1、Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedTABLE OF CONTENTS123456Assessment of climate risk and the impact of past disasters141.1 Overview of disasters141.2 Droughts181.3 Floods231.4 Impact of disasters on household poverty261.5 I

2、mpact of disasters on MSMEs271.6Macroeconomicandfiscalimpactsofdisasters28Legal and institutional framework for DRF322.1 Overview of the legal framework for DRF322.2Overviewoftheinstitutionalframeworkfordisasterriskfinance362.3 Early warning system38Statusofdisasterriskfinancinginstrumentsandmechani

3、sms393.1 Ex ante funding403.2 Ex post funding423.3Socialsafetynetsandexistingdistributionmechanisms49Reviewoffinancialmarkets524.1Insurancemarket524.2Financialinclusionandfinancialprotection584.3 Capital markets62Fundinggapanalysisandriskfinancingstrategies665.1Fiscalcostanalysis665.2Fundinggapandco

4、mparisonwithrisk-layeredstrategy67Recommendedoptionstostrengthenfinancialresilience716.1Improvethepolicyframework,publicfinancialmanagement,andrisk-informeddecision-making716.2Strengthenthefinancialsectorandenhancetheuseofinsurance726.3Strengthenexistinginstrumentsandadoptnewriskfinancinginstruments

5、73Acknowledgments06Abbreviations07Executive summary08BOXESFIGURESBox 1:Kenyan Hunger Safety Net Program51Box 2:The Philippines development and implementation of national public asset insurance program56Box 3:Buildingresiliencethroughfinancialinclusion59Box 4:Risklayering:Keytrade-offsandconsideratio

6、nswhenestablishingadisasterriskfinancestrategy 69Figure 1:StatusofriskfinancinginstrumentsinZimbabwe11Figure 2:Funding gap at various return periods assuming pre-arranged funds of US$32 million 11Figure 3:ZimbabwesscoresonWorldRiskIndex2022(normalizedscorerangingfrom0to100)14Figure 4:Disasterriskpro