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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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 |
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okr-10986-338852021-06-14T10:00:53Z Disaster Property Insurance in Uzbekistan : Overview and Recommendations World Bank INSURANCE CATASTROPHE INSURANCE CATASTROPHE BOND DISASTER RISK MANAGEMENT NATURAL DISASTER RESIDENTIAL PROPERTY EARTHQUAKE 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. 2020-06-11T18:47:52Z 2020-06-11T18:47:52Z 2020-01 Report http://documents.worldbank.org/curated/en/617231591599422910/Disaster-Property-Insurance-in-Uzbekistan-Overview-and-Recommendations http://hdl.handle.net/10986/33885 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Other Financial Sector Study Europe and Central Asia Uzbekistan |
| repository_type |
Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
INSURANCE CATASTROPHE INSURANCE CATASTROPHE BOND DISASTER RISK MANAGEMENT NATURAL DISASTER RESIDENTIAL PROPERTY EARTHQUAKE |
| spellingShingle |
INSURANCE CATASTROPHE INSURANCE CATASTROPHE BOND DISASTER RISK MANAGEMENT NATURAL DISASTER RESIDENTIAL PROPERTY EARTHQUAKE World Bank Disaster Property Insurance in Uzbekistan : Overview and Recommendations |
| geographic_facet |
Europe and Central Asia Uzbekistan |
| description |
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. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Disaster Property Insurance in Uzbekistan : Overview and Recommendations |
| title_short |
Disaster Property Insurance in Uzbekistan : Overview and Recommendations |
| title_full |
Disaster Property Insurance in Uzbekistan : Overview and Recommendations |
| title_fullStr |
Disaster Property Insurance in Uzbekistan : Overview and Recommendations |
| title_full_unstemmed |
Disaster Property Insurance in Uzbekistan : Overview and Recommendations |
| title_sort |
disaster property insurance in uzbekistan : overview and recommendations |
| publisher |
World Bank, Washington, DC |
| publishDate |
2020 |
| url |
http://documents.worldbank.org/curated/en/617231591599422910/Disaster-Property-Insurance-in-Uzbekistan-Overview-and-Recommendations http://hdl.handle.net/10986/33885 |
| _version_ |
1764479753519104000 |