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Using insurance instruments to improve disaster risk finance in Indonesia

journal contribution
posted on 24.03.2020 by Chusu He, John Hillier, Alistair Milne, Seyoung Park, Robby Soetanto
This paper is an overview of how insurance instruments could be used in Indonesia to improve disaster risk finance (the arrangements for managing the financial consequences of disaster). We review the policy and research literature to describe the existing arrangements in Indonesia for preparing for and responding to disasters, including the efforts of an active Indonesian community mapping movement to fill in some of the major gaps in data that hinder the assessment of disaster risks. We argue that as a large geographically diverse middle-income country, Indonesia is well placed to employ insurance instruments for fairer and more predictable sharing of the financial burden of disasters. This could be through a combination of increased private insurance for households, firms and government agencies across the country and insurance-based arrangements for allocating government disaster relief funding and, when required for the largest high impact events, accessing international resources. This will, however, require careful implementation and a sustained effort to address gaps in data, skills and institutional capacity.

Funding

OTH NERC/ESRC Call Building resilience to natural disasters using financial instruments (AMilne)

History

School

  • Architecture, Building and Civil Engineering
  • Business and Economics
  • Social Sciences

Department

  • Business
  • Geography and Environment

Published in

SSRN

Citation

He, Chusu and Hillier, John and Milne, Alistair K. L. and Park, Seyoung and Soetanto, Robby, Using Insurance Instruments to Improve Disaster Risk Finance in Indonesia (March 5, 2020). Available at SSRN: https://ssrn.com/abstract=3350194 or http://dx.doi.org/10.2139/ssrn.3350194

Publisher

SSRN

Version

SMUR (Submitted Manuscript Under Review)

Rights holder

© SSRN and The Authors

Acceptance date

10/03/2020

Publication date

2020-03-10

Language

en

Depositor

Dr Robby Soetanto. Deposit date: 20 March 2020

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