The discussion comes as governments across Asia continue to examine insurance protection gaps created by rising catastrophe losses, affordability pressures, and uneven access to insurance. In its 2025 report, Protection Gaps in Insurance for Natural Hazards and Retirement Savings in Asia, the OECD said narrowing those gaps will require coordinated approaches involving governments, insurers, and other stakeholders, with public-private partnerships increasingly forming part of policy discussions on catastrophe risk financing. “I’d like to share Australia’s experience with our Cyclone Reinsurance Pool. Not as a blueprint, but as a practical example of how governments and markets can work together effectively to address a very specific climate risk,” Wallace said.
