[Event recap] Disaster Risk Finance and Insurance Learning Week 2025
From June 3-6, 2025, the World Bank’s Crisis and Disaster Risk Finance (CDRF) in the Finance, Competitiveness, and Investment (FCI) Global Department of the Prosperity Vice Presidency led the delivery of the Disaster Risk Finance Academy: Learning Week in collaboration with Insurance Development Forum (IDF). This is a flagship event, as part of the World Bank’s Global Shield Financing Facility (GSFF) and IDF Knowledge Partnership.
The 4-day program included partnership with Multilateral Investment Guarantee Agency (MIGA) and International Finance Corporation (IFC), supported by WBG Academy. The event also leveraged expertise of renowned Italian Universities – Ca’ Foscari and Bocconi – to deliver sessions on innovations on climate and interconnected risks.
Twenty-five country delegations joined the event, representing eight countries from five regions (Bangladesh, Philippines, Morocco, Costa Rica, Senegal, Angola, Democratic Republic of Congo, and Kenya). Global Practices involved in supporting participation include: FCI; Water; Social Protection; Agriculture, and URL.
The learning week was a collaborative effort between the organizations and designed to achieve two key objectives: i) Facilitate interaction between industry and partner countries and (ii) Leverage the expertise of private sector and academic partners for partner countries.
The week started off with Countries Day (June 3rd), a day focused on peer-to-peer exchange where country delegates shared challenges and lessons learned on disaster risk finance implementation. Many countries highlighted common goals for advancing their disaster risk finance priorities, including improved coordination and accountability across government ministries, strengthening of regulatory and legal frameworks for DRF policies, and incorporation of inclusivity and enhanced capacity building along their DRF journeys.
The World Bank-IDF Knowledge Day (June 4th) focused on insurance deep dive sessions, led by the World Bank, IFC, and private sector. The sessions considered key technical and operational themes including: i) the feasibility and suitability of sovereign indemnity and parametric insurance solutions for different disaster contexts, ii) the responsibilities and potential partnerships between government and development partners for using insurance to protect jobs and livelihoods, and iii) the role of the insurance industry in incentivizing greater investment in disaster risk reduction and its impact on building resilience.
The IDF Summit Day (June 5th) was held under the theme "Imagine the Possible”. The Summit convened leaders from industry and the development community, who shared views on the critical role of insurance, focusing on bold, practical solutions and reflections on 10 years of progress. Perspectives from Emerging Market and Developing Economy (EMDE) countries were shared throughout the day, with a powerful opening message from Hon. Nogui Acosta Jaén (Minister of Finance, Costa Rica), calling for a shift in mindset and seeing disaster risk finance as a strategic investment in resilience. Industry voices covered various insightful sessions, emphasizing the challenges for scaling public catastrophe risk solutions, while maintaining profitability requirements for industry.
World Bank Group management from the Multilateral Investment Guarantee Agency (MIGA), including Hiroshi Matano (Executive Vice President), Ed Mountfield, (Vice President), and Sebnem Erol Medan (Director), as well Emiko Todoroki (Acting Practice Manager) from the World Bank took part in several high-level panels, echoing the need for innovation and scale in addressing the evolving nature of disaster risks.
University Day (June 6th) was hosted and predominantly delivered by Ca’ Foscari University. The day focused on leveraging the expertise of this Venice-based University on the latest research on relevant topics such as climate change and catastrophe risk. The key theme emerging from discussions was the interlinkages between climate risk and other types of risks and the importance of having a comprehensive risk management framework to effectively inform policy. In addition, sessions hosted by the World Bank and MIGA exposed country delegates to the breadth of financial instruments available to improve their financial preparedness to shocks and crises.
The role of insurance as a fundamental tool and part of a wider risk management framework was echoed throughout the week, with the participants taking away clearer ideas for strengthening disaster risk finance in their own countries and plans for capacity building and collaboration with other countries and private sector partners.
The delivery team from World Bank included Emiko Todoroki (Acting Practice Manager, FCI), Sumati Rajput (Senior Financial Sector Specialist, Task Team Lead), Luis Alton (Senior Financial Sector Specialist), Eleanor White (Disaster Risk Finance Consultant), Thelma Ayamel (Program Assistant), Rashmin Gunasekera (Senior Disaster Risk Management Specialist), Remi Jean Yves Francis Bealle (Disaster Risk Finance Consultant), Anusha Mary Vincent (Disaster Risk Finance Consultant), Sonal Chinchwadkar (Disaster Risk Finance Consultant), and Liudmila Uvarova (WBG Academy).
The team also coordinated closely with MIGA representatives Hiroshi Matano (Executive Vice President), Ed Mountfield (Vice President) Sebnem Erol Madan (Director), Laura F. Alfonso (Co-Head of Partnerships), Chinwe Nonyerem Binitie (Co-Head of Partnerships), Rebecca Xuetong Wang (Special Assistant) and IFC representative Diep Nguyen-Van Houtte (Senior Manager for Innovation and Business Development).
For resources from the event, please click here.