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Project Rationale and Linkage to Country/Regional Strategy |
The Pacific island countries regularly suffer the impacts of natural hazards, including hurricanes, earthquakes, tsunami, and floods. The region has recognized the need to be better placed to respond to the impacts of these events, and adaptation measures are steadily being incorporated in national plans and development schemes with the support of development partners. One gap in mechanisms to cope with natural disasters is the availability of catastrophe insurance. However, sound geophysical information is required as a base for decision making regarding adaptation and also as a basis for an insurance scheme.
The Pacific ROBP 2007-2010 has as one of its three strategic objectives to support the effective provision of regional public goods. More specifically, the ROBP notes the intention to work with international and regional organizations to develop regional partnerships for climate change adaptation and disaster preparedness. A specific activity for this was included in the 2009 non-lending pipeline.
However, the World Bank in 2008 has commenced work to examine the suitability of its Caribbean Catastrophe Insurance Facility for the Pacific. The opportunity to work in partnership with the World Bank has therefore arisen earlier than initially anticipated. The World Bank is an essential partner given their institutional knowledge accumulated in this area in the Caribbean. ADB brings to the task a wider membership among Pacific nations and a larger Pacific portfolio representing many years of practical operations in Pacific developing member countries. It is anticipated that other development partners may become involved in the wider catastrophe insurance project as it develops with opportunities for cooperation on components including parametric modeling, and legal and financial analysis. Building such partnerships are highlighted as a priority within the Pacific ROBP.
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