The Asian Development Bank (ADB) is working on a range of initiatives to enhance the financial management of disasters in its developing member countries. These initiatives are intended to facilitate more timely post-disaster response, in turn reducing the adverse economic and social impacts of disasters.
As part of a technical assistance project on Strengthening the Enabling Environment for Disaster Risk Financing, ADB has undertaken a country diagnostics assessment of the enabling environment for disaster risk financing in Fiji. This assessment reviewed the current disaster risk financing landscape and enabling environment in Fiji and presented recommendations to enhance the current environment and strengthen the financial management of disasters.
The assessment is based on a modified version of the W&W Development Framework for accommodating international best practice, as well as public and private sector stakeholders’ inputs. This framework allows insight into existing or perceived demand and supply barriers shaping and, in part, restricting the development of an enabling environment for DRF in Fiji.
Within this framework, six areas relevant to the development of insurance and capital market solutions for DRF are reviewed: government policy; social protection policy; unlicensed competition; economic conditions; credibility of the insurance, reinsurance, and capital markets providers; and product appeal.
A risk-layered structure is proposed for the stimulation, development, and implementation of financially sustainable and scalable DRF strategies and solutions in Fiji. The assessment identifies gaps and opportunities for enhancing the enabling environment for public sector
View the full report here.
