In 2013, as part of a World Bank project, GlobalAgRisk evaluated the potential role of financial disaster risk management (FDRM), specifically forecast flood insurance, for the public and private sectors in Bulgaria facing an increasingly variable and extreme climate.
In recent years, Bulgaria has advanced a large number of efforts that include numerous laws and institutional programs designed to address Disaster Risk Management.
While the risk of an extreme earthquake is by some measure the largest risk facing Bulgaria, the work conducted by GlobalAgRisk focused on climate risks. Flooding and drought follow earthquakes in terms of extreme consequences for Bulgaria. There is a consensus in the scientific community that anthropogenic climate change will create more frequent and extreme climate events. A comprehensive approach to catastrophic risks, which includes earthquakes, still remains critically important as a means of pooling risks and finding better pricing for catastrophe risks.
By its design, the report is meant to provide a context for Bulgaria and the region to generate new ideas and new energy for taking the first steps — even if those steps must be adjusted with new knowledge and lessons learned.