PCRAFI Country Note Marshall Islands

The likelihood that a hazardous event will have a significant impact on the Marshall Islands has risen with the increasing levels of population and assets in the urban areas of Majuro and Ebeye. The low-lying atolls are at risk of damage to both assets and people as a result of storm surges and tsunamis. In December 2008, a state of emergency was declared following weeks of high seas, which resulted from storm surges coinciding with high tides and two tropical depressions (Marshall Islands Government 2009; UNOCHA 2008). These events caused damage to roads, houses, and other infrastructure on the lowlying atolls of Majuro and Ebeye. Similar events are expected to become more frequent with climate change and rising sea levels. A number of options for improving disaster risk financing and insurance are presented here for consideration: (a) develop an integrated disaster risk financing and insurance strategy; (b) assess the domestic insurance market for both public and private assets to establish what products are currently offered and to determine their level of uptake; (c) Carry out a quantitative analysis to determine whether contingent credit could be an effective tool to access additional liquidity post-disaster; and (d) Investigate the possibility of establishing policies for financial assistance to disaster victims in remote communities.

Data and Resources

Additional Info

Creator
  • PCRAFI
Publisher
  • World Bank
Date
  • 2015-02-27T15:28:36Z
Identifier
  • 3f464b88-c938-11e4-bef4-0050569e0007
Source
Coverage
Member countries Marshall Islands