Risk management consultant
This job posting has closed
Vacancy Notice number: ISDR/C/11/2010
Background
The International Strategy for Disaster Reduction (ISDR) is a multi-disciplinary and multistakeholder platform to enable societies to increase their resilience to natural, technological and environmental disasters and to reduce associated environmental, human and economic and social risk and losses. A range of United Nations organizations and international partners participate in cooperation with Governments and civil society organizations.
The implementation of the ISDR is supported by a secretariat led by the Special Representative of the Secretary-General for Disaster Risk Reduction. The secretariat’s main functions are policy coordination, advocacy and information management, at the international and regional levels, to ensure synergy between disaster reduction strategies and those in the socio-economic and humanitarian fields.
In January 2005, the World Conference on Disaster Reduction adopted the Hyogo Declaration and the Hyogo Framework for Action 2005-2015: Building the Resilience of Nations and Communities to Disasters. The Hyogo Framework constitutes the essential guide for implementation of the International Strategy for Disaster Reduction and represents the key policy framework for reducing risk and to strengthen community resilience. The Global Platform for Disaster Risk Reduction established by the UN General Assembly in 2006, is the main global policy forum for disaster risk reduction, and is complemented by a system of regional, thematic and national platforms, which bring together all relevant stakeholders.
Within the context of the Global Facility for Disaster Risk Reduction (GFDRR), the World Bank and the UNISDR secretariat in collaboration with international partners has initiated a Central Asia and Caucasus Disaster Risk Management Initiative (CAC DRMI) which is in line with the Hyogo Framework for Action, and aims at reducing the vulnerability of the countries of Central Asia and
Caucasus to the risks of disasters. The CAC DRMI implemented under the umbrella of the Central Asia Regional Economic Cooperation (CAREC), incorporates three focus areas, with the possibility to include new activities:
(i) Coordination of disaster mitigation, preparedness, and response;
(ii) Financing of disaster losses, reconstruction and recovery, and disaster risk transfer instruments such as catastrophe insurance and weather derivatives, and
(iii) Hydro-meteorological forecasting, data sharing and early warning.
The proposed assignment relates to component II: Financing of disaster losses, reconstruction and recovery, and disaster risk transfer instruments such as catastrophe insurance and weather derivatives
Duties and Responsibilities
The main objective of the proposed consultancy is to provide technical support to the UN ISDR/World Bank efforts in carrying out a disaster risk financing study in 3 countries of the Caucasus, namely Armenia, Georgia and Azerbaijan. The Consultant will be expected to assist the World Bank project team in:
a) Collecting relevant information on the state of the local catastrophe insurance markets and government fiscal capacities to finance losses caused by natural catastrophic events.
b) Carrying out an analysis of the collected information to be summarized in the project reports, as spelled out below.
This study aims to assess the extent to which the existing inter-regional government funded social safety nets at individual country level and the private insurance industry can cope with the adverse financial impacts of disasters caused by the impact of natural hazards on the national economies.
Based on the outcomes of this assessment, the study will lead to policy-recommendations on reshaping the existing post-disaster government social safety net programs in the countries and extending the level of catastrophe insurance penetration for businesses and homeowners. In this context, the study will have three major modules:
- Module I: The objective of the Module is to determine the level of financial assistance to households and SMEs (small and medium enterprises) from government sources (such as post-disaster subsidies for income support and reconstruction of personal dwellings)
envisaged by the national legislation in the countries of the Caucasus. The consultant is expected to:
-- Carry out a review of country social safety nets that may be used to provide disaster relief assistance to homeowners and SMEs (small and medium enterprises) in the member states. This task would require interviews with relevant government officials
in each country. As part of the assignment, the consultant will document the current country policies with regard to providing compensation to victims of disasters caused by the impact of natural hazards (homeowners and SMEs) as well as the available
sources of funding for such post-disaster compensation.
- Module II. The main objective of the module is to review the existing country banking and insurance regulations pertaining to the development of catastrophe insurance markets for homeowners and SMEs. The module will consist of the following key tasks:
-- A selective survey of local mortgage and commercial property lenders to determine their underwriting requirements with regard to catastrophe insurance.
-- Interviews with local insurance and banking regulators to document country specific policies and regulatory requirements the area of
catastrophe insurance.
- Module III. The module will require a detailed assessment of catastrophe insurance markets in the countries in all 3 countries of the study, namely to:
-- Determine the level of catastrophe insurance penetration1 (by key perils) for households and SMEs in the countries of the study by conducting interviews with insurance regulators and lead regional and country insurers and reinsurance companies.
-- Describe the most prevalent types of catastrophe insurance products available in these markets to households and SMEs, which will include the price of coverage over the last three consecutive years (insurance premium charged, expressed as a rate of premium to total sum insured), limits of coverage, deductibles, and major exclusions. The Consultant is expected to present the results of insurance products survey in a tabulated format.
Competencies
- Professionalism
Advanced knowledge of the reinsurance industry. Extensive knowledge of the international catastrophe risk insurance markets is a major plus.
- Client orientation
Ability to identify and analyze clients’ needs and develop appropriate services to meet business requirements.
- Communications
Speaks and writes clearly and effectively; listens to others, correctly interprets messages from others and responds appropriately
- Planning and organizing
Develops clear goals that are consistent with agreed strategies.
identifies priority activities and assignments; adjusts priorities as required
- Teamwork
Strong interpersonal skills and ability to establish and maintain effective partnerships and working relations with people in a multi-cultural and multi-ethnic environment.
Education
Advanced University degree (Master’s degree or equivalent) in economics and finance or a related field. A first- level university degree in combination with qualifying experience may be accepted in lieu of the advanced university degree.
Work experience
A minimum of 7 years of progressively responsible experience in insurance, reinsurance industry or related area. Experience in the international catastrophe risk insurance markets is an added advantage. Prior knowledge with the World Bank and UN ISDR on disaster risk financing projects, as proven by extensive publications and project track record, is an asset.
Languages
English is the working language of the United Nations Secretariat. For this assignment, fluency in written and spoken English and Russian is required.