Climate risks and rising costs are widening protection gaps across Asia's insurance market, driving companies to captives and self-insurance and posing a challenge for insurers.
The initiative seeks to build disaster-risk financing into development planning, enabling quicker fiscal response and reducing recovery costs for governments.
The initiative will co-fund PhD scholars whose research focuses on cyclone and tsunami risk, advanced flood modelling, and remote sensing for disaster response.
The ICA has activated early catastrophe processes and warned residents to prepare for more storms following Brisbane and Ipswich hailstorm on 26 October.
