TEMPLATE FOR PROJECT CONCEPT NOTE (PCN) - World Bank
59158Document ofThe World BankReport No: Restructuring PAPERON APROPOSED Project restructuring of SWISS SECO FOR SOUTHEAST AND CENTRAL EUROPE CATASTROPHE RISK INSURANCE FACILITYTRUST FUND (TF095647)November 25, 2009TO (Europa Re)January 3, 2011ABBREVIATIONS AND ACRONYMSEuropa ReEuropa Reinsurance Facility LimitedSECOSwiss State Secretariat for Economic AffairsRegional Vice President:Philippe Le HouerouCountry Director:Jane ArmitageSector Manager / Director:Wael Zakout / Peter ThomsonTask Team Leader:Alison CaveEUROPE AND CENTRAL ASIASwiss SECO for SouthEast and Central Europe Catastrophe Risk Insurance Facility TRUST FUND (tf095647)P099895ContentsPageA.SUMMARY4B.PROJECT STATUS4C.PROPOSED CHANGES5RestructuringRestructuring Type: Level twoLast modified on date : 12/22/20101. Basic InformationProject ID & NameP117069 Southeast and Central Europe TA for Catastrophe Risk Insurance Facility SECO (TF095647)CountryEurope and Central AsiaTask Team LeaderAlison CaveSector Manager/DirectorWael ZakoutCountry DirectorJane ArmitageOriginal Approval Date11/25/2009Original Closing Date:03/31/2013Current Closing Date03/31/2013Proposed Closing Date [if applicable]02/28/2015EA CategoryRevised EA CategoryEA Completion DateRevised EA Completion Date2. Revised Financing Plan (US$m)SourceOriginalRevised BORR IBRDSECO2.3274.231 Total2.3274.2313. BorrowerOrganizationDepartmentLocation 4. Implementing AgencyOrganizationDepartmentLocation Europa Reinsurance Facility Limited (Europa Re)Switzerland5. Disbursement Estimates (US$m)Actual amount disbursed as of 12/22/20100.25Fiscal YearAnnualCumulative 20110.000.200 Total0.2006. Policy Exceptions and Safeguard PoliciesDoes the restructured project require any exceptions to Bank policies?NDoes the restructured projects trigger any new safeguard policies? If yes, please select from the checklist below and update ISDS accordingly before submitting the package.N7a. Project Development Objectives/OutcomesOriginal/Current Project Development Objectives/OutcomesThe objective of the Trust Fund is to help provide a better mechanism for dealing with catastrophic risks in the Southeast and Central Europe region by supporting the establishment of the Catastrophe Risk Insurance Facility (CRIF), which will aim at increasing the number of individuals and small and medium enterprises insured by the private insurance market for catastrophic risks in said region. 7b. Revised Project Development Objectives/Outcomes [if applicable] eUROPE AND CENTRAL ASIASwiss SECO for SouthEast and Central Europe Catastrophe Risk Insurance Facility TRUST FUND (tf095647)RESTRUCTURING PAPERSUMMARYThe proposed changes are required due to supplemental contribution by the donor (SECO – the Swiss State Secretariat for Economic Affairs) resulting in available financing for additional technical activities for the recipient (Europa Re – Europa Reinsurance Facility Limited). The additional technical preparatory work is required for the launch of innovative catastrophe insurance products in the four countries of Southeast Europe (Serbia, Macedonia, Albania, Bosnia and Herzegovina) currently covered by the grant –which may include Montenegro at a later stage. The main elements of this work include development of risk models for weather-related hazards, regulatory work in support of new products, and acquisition of weather data and weather stations. The amendments to the Grant Agreement primarily address the changes in the trust fund amount, the added activities and related procurement changes, as well as an extension of the closing date to February 28, 2015 so as to allow the completion of the additional activities.PROJECT STATUSThe objective of the Trust Fund is to help provide a better mechanism for dealing with catastrophic risks in the Southeast and Central Europe region by supporting the establishment of the Catastrophe Risk Insurance Facility (CRIF), which will aim at increasing the number of individuals and small and medium enterprises insured by the private insurance market for catastrophic risks in said region. The Trust Fund (originally amounting to US$2.3 million) is financing costs related to the establishment and operation of the Facility (Europa Reinsurance Facility Limited, project implementation entity and recipient) which includes (i) country-risk assessments; (ii) development of pricing, underwriting and financial risk-management tools for the Facility, including the establishment of a web-based underwriting platform; (iii) compensation for the Board members, the executive assistant and the Chairman of the Recipient’s board of directors, compensation for the Recipient’s Chief Financial Officer and the carrying out of audits of the Recipient.The Grant Agreement, dated November 25, 2009 and countersigned on December 8, 2009, was made effective on March 1, 2010. Disbursement is currently at about 9% reflecting the initial disbursement of US$200,000. Procurement is underway for the data collection and risk modeling, as well as the web-based underwriting and pricing platform. As the first audit report is due by June 2011, there are currently no outstanding audits.A Bank-financed Southeast Europe and Caucasus Catastrophe Risk Insurance Facility Project (P110910) is currently under preparation which will support membership of countries in Europa Re, and is scheduled to be presented to the Board in February 2011. PROPOSED CHANGES ComponentsThe supplemental funds (US$1.9 million) will finance additional technical preparatory work required for the launch of innovative catastrophe insurance products in four countries of Southeast Europe. The main elements of this work include development of risk models for weather-related hazards, regulatory work in support of new products, and acquisition of weather data and weather stations. FinancingProject Costs Project Costs (US$m.)Components/ActivitiesCurrentProposed 1. Compensation of board directors and board0.5600.5862. Country risk assessment0.4700.4703. Web-based underwriting system1.1171.1104. Audits0.1700.1705. Training0.0100.0256. Technical services1.0707. Weather stations and supporting services0.800Total2.3274.231Financing Plan. The original contribution by the donor (SECO – the Swiss State Secretariat for Economic Affairs) to the recipient was US$2.3 million. Together with the supplemental funds of US$1.9 million, the revised financing amount will be around US$4.2 million.ProcurementAs the supplemental funds will support the acquisition of weather stations, the grant agreement will be amended to reflect the procurement of goods. Closing date The current closing date is March 31, 2013. An extension of the closing date to February 28, 2015 is proposed so as to allow the completion of the additional activities. ................
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