China Re Catastrophe Risk Management Company Ltd. (China Re CRM), Beijing University of Technology (BJUT), International Institute of Earthquake Engineering and Seismology (IIEES) and UNESCO Regional Education and Research Center on Earthquake Risk and Resilience in West and Central Asia (RCECWA) are promoting international scientific and academic exchanges on earthquake risk prevention and mitigation for urban area and infrastructure systems. Sustainable Urban Management requires sustainable and efficient financial resilience (FR) system. The FR refers to the capacity of public institutions, the government, and the private sector to absorb, compensate for, and to manage the economic losses resulted from disasters, and to restore economic conditions and urban services to normal. The development and application of financial instruments both before and after a disaster—such as catastrophe insurance, crisis funds, catastrophe bonds (Cat Bonds), and emergency credit lines—constitute an unavoidable necessity in the path of risk management, financing reconstruction, and maintaining the city's economic stability (World Bank and GFDRR, 2014; OECD, 2015).For more information click here.
