While the Government of Indonesia has been on an upward trajectory in its journey of financial resilience, it has continued to prioritize capacity building on the implementation of its Disaster Risk Finance (DRF) strategy. Following the demand, a 4-day off-site Executive Education Program on Disaster Risk Finance for Indonesia was organized by the World Bank's Disaster Risk Financing and Insurance Program, in collaboration with the Institut Teknologi Bandung (ITB) on March 4-7, 2024, in Bandung, Indonesia. Thirty-seven government officials from five line ministries and nine units within the Ministry of Finance participated. Ms. Ellen Yong, Chief Operating and Financial Officer of the SEADRIF Insurance Company, and other industry experts, were invited as guest speakers to share experiences.
The program has been specifically curated for Indonesia and tailored to align with the country’s overarching disaster risk financing and insurance strategy. It delved into the distinct challenges faced by the country, while also drawing on lessons from other nations to offer insights into innovative approaches feasible in Indonesia’s context.
Ellen presented the concept and significance of risk pools to the participants during the DRF instrument session. In the subsequent breakout sessions, she further explained why and how SEADRIF was established to provide financial products and services to respond to the needs of ASEAN+3 member countries.
The customized curriculum resulted in a unique and exemplary example of capacity building targeted to respond to a government’s priorities and needs on DRF, facilitating enriching discussions and knowledge exchange among different ministries. The Executive Education program was concluded with appreciation from the esteemed participants of the Government of Indonesia.