The government of Indonesia continues to work towards better management of its natural disaster risks and, with the assistance of the World Bank, there is a target to have a sovereign risk transfer or disaster insurance structure in place by 2024.
As we reported last August, Indonesia had launched a new disaster risk pooling facility, with an initial more than US $500 million of capacity made available to help pay for the economic costs of natural catastrophes and severe weather events in the country.
Indonesia’s goal to establish this disaster risk pool came after a number of year’s of work with the World Bank and other organisations, helping it to better understand its exposure to disaster risks, the costs it suffers from them and what options there are that can help it mitigate some of those costs while also providing a better and more resilient recovery from them for its population.
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