 tsunami, people understand the value of insuring their assets.
Are we Funding Losses?
Financial losses to disasters in Asia have significantly less coverage than losses experienced in America and Europe.
4.To date, 41 claims have been made to insurance companies. To date, 23 of these claims have been successfully settled, giving a combined payout of US$ 5635.
5.Of the claims that have been made, 10 have been made for life loss, eleven have been for personal accident (some resulting in fatality, others causing loss of earnings), two for house fires, and 18 for damage to property and contents as a result of monsoon flooding.
5.Relief as risk reduction investment is possible. But needs models and experimentation.
6.It is a great struggle to do such projects as pilot, even more difficult to upscale action and advocacy with government and international bi-lateral institutions.