The Advantages of the Disaster Risks Financing Insurance to The World’s Population

The Advantages of the Disaster Risks Financing Insurance to The World’s Population

The rapid growth of modernization, force us to adapt to every single aspect that the world has demanded us to do. In order to adapt to the new changes, we have to understand the current situation that we need to improve in our life, which it is would allow us to compete with the international population, the disaster risk financing insurance would be one of the solutions that help us to survive in this rapid changes.

This is something that every single country in this world was trying to improve, they would like to create a better quality of life, that their people could live in prosper. In understanding the general information about this, including its advantages to our life the explanation below would lead you to understand, everything that you need to know about this.

General Overview of Disaster Risks Financing Insurance

This type of the insurance seems to be unfamiliar for you, as this is a brand new government strategy in order to protect its citizen, from any dangerous aspect such as the natural disaster or other human error. Today there is a lot of countries who are trying to create this, which they are wanted to manage and prevent the crisis during the disaster.

This will help the government to manage its budget allocation for several disasters that happen, there are several aspects that could be protected by this strategy. This strategy would protect a lot of public services during and before the disaster happen, such as managing the national infrastructure in order to build the public facilities in the safe area, used to prevent any damage that could come under the disaster.

Except trying to protect the public facilities, the government also would try to spread the awareness to the public, in order to build their house in the safe area which is far away from any possible damage from any disaster. This will include building the awareness to collect some money for the disaster risks financing insurance, as the staying budget if there is damage after the disaster.

How to Create a Better Disaster Risks Financing Insurance?

There are several steps that the government need to do in order to create better disaster risks financing insurance, that could help their people to stay safe under the natural or human disaster. In creating a better institution, the government needs to make sure a lot of thing in order for having better law enforcement, also in ensuring that this strategy could be applied to society.

The first thing that the government has to do is, creating the legal framework in managing this institution, also for having a long term planning for this. Mostly the government need to make sure whether this institution would be managing by the private or governmental sector, this step will help the government to create the law enforcement about what they have to do and what they cannot do.

The second is strengthening the cooperation between the central government, with the local government in managing this strategy to apply to society. With this step, the government could ensure the budget allocation to several regions in the country, also to take control whether the local government would follow their order or not, in order to protect the citizen from any possible disaster.

Challenges in Creating the Disaster Risks Financing Insurance

1. Readiness and human resources Development
The first one is the country readiness for having this institution, also to applied into the society, which would be cover about the budget also the human resources, that most of the country in this world still struggle enough, even that there is already the international institution that could help them in creating this institution, and provide them the guidelines.

2.  Strengthening the Cooperation Between the Local and Central Government
This is a very important part if one country would like to create the Disaster Risks Financing Insurance, that most of the country failed. If the local and the central government could not work in as a team, this is only delayed the further action for this development, and the country would always struggle to manage its budget allocation when the disaster happens.

3. Spreading The Awareness to The Public
One of the most important aspect of creating the Disaster Risks Financing Insurance is to spread awareness to the public. As the government could not only depend on the national income to handle the disaster, the government would need more money from the citizen and collect it either once a year or once a month, which it could be included to the public taxes in ensuring the public safety from the disaster.

Public Perspective to the Establishment of Disaster Risks Financing Insurance

Talk about the public perspective about this institution, in one country who already standing as a developed country. Their people quite aware to the importance of this insurance, they are paid for this tax quite often that they understand the use of this institution to protect their life, and preventing the loss when the disaster happens also to save their family.

This is quite different from the situation in the developing country, most people likely ignore the use of this insurance for their life. Their perspective mostly thinking that the government is only tricking them, to get more money from the public for another use, which most of the government in the developing country also still quite hard to increase the awareness of the public.

International Disaster Risks Financing Insurance

Today’s there is a lot of countries who already contribute to creating this institution, they are would like to commit to following the international order, to create world peace and prosperity. Most of them manage to create the international bank which focuses on handling this issue, they are not only focused on the infrastructure, but also to humanitarian aid that is why we need to increase our awareness to contribute with this.

If we open up our mind to contribute with this insurance, it means that we are helping a thousand lives of people in this world. The money that we give to the institution both national and international, could be used to help them to fulfill their needs under the disaster, we will never know how many people who will need our help out there.

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