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Extreme weather events can have severe impacts on national economies, leadingthe recovery of low- to middle-income countries to become reliant on foreignfinancial aid. Foreign aid, however, is slow and uncertain. Therefore, theSendai Framework and the Paris Agreement advocate for more resilient financialinstruments like sovereign catastrophe risk pools. Existing pools, however,might not fully exploit financial resilience potentials because they were notdesigned with the goal of maximizing risk diversification and they pool riskonly regionally. To address this, we introduce a method that forms poolsmaximizing risk diversification and which selects countries with low bilateralcorrelations or low shares in the pool risk. We apply the method to explore thebenefits of global pooling with respect to regional pooling. We find thatglobal pooling increases risk diversification, it lowers countries shares inthe pool risk and it increases the number of countries profiting from riskpooling.

Increasing countries financial resilience through global catastrophe risk pooling