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The countries and territories of the Western Balkans region are highly vulnerable to the majority of natural catastrophe events, underlining the need for increased awareness of the capabilities of various sources of risk financing, including the catastrophe bond and insurance-linked securities (ILS) space.
International organisations, private sector companies and academia for countries and territories in the region recently participated in a workshop organised by the Climate and Disaster Team of UNDP Istanbul Regional Hub, UNDP Country Office in Bosnia and Herzegovina.
The Sub-Regional Workshop on Disaster Risk Reduction Financing was held on April 2nd 2019, in Bosnia and Herzegovina, and explored disaster risk financing in the regions, in light of increasing costs when disaster does strike.
The Western Balkans region is highly susceptible to earthquake risk, but also flooding, landslides, mudslides, debris flows, avalanches, droughts, and extreme temperatures. Earthquakes are the most hazardous, and often result in secondary events that can be equally, if not more damaging and costly than the actual quake itself, such as landslides and mudslides.