Asia-Pacific needs stronger financial preparedness for disasters

By Richard Jones 

Asia and the Pacific is one of the regions that is most vulnerable to natural disasters and the effects of climate change. And yet, most governments have limited financing arrangements for disaster response and the levels of disaster insurance penetration are very low.

As part of its efforts to help its developing member countries boost their capacity to anticipate and manage risks from climate change and natural disasters, the Asian Development Bank has been incorporating disaster risk reduction and climate change adaptation actions in its projects. ADB has also started to support efforts to address demand and supply constraints to increased penetration of disaster insurance.