World Bank and Japan International Cooperation Agency (JICA) jointly held a COP21 side event “Disaster Risk Finance and Insurance in Asia-Pacific Regions” on November 30, 2015. Supported by and coordinated with the World Bank Disaster Risk Management Hub, Tokyo and the Disaster Risk Financing and Insurance (DRFI) Program, the event was organized to deliver the forefront of scientific evidence based approach in bringing about effective policy investments in hydro-related areas with a view to extending the concept of “Build Back Better” adopted in the Sendai Framework.

Along with the increasing frequencies of natural hazards, countries has become more aware of the importance of preparedness rather than responding to recurring disasters. The innovative methods help countries take on the challenges posed by weather and climate risk strategically by scientifically identifying the changing nature and profiles of their financial risks and then managing and reducing them appropriately and economically through physical and fiscal measures.
 

Speakers

• Mr John Roome
  Senior Director, Climate Change, World Bank Group
• Mr. Jin Wakabayashi
  Director, Southeast Asia Division 5 (Philippines), Japan International Cooperation Agency (JICA)
• Mr. Roberto B. Tan
  National Treasurer, Government of the Republic of the Philippines
• Mr. Paula Ma’u
  Chief Executive Officer, Ministry of Meteorology, Energy, Information, Disaster Management, Environment, Climate Change and Communications, Government of Tonga
• Dr. Patricia Ann Jaranilla-Sanchez
  Research Specialist, International Centre for Water Hazard and Risk Management (ICHARM), Public Works Research Institute
• Dr. Kazuyoshi Nishijima
  Associate Professor, Disaster Prevention Research Institute, Kyoto University
• Mr. James Close
  Director, Climate Change, World Bank Group
• Mr. Robert G. Vergara
  President and General Manager, Government Service Insurance System
• Mr. Augusto P. Hidalgo
  CEO, Philippine Insurers and Reinsurers Association
• Dr. Megumi Muto
  Chief Representative, JICA France Office

(Listed in the order of presentation)
 

At the session, panellists agreed that:

Appropriate financing instruments can enhance the implementation of the “Build Back Better” concept;

The role of scientific data and analysis is critical in order to provide robustness in introducing such financing instruments; and

Various financing instruments are available and can be scaled-up to help fill the existing financing gap.
 

Government of Japan and World Bank Partnership

The Government of Japan has been a leader in promoting disaster risk management, which has been consolidated to globally since the Great East Japan Earthquake and Tsunami in 2011. The government’s commitment led to the establishment of the US$ 100 million “Japan-World Bank Program for Mainstreaming Disaster Risk Management in Developing Countries” in 2014, a critical program for mainstreaming ex-ante measures against disaster risks.

World Bank Disaster Risk Management Hub, Tokyo works to design and implement the Program, delivering customized technical and knowledge products to each disaster prone country to assist development of the countries’ resilience.

Global Facility for Disaster Reduction and Recovery (GFDRR) supports the implementation of the “Sendai Framework for Disaster Risk Reduction 2015-30” by enabling high-risk, low-capacity developing countries to better understand and reduce their vulnerabilities to natural hazards and adapt to climate change.
 

Japan International Cooperation Agency (JICA) and World Bank Partnership

The World Bank and Japan International Cooperation Agency (JICA) has a long history of collaboration. Particularly, in East Asia and Pacific region, the partnership has been captured and enhanced by ongoing exchange and events at the Third UN World Conference on Disaster Risk Reduction (WCDRR) held in March in Sendai, Japan, as well as at the World Bank-JICA High Level Dialogue organized in July 2015.

World Bank Disaster Risk Management Hub, Tokyo and JICA have cooperated with many projects such as under the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) to enhance financial protection mechanism in the region, as well as the technical assistance to build resilient infrastructures in the Philippines. The cooperation has brought synergy of more effective and efficient delivery of the projects.