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There are several efforts underway in the Pacific Islands to insure public and private assets against natural disasters such as cyclones and earthquakes. These efforts are designed to mitigate the annual costs of such disasters, which can reach more than 50 percent of GDP. However, most Pacific islands are heavily aid dependent and cannot afford to pay the high premiums associated with disaster risk insurance. Therefore, insurance to cover disaster risk likely needs to be subsidised to offset costs and to build trust. In this presentation, Vijaya Ramachandran will make recommendations for governments and donors based on her recent research.
Vijaya Ramachandran is a Senior Fellow at the Center for Global Development (CGD) in Washington DC. Prior to joining CGD, Vijaya worked at the World Bank and also served on the faculty of Georgetown University. She works on private sector development, development finance, and the governance of the multilateral system. Vijaya has a PhD in Business Economics from Harvard University.