Disaster Property Insurance in Uzbekistan : Overview and Recommendations
This report was prepared at the request of the ministry of finance (MoF) and ministry of emergency situations of Uzbekistan as of February 2019. It aims to provide a detailed overview of the current status of disaster insurance for residential prop...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2020
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| Online Access: | http://documents.worldbank.org/curated/en/617231591599422910/Disaster-Property-Insurance-in-Uzbekistan-Overview-and-Recommendations http://hdl.handle.net/10986/33885 |
| Summary: | This report was prepared at the request
of the ministry of finance (MoF) and ministry of emergency
situations of Uzbekistan as of February 2019. It aims to
provide a detailed overview of the current status of
disaster insurance for residential property in the country,
identify gaps, and provide recommendations for a way
forward. Uzbekistan is prone to many natural disasters that
have a devastating potential for the economy and the
population. It is widely recognized that disaster insurance
can reduce the fiscal impact of natural disasters as well as
their adverse economic impact on the population; and lead to
a faster post-disaster recovery. Disaster insurance in
Uzbekistan is offered by the private insurers. The
Government of Uzbekistan (GoU) can consider the following
actions to further strengthen disaster insurance: (i)
establish a centralized disaster insurance national pool in
the form of a public-private partnership; (ii) improve
regulatory framework for disaster insurance; (iii)
strengthen the insurance supervision of the disaster
insurance market and introduce adequate reporting of
catastrophe risk accumulations retained by insurance
companies; and (iv) invest in better risk information
systems. The report is structured in three main parts. The
first part provides an overview of Uzbekistan disaster
profile and buildings’ seismic vulnerability based on a risk
assessment performed for the Kyrgyz Republic. The second
part provides an overview of the local insurance market,
disaster insurance line of business, and analyzes the
current gaps in coverage and regulation. The third part
reviews four examples of disaster insurance programs from
the Kyrgyz Republic, Romania, Turkey, and New Zealand. |
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