Is The World Insured?

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To have insurance cover seems like an extra burden on the purse strings sometimes. But we all love to know we have it when something goes wrong.
It would be great if the whole world all created a central disaster insurance fund. For times like now, with China and Burma in their current problems. Especially if it was a well organised and fast moving combined efforts of every one into a very fast and smooth solution.
I thought that's what taxes were for? Mmm. How wrong. But a world with no opposing army to fight against, wouldn't spend all it's money on arms, instead could have such a fund to help out!
Your thoughts?