Recovering from Financial Implications of Flood Impacts—The Role of Risk Transfer in the West African Context

Wagner, Simon, Thiam, Sophie, Dossoumou, Nadège I.P., Hagenlocher, Michael, Souvignet, Maxime and Rhyner, Jakob, (2022). Recovering from Financial Implications of Flood Impacts—The Role of Risk Transfer in the West African Context. Sustainability, 14(14), 1-20

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  • Sub-type Journal article
    Author Wagner, Simon
    Thiam, Sophie
    Dossoumou, Nadège I.P.
    Hagenlocher, Michael
    Souvignet, Maxime
    Rhyner, Jakob
    Title Recovering from Financial Implications of Flood Impacts—The Role of Risk Transfer in the West African Context
    Appearing in Sustainability
    Volume 14
    Issue No. 14
    Publication Date 2022-07
    Place of Publication Basel
    Publisher MPDI
    Start page 1
    End page 20
    Language eng
    Abstract In many West African river basins, households regularly experience floods and the associ- ated impacts. In the absence of widely accessible formal risk transfer mechanisms (e.g., insurance), households often have to cope with financial impacts. Only a few studies have explored the financial effects of floods on agriculture-dependent households in the region and the role formal and informal risk transfer plays in their mitigation. This study addresses this gap, explores flood impacts with financial implications for households, and researches the existing strategies to mitigate them. Moreover, it aims to better understand how different measures influence the recovery process. The study draws on primary data from a household survey (n = 744) in the Lower Mono River basin, combined with stakeholder workshops and semi-structured interviews, and applies a generalized linear model to the survey data. The results reveal four flood impact types with financial implica-tions: agricultural, material, health, and trade. Moreover, a shortened recovery time is significantly associated with assistance from savings groups and cooperatives—groups originally not formed to help during floods. In light of the severe and frequent flood impacts, effective and publicly accepted adaptation measures are needed to enable favorable conditions for creating sustainable and accessible risk transfer mechanisms.
    UNBIS Thesaurus HOUSEHOLDS
    INSURANCE
    BENIN
    TOGO
    Keyword Financial
    Flood impacts
    Risk transfer
    Coping
    Recovery
    Copyright Holder The Authors
    Copyright Year 2022
    Copyright type Creative commons
    DOI 10.3390/su14148433
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    Created: Tue, 26 Jul 2022, 17:33:17 JST by Aarti Basnyat on behalf of UNU EHS