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Initial Market Assessment : Country Scoping Note--Senegal

FLOODING EMERGENCY PLAN CATASTROPHIC RISKS INCOME HOUSEHOLDS EARLY WARNING SYSTEMS CATASTROPHIC EVENTS RISKS RESCUE ECONOMIC GROWTH INSURANCE SUPERVISORS STORM EARLY WARNING MARKET DISTORTIONS RISK REDUCTION PROPERTY INSURANCE INCOME INTEREST LIFE INSURANCE LAWS SUSTAINABILITY PROGRAMS INFORMATION WELFARE FLOOD MANAGEMENT INSURANCE SOLUTIONS INCENTIVES DISASTER MODELS DAMAGES PRICE DISASTER PREVENTION HEAVY RAINFALL SUPPLY SIDE EARTHQUAKES INSURANCE MARKET INSURANCE COMPANY ACCIDENT CATASTROPHE INSURANCE DISASTER RELIEF CROP INSURANCE REINSURERS SAVINGS CATASTROPHE REINSURANCE RELIEF NATURAL DISASTER DISASTER MITIGATION DISASTER RESPONSE INSURANCE MARKETS INSURANCE PRODUCT FLOODS INSURANCE REGULATIONS STORM SURGES FLOODED NATURAL HAZARD MONETARY FUND NATURAL DISASTERS MARKETS EARNED PREMIUM RATES DISASTERS INSURERS EMERGENCY RESPONSE FIRE IMPORTS FARMERS RESERVES VOLCANOES FINANCE BROKERS CLIMATE VARIABILITY REINSURANCE MORTALITY RISK DROUGHTS REGULATIONS EMERGENCY MOTOR INSURANCE FOOD SECURITY DISASTER REDUCTION MICRO- INSURANCE DISASTER RISK CLIMATE CHANGE DROUGHT NON-LIFE INSURANCE INSURANCE PRODUCTS VALUE LOSSES BANK INSURANCE LAW EXTREME EVENTS CREDIT DISASTER RISK FINANCING AGRICULTURAL INSURANCE CLIMATE DEMAND MICROINSURANCE SLUM CLAIMS ANNUAL COST DAMAGE INSURANCE INDUSTRY DISASTER PREPAREDNESS MICRO-INSURANCE MARKET FLOOD REGULATION RISK TRANSFER POLICY INSURANCE LOSS CIVIL DEFENSE RISK INSURANCE RISK COMMISSIONS MITIGATION WARNING SYSTEMS BUILDING CODES DISASTER RISKS SUPPLY RISK TAKING INSURANCE MECHANISMS DISASTER RISK REDUCTION EXTERNAL SHOCKS RELIEF ORGANIZATION LAW FINANCIAL SUPPORT INVESTMENTS RISK MANAGEMENT INSURANCE COMPANIES CASUALTY SAFETY COVERAGE LAND MANAGEMENT NATURAL HAZARDS RISK ASSESSMENT BENEFITS REINSURER RISK ANALYSIS
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Washington, DC
Africa | Senegal
2015-08-17T15:52:47Z | 2015-08-17T15:52:47Z | 2013-09-22

Senegal is implementing a Disaster Risk Management (DRM) framework and has established a public private agriculture insurance company. Rules, responsibilities and operational procedures need clarification, ideally guided by the findings of a fiscal disaster risk assessment. Insurance mechanisms are not considered in (sovereign) catastrophe risk transfer so far. Additional investment in and guidance with data market infrastructure would be necessary for sovereign DRM but would also benefit the spread of catastrophe property insurance for households, businesses and even low income populations who are beginning to see flood micro-insurance. With the public private agriculture insurance company, Senegal has a unique partner for rural outreach that could go beyond agriculture insurance. But the company would require technical support to achieve sustainability and find its role in the social protection framework. There is a unique window of opportunity for micro-insurance in Senegal as specific regulation is being implemented. This has generated momentum that can significantly grow the outreach of insurance but calls for technical and financial support. The most immediate opportunities for promising multi stakeholder interventions in Senegal are in agriculture insurance, where various initiatives have begun specifying the potential. Credit linked property micro-insurance against floods could be explored.

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