The ASEAN+3 Finance and Central Bank Deputies’ Meeting held in Hong Kong on 26–27 November 2025 reaffirmed the region’s commitment to strengthening Disaster Risk Financing (DRF) and enhancing financial preparedness in the face of growing climate and disaster risks. The meeting took place as floods and landslides continued to affected parts of Indonesia, Vietnam, Malaysia and southern Thailand, underscoring the urgency of scaling effective DRF solutions.
In his opening remarks, Dr. Yoshihiro Kawai, Director of the SEADRIF Initiative and Secretary General of the ASEAN+3 DRF Initiative, highlighted the importance of accelerating coordinated regional action to safeguard communities and economies.
Advancing Regional Collaboration on Two Flagship Initiatives: SAFE and RAISE
A central focus of the Hong Kong meeting was the progress on two flagship regional initiatives: the SEADRIF–SAFE (Sovereign Asset and Fiscal Empowerment) Facility and the SEADRIF–RAISE (Regional Agricultural Insurance and Sustainable Economies) Facility.
SAFE, championed by the Philippines, is being designed to embed insurance protection into public infrastructure projects financed by development partners and sovereign lenders. RAISE, co-developed by SEADRIF and the UN Food and Agriculture Organization, aims to expand access to affordable agricultural risk transfer solutions through stronger data systems, analytics, and regional reinsurance capacity.
Deputies recognized both initiatives as timely and essential responses to rising fiscal exposure across the region, particularly in agriculture and critical infrastructure, and reaffirmed strong support for continued regional collaboration to advance their development.
Progress on Roadmap Development
Momentum achieved in Hong Kong built on earlier ASEAN+3 Finance Track Task Force meetings held in Kuching, Malaysia, in September, and Dalian, China, in October, where member states and development partners reviewed disaster financing gaps and aligned strategic priorities.
Dr. Kawai presented updates on the ASEAN+3 DRF Initiative Roadmap 2026–2028, structured around three strategic pillars: strengthening fundamental DRF tools; expanding tailored sovereign insurance solutions; and exploring instruments beyond traditional insurance, such as catastrophe bonds and contingent financing mechanisms.
Deputies welcomed the progress and direction of the roadmap and encouraged continued reflection of diverse country contexts as the next phase of development proceeds.
Bilateral Meetings Highlight Country-Level Priorities
Bilateral discussions held alongside the Deputies’ Meeting highlighted specific country needs and reinforced increasing demand across Southeast Asia for tailored DRF solutions. Countries described challenges such as rising disaster losses, low insurance coverage, and mounting fiscal liabilities, and sought SEADRIF’s support in several priority areas, including:
- Improving disaster risk data and analytics, particularly for agriculture
- Building capacity across government DRF stakeholders
- Exploring weather-based insurance products for key agricultural commodities
- Infrastructure insurance and investments in enhanced resilience
These exchanges also underscored that many countries view DRF as a high national priority and are actively seeking solutions that can be implemented feasibly and sustainably.
SEADRIF Continues Interim Role as ASEAN+3 DRF Initiative Secretariat
To sustain the strong regional momentum, Deputies approved extending SEADRIF’s role as the ASEAN+3 DRF Initiative Secretariat from 31 December 2025 to 31 July 2026. The extension allows SEADRIF to continue, the roadmap’s consultation and development during a critical period for shaping its own 2030 Strategy and advancing the DRF agenda.
Looking Ahead: Deepening Regional Collaboration for SAFE and RAISE
Development of both SAFE and RAISE will proceed as a priority, requiring closer regional collaboration to refine operational design, deepen country engagement, and ensure implementation readiness. Deputies emphasized that advancing these two flagship regional initiatives will be a priority in 2026, supported by the foundations set through the Kuching, Dalian, and Hong Kong meetings. Moreover, SEADRIF will continue as the Secretariat for the A+3 DRF initiative until July 2026, especially finalizing the preparation of the ASEAN+3 DRF Roadmap.
The two initiatives and the ASEAN+3 DRF Roadmap reflect a unified regional effort to strengthen financial protection, enhance institutional readiness, and safeguard lives, livelihoods, and economies across Southeast Asia. With continued collaboration and strong political commitment, ASEAN+3 countries are positioning the region to better manage the financial impacts of disasters and advance long-term resilience.