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Jakarta Post

Toward comprehensive coverage for natural disasters

  • Irfa Ampri

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PREMIUM
Jakarta   /   Fri, April 12, 2019   /  09:26 am
Toward comprehensive coverage for natural disasters People visit their relatives displaced from Kabonena and Tipo subdistricts by the Palu earthquake. (The Jakarta Post/Ruslan Sangaji)

Indonesia is blessed with abundant tourism potential, but the country is equally prone to disasters. Last year alone thousands died in disasters that hit Lombok, West Nusa Tenggara and Palu, Central Sulawesi, which together suffered close to Rp 35 trillion (US$2.41 billion) in economic losses. With a tsunami coupled with soil liquefaction in Palu, Indonesians woke up to a new, terrible kind of disaster. Following major disasters in Indonesia some facilities have yet to be rebuilt and people need several years to rebuild their lives. Thus, subnational gross national product usually shrinks following such disasters, followed by more poverty. The main reason for a long recovery is the limited government budget to cover economic damages and limited revenue sources to mitigate the financing gap. Therefore, Indonesia needs various relevant disaster risk finance and insurance (DRFI) in...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.