Glossary
Hazard
A process, phenomenon or human activity that may cause loss of life, injury or other health impacts, property damage, social and economic disruption or environmental degradation (UNISDR 2016).
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other key terms
Crisis
A situation where severe needs overwhelm local and national capacity to respond effectively.
Parametric insurance
Insurance that pays when an agreed indicator reaches a set level, not actual losses.
Crisis protection gap
The difference between expected crisis costs and funding already arranged to cover them.
Resilience
The ability to withstand shocks, adapt, recover and continue functioning over time.
Crisis risk
The likelihood of harm or loss from crises shaped by hazards, exposure, vulnerability and capacity.
Trigger
A predefined threshold that activates payments or actions within risk financing mechanisms.
