Political Demand and Regional Policy Dialogue

Interest in exploring a regional disaster risk financing facility for Asia is growing rapidly, and any such facility should respond to country priorities and build on ongoing work. Countries’ needs differ across the region, as does their experience with implementing financial protection strategies and instruments. Some countries are global leaders in disaster risk financing, while others have started their efforts more recently. This note provides a brief overview of recent political developments and policy dialogues that either have focused on moving toward joint risk financing solutions in Asia or serve to support such efforts. Based on what has emerged from discussion with policy makers, the note also summarizes the key areas of focus for any regional joint mechanism. The World Bank Disaster Risk Financing and Insurance Program has supported many of these policy forums with technical advice.