This note was authored by Daniel Clarke of the Disaster Risk Financing and Insurance Program at The World Bank Group and Ruth Hill of the Poverty and Equity Global Practice at The World Bank Group, with the support of Johanna Avato, Darcy Gallucio, and Susann Tischendorf (consultants, The World Bank Group) and with contributions from Mehari Hiluf Abay, Bianca Adam, Christopher Adam, Jesse Anttila-Hughes, Guush Berhane, David Bevan, Laura Boudreau, Sarah Coll-Black, Samantha Cook, Naomi Cooney, Alain de Janvry, Alejandro del Valle, Mareile Drechsler, Anna Edwards, Benjamin D. Fox, Stéphane Hallegatte, Roman Hohl, Munenobu Ikegami, Nathaniel Jensen, Andrew Jinks, Roberto Ley-Borrás, Olivier Mahul, Shadreck Mapfumo, Karlijn Morsink, Andrew Mude, Catherine Porter, Richard Poulter, Elizabeth Ramirez Ritchie, Elisabeth Sadoulet, Mohan Sharma, Wolter Soer, Tse-Ling Teh, Emily White, and Liam Wren-Lewis.

The note is an output of the Disaster Risk Finance Impact Analytics Project, and it greatly benefited from the technical expertise of the Project’s steering committee, comprising Charlotte Benson (Asian Development Bank), Richard Choularton (World Food Programme), Stefan Dercon (Centre for the Study of African Economies, University of Oxford, and U.K. Department for International Development), Francis Ghesquière (Global Facility for Disaster Reduction and Recovery), Robert Muir-Wood (Risk Management Solutions), and Reto Schnarwiler (Swiss Re).

We are grateful for the inputs and reviews from all those who acted as peer reviewers for the underlying research that this note attempts to distill: Diego Arias Caraballo, David Bevan, Richard Choularton, Sarah Coll-Black, Samantha Cook, Tito Cordella, Julie Dana, Anna Edwards, Ghada Elabed, Alan Fuchs Tarlovsky, Xavier Gine, Alejandro Guerson, Stéphane Hallegatte, Niels HolmNielsen, Oscar Anil Ishizawa Escudero, Barry Maher, Olivier Mahul, Juan Jose Miranda Montero, Robert Muir-Wood, Richard Poulter, Ian Rogers, Elisabeth Sadoulet, Wendell Samuel, Emmanuel Skoufias, Charles Stutley, Panos Varangis, and Liam Wren-Lewis.

We also appreciate the overall guidance of Alfonso Garcia Mora and Samuel Maimbo of the Finance and Markets Global Practice and Francis Ghesquière of the Disaster Risk Management Practice Group, with the support of Olivier Mahul of the Disaster Risk Financing and Insurance Program and Emmanuel Skoufias of the Poverty and Equity Global Practice.

Finally, we thank the team at Studiografik for the design and layout of the note and Sabra Ledent for proofreading and copyediting services.

The Disaster Risk Financing and Insurance Program—a joint initiative of The World Bank Group’s Finance and Markets Global Practice and the Global Facility for Disaster Reduction and Recovery—and The World Bank Group’s Poverty and Equity Global Practice are grateful for the financial support received from the Global Facility and the U.K. Department for International Development’s Humanitarian Innovation and Evidence Programme.