The “new normal” triggered ASEAN to design regional policies to address the impacts of disaster and climate change and ensure that economic gains are sustained.
One such regional policy is the ASEAN Agreement on Disaster Management and Emergency Response (AADMER). AADMER has several strategic components in which risk financing and risk transfer aspects are embedded.
Another regional policy response is the ASEAN DRFI Roadmap. The ASEAN Disaster Risk Financing and Insurance (DRFI) Roadmap was jointly developed by three sectoral bodies during the ASEAN DRFI Forum held in November 2011 in Jakarta, Indonesia. In 2013, the 17th ASEAN Finance Ministers’ Meeting (AFMM) endorsed the establishment of the ASEAN Cross-Sectoral Coordination Committee (ACSCC) on DRFI, comprising of the three sectoral bodies, to facilitate the implementation of the DRFI Roadmap.
- ASEAN Committee of Disaster Management (ACDM),
- ASEAN Insurance Regulators Meeting (AIRM), and
- ASEAN Finance and Central Bank Deputies Meeting (AFCDM)
The Roadmap, with strategies prescribed for both regional and national levels, is a breakthrough in terms of cross-sectoral and cross-pillar coordination in ASEAN.