MANILA, 12 May 2017 – ASEAN, through its regional programme for disaster risk financing and insurance (ASEAN DRFI Programme), conducted a 2-day high level course on disaster risk financing and insurance (DRFI) in Manila on 11 – 12 May. The course aimed to enhance awareness of key officials and policy and decision makers from ASEAN Member States on risk financing and risk transfer mechanisms. It also set to build trust among stakeholders by helping them better understand existing solutions, and reinforce commitment of decision makers and political champions to bring DRFI further up in the policy decisions on disaster management.

“As the frequency of natural disasters in the region has gone on the rise, and the impact becoming more severe, many economies in the region have taken efforts to address the damage caused by natural disasters. Disaster preparedness to minimize costs and casualties has been included as a major initiative by the Philippines’ current administration,” stated Paola Alvarez, Assistant Secretary and Spokesperson of the Department of Finance of the Republic of the Philippines.

The Course was tailor-made for policy and decision makers with a particular focus on ex-ante risk financing solutions risk pooling arrangements such as the African Risk Capacity. It emphasised the need to further pursue more proactive sovereign risk financing solutions rather than ad hoc and unplanned ex post mechanisms such as international humanitarian aid and budget reallocation.

At the end of the course, a collaboration of the ASEAN DRFI Programme, GIZ, and Swiss Re, participants agreed to promote disaster risk financing for a holistic disaster risk management and enhance financial resilience against disasters and climate change.

This press release was first published by ASEAN Secretariat News.