Nanyang Technological University, Singapore (NTU Singapore) and the ASEAN Secretariat have teamed up to launch a three-year disaster risk management plan that aims to strengthen the financial resiliency of ASEAN member states when natural disasters strike.
The ASEAN Disaster Risk Financing and Insurance Phase 2 (ADRFI-2) ‘plan of action’ will equip member states with risk management and risk transfer capabilities that will enable them to overcome financial burdens caused by disasters.
Riding on the success of the first phase, the new plan is anchored around three strategic pillars namely, Risk Data (risk information and assessment), Capacity Building on Disaster Risk Financing, and Risk Advisory.
Professor Louis Phee, Dean of NTU’s College of Engineering, said, “The challenges posed by natural disasters are multi-faceted and the abilities of nation-states to recover from them hinges on their financial resilience and risk management strategies. Together with the ASEAN Secretariat, NTU will support and co-develop comprehensive risk management strategies to help ASEAN member states overcome the debilitative effects of catastrophes and national disasters.”
The new plan includes developing a risk data and assessment platform where member states can gain valuable insights on risks arising from natural disasters. The platform aims to help nation-states use data and analytic tools to assess key assets such as infrastructure that requires protection, identify potential risks for their cities, and develop country-specific risk financing solutions.
In addition, a networking advisory group will be established, consisting of not only member states, but also international organizations and industry partners, to provide risk advice and assist in the design of innovative risk transfer tools and solutions.
ADFRI-2 will facilitate capacity building activities such as workshops that will host experts from all over the world, covering a wide range of topics from potential hazards and disaster financing solutions to insurance schemes and the role of technology. This will help member states adapt key aspects of disaster risk financing and transfer into their domestic policies.