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Small States Digest

Small States Digest is a quarterly publication from the Commonwealth Secretariat, which focuses on the opportunities and challenges faced by small states in the global economy. Topics can cover international finance and capital markets, international trade, the environment, natural disasters, macroeconomic management, and economic and social development. The Commonwealth defines small states as sovereign states with a population size of 1.5 million people or less. Larger member countries – Botswana, Jamaica, Lesotho, Namibia and Papua New Guinea – are designated as small states because they share many characteristics of small states. Thirty-one of the fifty-three member countries of the Commonwealth are small states.

English

Climate Risk Management

Opportunities and Challenges for Risk Pooling

This report interrogates the use of risk pooling, a form of climate insurance, as a possible framework for small state climate risk management within which other complementary finance instruments may be used. It aims to offer preliminary insights to governments of small states by assessing the feasibility of risk pooling strategies as a form of climate risk management, and to provide these governments with a greater understanding of different financial approaches to reduce climate risk, which could be important if risk pooling is deemed to be an unsuitable option.

English

Keywords: risk pooling, climate insurance, climate change, small states, climate risk management, loss and damages agenda
JEL: Q56: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Environmental Economics / Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth; Q58: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Environmental Economics / Environmental Economics: Government Policy; Q01: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / General / Sustainable Development; Q54: Agricultural and Natural Resource Economics; Environmental and Ecological Economics / Environmental Economics / Climate; Natural Disasters and Their Management; Global Warming; G22: Financial Economics / Financial Institutions and Services / Insurance; Insurance Companies; Actuarial Studies
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