Background:In October 2018, the Government of Indonesia, through the Ministry of Finance, launched the Disaster Risk Financing and Insurance (DRFI) strategy in response to the country's substantial disaster risk and the fiscal challenges posed by frequent, significant disasters such as the Central Sulawesi Earthquake and the Lombok Earthquake of that year. Aimed at ensuring large, planned, timely, targeted, and sustainable disaster financing, the strategy has been realized through the DRFI 2018-2023 roadmap, introducing new financial instruments such as State Property Insurance, Disaster Pooling Fund, and standby loans, along with a risk layering approach to categorize disaster responses. Furthermore, Indonesia's active contribution to regional and international disaster financing forums has established its leadership in this area. As 2023 marks the conclusion of the initial DRFI roadmap, there is a pressing need for a thorough review of its implementation. This review is crucial to identify the achievements, challenges, and opportunities of the past five years, and it involves all stakeholders. The insights gained will be vital for developing a new, updated DRFI roadmap for 2024-2029, ensuring the continuity and enhancement of Indonesia’s disaster risk financing and insurance strategy.
Aims and Objections:The study aims to conduct a thorough review of Indonesia's Disaster Risk Financing and Insurance (PARB) strategy from 2018 to 2023, evaluating its effectiveness in meeting its disaster financing goals and assessing the achievements, challenges, and opportunities that have emerged. This review will in turn inform the second aim of developing recommendations for a new PARB roadmap for the 2024-2029 period.
Methodology:Data collection: Key Informant Interviews, Literature Review, Focus Group Discussions, Validation Workshops.Data analysis: Financial Analysis, Before After Comparisons, Loss Ratio Analysis, Policy Analysis, Stakeholder Analysis, etc.
Locations:Indonesia
Team Member:Dr. Irene Sondang, Wieka Dzurriyyah Nur, Priskilla Agatha Sulaiman, Rayinda Putri, Alifa Zalfa Poetry Wicaksono
