The Agenda adopted by the Assembly of the United Nations in September 2015, entitled 'The 2030 Agenda for Sustainable Development', emphasizes as one of itsmajor goals reducing the vulnerability of the population to climate change and natural disaster risks emerging as a consequence of the change. Catastrophe risk insurance is certainly one of the key factors that can contribute to the sustainable economic, social and environmental development of the country. Therefore, the subject of the paper is presenting the contemporary models of natural disaster risk management. The aim of the paper is to propose a model based on the existing catastrophic risk management models in other countries that could be applied in Bosnia and Herzegovina as well. Special emphasis will be placed, within the explanation of the existing models, on the ways of financing the elimination of adverse consequences of natural disasters.
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