Novi proizvodi na tržištu osiguranja kao deo institucionalnog mehanizma zaštite od finansijskih posledica katastrofalnih vremenskih događaja

Abstract

Natural disasters are rare events resulting in major losses, where data on the losses incurred in the past cannot be used as reliable indicators of future losses. They usually result in severe damage, which can represent a significant financial risk including the occurrence of insolvency in cases where the policy is not sufficient to cover the damage caused, or has not been defined properly. In the past two decades there has been a number of disastrous weather events whose frequency and intensity of detrimental consequences have been the key motivational factors for an accelerated implementation of innovative solutions for weather risk transfer. Natural disasters cost the insurance industry approximately $ 330 billion at the global level in 2018. The gap between the total economic and insured losses in the amount of $ 200 billion is the best evidence of the exposure of general population and economic entities to disastrous events. According to an estimate, the greatest damage in the future is likely to be caused by catastrophic weather events, floods in particular, especially as they did not get adequate attention by the entire insurance industry in the previous period and therefore the risk was underestimated. Developed countries are able to generate their own resources over a relatively short period of time in order to reduce the financial consequences of catastrophic weather events. Most developing countries are undergoing rapid urbanization, which is not accompanied by the development and application of an effective risk management strategy. Therefore catastrophic weather events have a more intensified destructive impact on the economies of less developed countries, as is the case in Serbia. The proactive approach and the use of new products in the insurance market are consequently important prerequisites for an effective weather risk management policy.