Regional Conference: Disaster Risk Financing and Insurance in Central Asia

The countries of Central Asia—Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan—share a similar disaster risk profile with intense seismic risk and climatic hazards. A 2023 World Bank risk assessment estimates that, on average, earthquakes across the region cause $2 billion in losses per year, while floods result in losses ranging from $1.5 billion to $2.2 billion annually. On average, earthquakes alone affect four million people each year.

Financial resilience in Central Asian countries is insufficient, as available funding does not fully cover post-disaster costs. World Bank analysis highlights a funding gap across the region. For example, in Tajikistan, the gap can exceed $400 million annually and reach up to $1.5 billion for large disasters. In Uzbekistan, this gap may exceed $1 billion each year and rise to $15 billion for major events. With underdeveloped or nearly non-existent insurance markets in Central Asia, such gaps will have to be covered through budget reallocation, borrowing, donor aid, or may remain unfunded.

Objectives

The regional conference hosted in Astana on November 12-13 aims to bring together key stakeholders, policymakers, and the private sector to discuss solutions that Central Asian countries can adopt to improve financial preparedness for rising disaster risks.

This conference will serve as a platform for participants to share experiences, best practices, and innovative approaches in disaster risk financing, exploring strategies that could help the region address escalating disaster costs, accelerate recovery times, and support better rebuilding after disasters.

Participants

Proposed conference participants include:

• Government bodies: Ministries of Finance and Debt Management Offices, Ministries of Disaster Management and Planning.
• Financial regulators: central banks, insurance regulators.
• Private sector: local insurance companies, regional and global reinsurance companies, credit institutions.
• Academia: researchers, universities, and experts in disaster risk financing and related fields.
• International organizations focused on disaster risk finance in the region.

The conference is organized by the Astana Financial Services Authority (AFSA) and the World Bank with support from the Risk Finance Umbrella Program via contributions from United Kingdom’s Foreign, Commonwealth and Development Office (FCDO), Swiss State Secretariat for Economic Affairs (SECO), and United States Agency for International Development (USAID).

Agenda

Day 1

(join via Zoom)

8:30 – 9:00  Registration and Welcome Coffee 

9:00 – 9:30

Opening and welcome remarks 

Ms. Renat Bekturov, Governor, Astana International Financial Centre (AIFC) 

Mr. M. Salman Bal, Swiss Ambassador in Kazakhstan 

Ms. Indu John-Abraham, Manager, Operations, World Bank (WB)

9:30 – 11:00 

State of disaster risk finance and insurance (DRFI) in Central Asia

Challenges in advancing financial preparedness in Central Asia: high-level panel

The session will present key messages from the upcoming WB report on DRFI in Central Asia, followed by a debate on the challenges of financial preparedness in CA. The high-level panel will comprise of Ministries of Finance and Financial market regulators and a regional platform for disaster risk management in Central Asia, CESDRR.

Mr. Martin Melecky, Lead Economist, WB 

Panel:

Mr. Ernst Kaldybaev, Deputy Minister, Ministry of Finance, Kyrgyz Republic

Mr. Shamsullo Khairullozoda, Deputy Minister, Ministry of Finance, Tajikistan

Ms. Mariya Khajiyeva, Vice Chairperson, Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market 

Mr. Vyacheslav Pak, First Deputy Director, National Agency of Prospective Projects, Uzbekistan 

Moderated by Cecile Thioro Niang, Practice Manager, Finance, Competitiveness and Innovation (FCI), World Bank 

11:00 – 11:15   Coffee break

11:15 – 12:00 

Keynote: Private capital mobilization for disasters 

Mr. Ivo Menzinger, Head EMEA, Public Sector Solutions, SwissRe, member of the Insurance Development Forum

12:00 – 13:00  Lunch 

13:00 – 14:00 

Lighting talks: Global insights from successful approaches in DRFI 

Innovations and technology:

Mr. Erdem Karabostan, T-Rupt Technology Company CEO, Türkiye 

Mr. Rashmin Gunasekera, Senior Disaster Risk Management Specialist, WB

Ms. Naomi Cooney, Senior Financial Officer, WB Treasury

Public financial management of disasters:

Ms. Tatiana Skalon, Senior Financial Sector Specialist, WB 

Ms. Stephanie Allan, Senior Public Financial Management Consultant, WB 

Mr. Daniel McGree, Senior Actuary, WB

Best practices for building domestic insurance programs for disaster resilience: 

Mr. Charles Stutley, Lead Agricultural Insurance Expert, WB 

Mr. Sid Miller, Lead Catastrophe Insurance Expert, WB, formerly Natural Hazards Commission of New Zealand

Ms. Emine Feray Sezgin, Vice Chairperson and Chairperson of Turkish Catastrophe Insurance Pool, Türkiye

Moderated by Martin Melecky, Lead Economist, WB 

14:00 – 14:30  Coffee break

14:30 – 16:00 

Institutionalizing DRFI in Central Asia: high-level panel

High-level policy panel will discuss existing and planned solutions to enhance financial preparedness in the region.

Panel:

Mr. Shamsullo Khairullozoda, Deputy Minister, Ministry of Finance, Tajikistan

Mr. Ikromi Sirojiddin, Deputy Chairman, National Bank of Tajikistan (TBC)

Ms. Mariya Khajiyeva, Vice Chairperson, Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, Kazakhstan

Mr. Vyacheslav Pak, First Deputy Director, NAPP, Uzbekistan

Mr. Ainura Murzataeva, Deputy Chairman, Gosfinnadzor, Kyrgyz Republic

Mr. Eldiiar Kaldarbekov, Chairman of the Board, State Insurance Organization, Kyrgyz Republic

Mr. Arman Boranbay, Director, "Insurance broker "AON Kazakhstan" LLP

Moderated by Ms. Tatiana Skalon, Senior Financial Sector Specialist, WB 

16:00 - 19:00   Cocktail style reception followed by dinner 
 

Day 2 

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8:30 – 9:00  Welcome coffee

9:00 - 9:30

Disaster Risk Management in Central Asia: World Bank report

Mr. Ahsan Tehsin, Senior Disaster Risk Management Specialist, WB 

Discussant: Mr. Chekirbaev Meimanbek, Deputy Director, Center for Emergency Situations and Disaster Risk Reduction (CESDRR)

 9:30 – 10:30 

Tech-Driven Innovations in DRFI: novel applications 

A showcase of cutting-edge innovations at the frontier of DRFI

Mr. Daniel McGree, Senior Actuary, WB

Mr. Rashmin Gunasekera, Senior Disaster Risk Management Specialist, WB

Ms. Naomi Cooney, Senior Financial Officer, WB Treasury

Ms. Emine Feray Sezgin, Vice Chairperson and Chairperson of Turkish Catastrophe Insurance Pool, Türkiye

Mr. Erdem Karabostan, T-Rupt Technology Company CEO, Türkiye

Moderated by Beulah Chelva, Economist, WB 

10:30-11:00  Coffee break 

11:00 – 12:00 

Public financial management of disasters 

Presentations on how countries can strengthen public financial resilience.

Ms. Tatiana Skalon, Senior Financial Sector Specialist, WB

Mr. Daniel McGree, Senior Actuary, WB

Ms. Stephanie Allan, Senior Public Financial Management Consultant, WB 

Moderated by David Stephen Knight, Lead Country Economist, Program Lead for CA, WB 

12:00 – 13:00  Lunch 

13:00 – 13:30 

Keynote: The State’s role in insuring disasters: Lessons from New Zealand and beyond

Mr. Sid Miller, Lead Catastrophe Insurance Expert, WB, formerly Natural Hazards Commission of New Zealand  

13:30 – 14:30 

Best practices for building domestic insurance programs for disaster resilience

Presentations exploring the synergies between the public and private sectors to close the funding gap.

Mr. Charles Stutley, Lead Agricultural Insurance Expert, WB

Mr. Sid Miller, Lead Catastrophe Insurance Expert, WB, formerly Natural Hazards Commission of New Zealand

Ms. Emine Feray Sezgin, Vice Chairperson and Chairperson of Turkish Catastrophe Insurance Pool, Türkiye

Mr. Erdem Karabostan, T-Rupt Technology Company CEO, Türkiye

Moderated by Martin Melecky, Lead Economist, WB 

14:30 – 15:00  Coffee break 

15:00 – 15:30 

Innovations in World Bank disaster risk finance and insurance solutions

Ms. Naomi Cooney, Senior Financial Officer, WB Treasury

Mr. Hicham Rachdi, Senior Financial Officer, WB Treasury

Mr. Pietro Calice, Senior Financial Sector Specialist, WB

Moderated by Mr. Andrei Mikhnev, Country Manager Kazakhstan, WB 

15:30 – 15:45 

Closing and next steps 

Ms. Cecile Thioro Niang, Practice Manager, FCI, WB