Asian Development Bank will begin offering disaster insurance alongside infrastructure financing in Southeast Asia as early as next year, Nikkei reported Thursday.
The move builds on a regional framework backed by countries including Japan and Singapore, under which Laos has already received about 6.5 million dollars in payouts for flood damage, according to the report.
A disaster risk financing body tied to the initiative is set to come under ADB oversight, with ASEAN+3 finance ministers expected to discuss the shift at an upcoming meeting in Samarkand, the report said.
Pairing insurance with loans is aimed at limiting repayment risks after natural disasters, which have caused heavy economic losses across Asia, according to the report.
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