Page 113 - India Insurance Report 2023- BIMTECH

India Insurance Report - Series II 101

from countries, companies, and individuals. While the intention behind some of these attacks is to
extort money, there are instances where miscreants aim to damage another country or to get access to
vital information that can give them an advantage.

The potential black swans and grey rhinos for the country are plentiful (A black swan is an
unpredictable event that can have a significant impact on the world and has potentially severe
consequences, including Satellites hacked to cause disruption or use as a weapon of mass destruction;
Grey rhinos are slowly emerging but are obvious threats which could either be ignored or minimized by
decision makers - Appreciation of dollar / World War III / Change in supply chain leaders etc. - https:/
/kpmg.com/in/en/home/insights/2023/07/india-risk-taxonomy-2023-24.html).

India has chosen to follow the Sendai Framework for Disaster Risk Reduction 2015-2030 (Sendai
Framework https://www.undrr.org/implementing-sendai-framework/what-sendai-framework - United
Nations Office for Disaster Risk Reduction)), which was the first major agreement of the post-2015
development agenda and provides Member States with concrete actions to protect development gains from
the risk of disaster. It works hand in hand with the other 2030 Agenda agreements, including The Paris
Agreement on Climate Change, The Addis Ababa Action Agenda on Financing for Development, the New
Urban Agenda, and ultimately the Sustainable Development Goals. It was endorsed by the UN General
Assembly following the 2015 Third UN World Conference on Disaster Risk Reduction (WCDRR), and
advocates for the substantial reduction of disaster risk and losses in lives, livelihoods and health and in the
economic, physical, social, cultural and environmental assets of persons, businesses, communities and countries.
It recognizes that the State has the primary role to reduce disaster risk, but that responsibility should be
shared with other stakeholders, including local government, the private sector and other stakeholders.

Accordingly, disaster risk management should be based on an understanding of disaster risk in all its
dimensions of vulnerability, capacity, exposure of persons and assets, hazard characteristics and the
environment. Such knowledge can be used for risk assessment, prevention, mitigation, preparedness
and response. Disaster risk governance at the national, regional and global levels is important for
prevention, mitigation, preparedness, response, recovery, and rehabilitation. It fosters collaboration
and partnership; Public and private investment in disaster risk prevention and reduction through structural
and non-structural measures are essential to enhance the economic, social, health and cultural resilience
of persons, communities, countries and their assets, as well as the environment; And, the growth of
disaster risk means there is a need to strengthen disaster preparedness for response, take action in
anticipation of events, and ensure capacities are in place for effective response and recovery at all levels.
The recovery, rehabilitation and reconstruction phases are a critical opportunity to build back better,
including through integrating disaster risk reduction into development measures.

The Sendai Framework focuses on the adoption of measures which address the three dimensions of
disaster risk (exposure to hazards, vulnerability and capacity, and hazard’s characteristics) in order to prevent
the creation of new risk, reduce existing risk and increase resilience. The Sendai Framework outlines seven
global targets to guide and against which to assess progress. The Sendai Framework Monitor is an online
tool that captures self-reported (by member states) progress data against a set of 38 Sendai Framework
indicators towards the seven Sendai Framework global targets. The indicators measure progress and determine
global trends in the reduction of risk and losses. The seven global targets and 38 global indicators will
measure progress made by all countries on disaster risk reduction by the year 2030. These will contribute to