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Disasters displace millions and cost billions each year, but still we treat them as surprises, slowing response and costing lives. CGD’s proposals include disaster insurance, where predictable money is available for rapid response. In 2017, the UK’s Department for International Development announced a new initiative to help poor countries better prepare for disaster, including through insurance.
Last year more than 83 million people in low and middle income countries were affected by natural disasters. We may not know when or where the next disaster will strike, but we know it will. So why do we still treat disasters like surprises? A new CGD report urges a different approach: make disasters predictable, using the principles and practices of insurance. Hear from four members of the working group in this week's podcast.
Unpredictable funding undermines effective response to natural disasters. Two key innovations pre-agree funding for future disaster risks to save lives, money, and time: pivot existing funding to enable goverments and agencies to pre-enroll for quick-fire sup[port aganist predicatable future costs
Millions of people face hazards like cyclones and drought every day. International aid to deal with disasters after they strike is generous, but it is unpredictable and fragmented, and it often fails to arrive when it would do the most good. We must stop treating disasters like surprises. Matching finance to planning today will save lives, money, and time tomorrow.
Emergencies cause poverty, drive displacement, and exacerbate insecurity. Aid to tackle natural disasters is generous, but mainly arrives when needs are acute rather than when it would do most good. Responding effectively is hard because budgets are uncertain and funding gets promised but not delivered. Please join us for the launch of a new CGD report Payouts for Perils: Using Insurance to Radically Improve Emergency Aid setting out how we can use the principles and practice of insurance to save lives, money and time when catastrophes strike.