The ADBI-GAIP Capacity Building for Risk Resilience Programme (CBRRP) for ASEAN+3 kicked off with a workshop aimed at enhancing policymakers' and regulators' understanding of protection gaps and risk resilience and equipping them with knowledge to develop effective solutions. Held at the Hotel Holiday Inn in Vientiane, Lao PDR, the half-day workshop featured presentations and case studies on insurance and resilience gaps, facilitated by GAIP professionals Ms. Min Hung Cheng and Mr. Craig Thornburn.
The event began with welcoming remarks from GAIP's Chair Dr. Yoshihiro Kawai, Mr. Somxay Keovandy from the Ministry of Finance, Lao PDR, and ADBI's Dean and CEO Dr. Tetsushi Sonobe. Dr. Kawai and Mr. Keovandy highlighted the critical role of insurance in mitigating the impacts of unexpected natural disasters and raising awareness of risk finance among policymakers. Dean Sonobe, in his video message, emphasized ADBI's commitment to delivering high-quality policy research and capacity-building products on pressing climate change issues. He also expressed concern over the increasing frequency and severity of disasters in the region, underscoring the urgent need for effective policy measures and enhanced resilience.
In his presentation, Mr. Craig Thornburn, Senior Expert at GAIP, discussed building risk resilience by addressing protection gaps, which he classified into uninsurable and insurable gaps. He illustrated his points with examples of three severe earthquakes in New Zealand, Haiti, and Japan in 2010 and 2011, showing how different insurance coverage rates led to distinct outcomes. Mr. Thornburn stressed the importance of ex-ante solutions, such as insurance, over ex-post solutions, which are often not timely or affordable.
The first case study focused on solutions to addressing protection gaps, highlighting stakeholders' motivations and the challenges they face in resolving these issues and cooperating. Participants identified motivations such as reducing the impacts of natural disasters, maintaining economic stability, and ensuring quick recovery. They also noted challenges like budget constraints, lack of capacity and legal frameworks, and insufficient awareness and shared goals among stakeholders.
Mr. Thornburn emphasized a holistic approach to risk finance and protection gaps, advocating for the involvement of all relevant government agencies in developing solutions.
Ms. Min Hung Cheng, Deputy CEO of GAIP, facilitated additional case studies, providing participants with opportunities to outline challenges, brainstorm solutions to reduce risks from natural disasters, and discuss ways to cooperate with other stakeholders, including the private sector. These interactive group discussions enabled participants to share their country experiences and exchange ideas on addressing protection gaps.
The workshop concluded with Ms. Cheng outlining the next steps for the CBRRP and Mr. Keovandy delivering closing remarks. He thanked the organizers and encouraged participants to work together towards building climate-resilient economies.
