As natural disasters continue to escalate, governments and businesses around the world must brace themselves for their financial and economic impacts. Extreme natural disasters cost an average of $452 billion annually in economic losses. How can governments secure resources for disaster response while navigating broader development priorities? This is a central question raised by Mr. Hideaki Imamura, Executive Director of The World Bank Group.
Effective disaster risk financing and insurance (DRFI) is a critical tool in mitigating financial losses from the impacts of climate change and natural hazards. The Understanding Risk (UR) 24 Global Forum provided a platform for organizations and practitioners involved in this crucial agenda to come together. The World Bank’s Disaster Risk Financing and Insurance Program, the Global Facility for Disaster Reduction and Recovery (GFDRR), the Tokyo Disaster Risk Management Hub, and SEADRIF partnered in multiple sessions at UR24 to drive innovative ideas in disaster risk solutions for a more secure future.
Here is the reflection note that captures the key insights from the event on the World Bank's Financial Protection Forum website: https://www.financialprotectionforum.org/news/strengthening-financial-resilience-against-climate-and-disaster-impacts-key-insights-from-ur24
