Disaster losses have risen faster than Asia-Pacific’s economy has expanded, says a new report from the Asian Development Bank (ADB), which recommends regional governments find ways to offer disaster risk financing instruments such as calamity funds, tax credits, and catastrophe bonds to strengthen disaster resilience.
“Asia’s economic gain is being eroded by disasters, often hitting the poorest hardest,” said Bindu Lohani, ADB’s Vice President for Knowledge Management and Sustainable Development. “As the global region most vulnerable to climate change, we no longer have a choice but to focus on disaster risk management.”
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