Disaster risk insurance is one of the best ways to manage transition into reconstruction and development after a natural disaster, according to a senior official of the Japan International Cooperation Agency (JICA).
Speaking at the High-Level Pacific Island Dialogue on Building Resilience to Natural Disasters and Climate Change in Fiji, Yasushi Kanzaki, senior vice president of JICA, highlighted how Japan carries out reconstruction efforts after a natural disaster.
Earthquakes, tsunamis, and typhoons are commonplace in Japan, making it a world expert at disaster response.
“Two months ago, IMF and JICA co-hosted an international conference with attendance of high-level officials from emerging and developing countries in Asia that discussed fiscal risks and fiscal management,” Kanzaki told the Fiji Sun.
“It was highlighted during the discussion that economic loss from natural disasters can be substantial in developing countries, especially in the Asia-Pacific region.
“As an island country in the Pacific prone to natural disasters, Japan has led the international development co-operation in Disaster Risk Reduction (DRR) to share our knowledge and technologies,” he added.
Several international agencies, such as the World Bank, the Asian Development Bank, the Secretariat of the Pacific Community, and the Japanese government have initiated the Pacific Catastrophe Risk Assessment and Financial Initiative (PCRAFI) to help island countries in the Pacific Ocean in developing their disaster risk modelling and assessment capabilities.
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