While national disaster risk management efforts are important, ASEAN member states can achieve even more by taking collective responsibility, and adopting a coordinated approach to building a regional platform in order to: Collect good quality, high resolution data, which is necessary to quantify ASEAN’s economic and insurance exposure to disasters Enhance capacity building, learn from each other’s experience and consolidate best practices, as well as equip policymakers with knowledge on enabling legal and regulatory frameworks to deploy disaster risk financing solutions; and Third, develop robust regional disaster risk financing solutions such as regional sovereign risk pools and catastrophe bond programmes. 10. Over the past decade, ASEAN has made notable progress to institutionalise disaster risk management across the region. Specifically, it has put in place the necessary coordinating platforms to manage disaster risks holistically across the entire value chain of disaster risk assessment, disaster risk financing and disaster risk response. First, Disaster Risk Assessment. In 2013, the ASEAN Cross Sectoral Coordinating Committee on Disaster Risk Financing and Insurance (ACSCC) was established to strengthen regional coordination of disaster risk management. ACSCC brings together 3 key stakeholder groups: Finance Ministers and Central Banks represented by the ASEAN Finance and Central Bank Deputies Meeting (AFCDM); Insurance regulators represented by the ASEAN Insurance Regulators Meeting (AIRM), and the National Disaster Management Organisations which are represented by the ASEAN Committee of Disaster Management 2 (ACDM).

Under ACSCC, the ASEAN Disaster Risk Financing and Insurance (or ADRFI) programme was established as the central platform to coordinate ASEAN-wide efforts in developing and implementing disaster risk financing strategies over 3 phases. Phase 1 was completed in 2017, which developed a historical loss database of 5 ASEAN countries for earthquake and typhoon events3 , initial country studies for Phillippines and Thailand to review their national policy and legislative frameworks, and two workshops on disaster risk financing. Second, Disaster Risk Financing. The ASEAN+3 countries have recently come together to establish the Southeast Asia Disaster Risk Insurance Facility, known as SEADRIF, in 2/4  BIS central bankers' speeches  partnership with the World Bank. As the first regional catastrophe risk facility to be established in Asia, SEADRIF will provide participating ASEAN countries with climate and disaster risk solutions. To be incorporated and licensed as a general insurer in Singapore in September 2019, SEADRIF will start with a flood risk pool to provide rapid response financing to Myanmar, Laos and potentially Cambodia. Third, Disaster Risk Response. Since 2005, the ASEAN Agreement on Disaster Management and Emergency Response (AADMER) has served as a common platform to jointly respond to disaster events in ASEAN. As part of the AADMER work programme, the ASEAN Coordinating Centre for Humanitarian Assistance on disaster management was set up in 2011 to be the home of “One ASEAN One Response”. It has since played a key role in monitoring disasters, raising regional standards in disaster preparedness, and coordinating ASEAN’s collective response to disasters.