NTU’s Institute of Catastrophe Risk Management (ICRM) and the ASEAN Secretariat have jointly launched a three-year disaster risk management and risk financing plan to address rising economic costs due to natural catastrophes in Southeast Asia. This is under the ASEAN Disaster Risk Financing and Insurance Phase 2 (ADRFI-2) programme, which supports ASEAN’s efforts to strengthen the disaster risk resilience of the region. The plan of action as developed by ICRM and ASEAN Secretariat aims to equip member states with risk management and transfer capabilities, which will enable them to overcome financial burdens caused by disasters.
ICRM will lead two of the plan’s strategic areas: risk assessment and risk advisory. ICRM’s data scientists will develop a high-resolution natural catastrophe database for holistic risk assessments, analyse the insurance and reinsurance needs of ASEAN countries, and design innovative risk-transfer tools and cost-effective disaster risk financing strategies.