Risk transfer
AR5 Climate Change 2014: Impacts, Adaptation, and Vulnerability, Glossary, published by the Intergovernmental Panel on Climate Change (IPCC) defines risk transfer as: ‘The practice of formally or informally shifting the risk of financial consequences for particular negative events from one party to another.’
Glossary: Resilience, published by the Department for International Development in 2016, defines risk transfer as a situation in which: '...the burden for financial loss or responsibility is transferred to another party e.g. international donors (aid) or market-based mechanisms including insurance and securities such as catastrophe bonds.'
risk retention as a situation in which: ‘..one party retains financial responsibility for loss in the event of a shock. Governments typically hold risk through government reserves, contingency funds, contingent credits and loans.’
This is as opposed to risk retention, in which: ‘..one party retains financial responsibility for loss in the event of a shock. Governments typically hold risk through government reserves, contingency funds, contingent credits and loans.’
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