This study was undertaken on behalf of the Central Asia Regional Economic Cooperation (CAREC) Secretariat and the Asian Development Bank (ADB) under the technical assistance, Developing a Disaster Risk Transfer Facility in the CAREC Region. The team would like to thank Junkyu Lee, director, Chief Financial Sector Group, Sustainable Development and Climate Change Department (SDCC); Safdar Parvez, advisor, Office of the Director General, East Asia Department; Thomas Kessler, principal finance specialist (Disaster Insurance), SDCC; Carmen Garcia Perez, regional cooperation specialist, Regional Cooperation and Operations Coordination Division, Central and West Asia Department (CWRD); Irene de Roma, programs officer, CWRD; and Jennifer Lapis, CAREC regional cooperation coordinator, for the overall support and guidance.