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Manila, Nov 9, 2011 (ACN) - The Association of Southeast Asian Nations (ASEAN), The World Bank, the Global Facility for Disaster Reduction and Recovery (GFDRR), and the United Nations International Strategy for Disaster Reduction (UNISDR) are convening the "ASEAN Disaster Risk Financing and Insurance Forum" to help ASEAN Member States build greater financial resilience to natural disasters. The three-day forum, which began yesterday, is also being supported by the Government of Indonesia as the lead country for Disaster Risk Financing and Insurance (DRFI) under the ASEAN Agreement on Disaster Management and Emergency Response (AADMER) Work Program.
The joint initiative aims to step up the inter-sectoral discussion on DRFI and initiate the development of a risk financing road map for ASEAN as an effective means to manage the worsening financial impacts of natural disasters on Member States. The forum is a unique endeavor involving three sectors in ASEAN – disaster management, insurance and finance. Knowledge and experience, recommendations and options will be shared with senior level policy makers from all ten member countries working in multiple sectors including the three sectors to support efforts to develop a regional disaster risk financing strategy.
A draft report, "Advancing Disaster Risk Financing and Insurance in ASEAN countries: Framework and Options for Implementation", prepared by the World Bank/GFDRR DRFI and the EAP DRM teams will be presented as the analytical basis for discussions. Case studies from Indonesia, Philippines, Mexico, and other countries will also be shared. Private insurance and reinsurance industry will be present as well to discuss Public Private Partnership options in DRFI.
Topic: Press release summary
Sectors: Financial General, Environment General
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