The OECD contributes to the improvement of the financial management of major catastrophes both through the activities of the International Network on the Financial Management of Large-Scale Catastrophes and through the leadership of its High-Level Advisory Board. This publication compiles a series of reports reflecting the OECD’s extensive work in this field over recent years. These reports include: 1) a stocktaking of initiatives to promote natural hazard awareness and disaster risk reduction education, resulting in the publication of a policy handbook; 2) a review of and recommendations on catastrophe-linked securities and the role of capital markets in supporting the financial mitigation of large-scale risks, aimed at governments promoting these instruments; 3) a review of current mechanisms used to quantify catastrophe losses within the OECD; and 4) a review of hazard risk mapping efforts in South East Asian countries.
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PART I. STOCKTAKING REPORT ON RISK AWARENESS AND EDUCAIONT ON NATURAL CATASTROPHES Summary Introduction Chapter 1.Analytical Framework -1.1. Definitions -1.2. Importance of awareness and education of risks and risk reduction -1.3. Framework for understanding risk awareness and risk reduction education -1.4. Challenges to risk awareness and risk reduction education Chapter 2.Stocktaking -2.1. Scope of stocktaking effort -2.2. Review of programmes and assessment by Chapter 3.Conclusion and Next Steps: The Role of Risk Awareness and Risk Reduction Education in Building a Culture of Safety -3.1. Conclusions -3.2. Possible next steps for the OECD Chapter 4.Policy Recommendations for Enhancing Natural Hazard Risk Awareness and Risk Reduction Education -4.1. The role of key stakeholders in promoting risk awareness and risk reduction education -4.2 Effective tools to enhance risk awareness and risk reduction education -Bibliography -Annex I.A1. Selected Examples of Risk Awareness and Reduction Education Programmes PART II. CATASTROPHE-LINKED SECURITIES AND CAPITAL MARKETS Summary Chapter 5.Introduction -Notes Chapter 6.Catastrophe Risks and the Role of Capital Markets – A Framework for Analysis -6.1. Nature of natural catastrophe risks, their economic costs, and losses absorbed -6.2. Stages of evolution of risk securitisation in capital markets: framework for analysis 6.3 Possible roles of capital markets and capital market instruments in the transfer of CAT risks -Notes Chapter 7.Overview and Analysis of CAT-linked Securities -7.1. Overview of CAT-linked securities -7.2. Market trends and analysis of the main features of CAT-linked securities -Notes Chapter 8.Development of CAT-linked Securities -8.1. Drivers of the development of CAT-linked securities -8.2. Impediments to the development of CAT-linked securities -8.3. Issues in the development of CAT-linked securities -Notes Chapter 9.Recommendations for Policy Makers -9.1. Promote the collection and dissemination of high-quality data on CAT risks and losses according to harmonised criteria -9.2. Promote transparency in the CAT-linked securities market -9.3. Consider the opportunity to use CAT-linked securities to transfer a portion of the CAT risk currently borne by governments -9.4. Examine the accounting, solvency and prudential rules governing the CAT-linked securities market to remove any unnecessary impediments -9.5. Encourage research on areas worthy of further investigation -9.6. Encourage further education on CAT-linked securities -Notes -Bibliography