The Asian Development Bank (ADB) is working on a range of initiatives to strengthen climate and disaster resilience, improve the availability of timely financing for post-disaster response, and reduce the protection gap in its developing member countries (DMCs), covering both sovereign and non-sovereign disaster risk financing solutions. However, legal and regulatory gaps, insurance and capital market limitations, and data constraints are significant challenges affecting low uptake.
On 19-20 September 2024, ADB convened a regional Climate and Disaster Risk Insurance Forum at its Headquarters in Manila, bringing together a cross-sectoral group of insurance experts, policymakers, and regulators to address these challenges. The forum focused on reducing the protection gap and enhancing the financial resilience of governments, small businesses, and the agriculture and energy sectors in the face of disasters arising from natural hazards and climate change risks.
Dr. Yoshihiro Kawai, Chairman of the SEADRIF Insurance Company, spoke at the event’s first session, calling for action from the Multilateral Development Banks (MDB), Governments of DMC, and the insurance industry to work. Mr. Benedikt Signer, Executive Director of the SEADRIF Insurance Company, joined the panel on National and Regional Risk Pools to discuss the benefits of national and regional risk pools as part of options for averting, minimizing, and addressing critical systemic climate-related risks in vulnerable countries.
These conversations are crucial for advancing the common goals of closing the protection gaps for vulnerable countries and their people.
