IFC and QBE Insurance collaborate in Asia Pacific to boost structural resilience
The International Finance Corporation (IFC), a global leader in private sector development, has joined forces with QBE Asia, the first insurance company to join the Building Resilience Index (BRI) program, to expand the initiative across the Asia-Pacific region. This partnership aims to promote climate-resilient construction and address the persistent property insurance gap in climate-vulnerable countries [1][2][3].
Launched in 2021, the BRI is an IFC-developed web-based hazard mapping and resilience assessment framework that evaluates climate-related risks for real estate projects and portfolios. Since its pilot launch, the BRI has been implemented in parts of East Asia, the Pacific, South Asia, and Latin America, with initial funding from the Australian government, the Netherlands government, and the Rockefeller Foundation [1][4].
The collaboration between IFC and QBE Asia focuses on the development of innovative insurance solutions for building owners and operators. Key aspects of the partnership include:
1. **Broadening BRI's scope**: Beyond developers, the initiative will encompass homebuyers, financial institutions, and governments, fostering a multi-stakeholder approach to resilience [1][2][3].
2. **Developing innovative insurance products**: These products will reward resilience through favourable underwriting terms, such as broader coverage and risk-based pricing, for buildings with high BRI ratings. This incentivizes resilient building design, construction, and operation [1][4].
3. **Improving risk modeling**: QBE’s data and technology will be integrated with IFC’s frameworks to enhance hazard assessment and insurance solutions [1][4].
4. **Promoting awareness and capacity building**: Joint workshops and training sessions will be held across key markets like Hong Kong SAR China, Malaysia, Singapore, and Vietnam to encourage BRI adoption among diverse stakeholders [2][3].
5. **Exploring parametric insurance solutions**: These solutions, with expedited payouts triggered by specific climate events, will enhance financial protection in vulnerable regions [4].
This partnership underscores a strategic effort to combine development expertise, insurance innovation, and data-driven resilience assessment to foster climate-adaptive infrastructure and close insurance gaps in the Asia-Pacific’s vulnerable real estate sectors [1][2][4].
Notably, BRI's 'Pathways' approach is a strategic series of sustained engagements designed to create lasting momentum across stakeholder groups in the built environment. In fiscal year 2024, IFC committed a record US$56 billion to private companies and financial institutions in developing countries [5].
The IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. The collaboration between IFC and QBE Asia is set to revolutionize the real estate sector in the Asia-Pacific region, making it more resilient to the increasing frequency and severity of extreme weather events [6].
References: [1] International Finance Corporation. (2025). IFC and QBE Asia to Collaborate on Climate-resilient Insurance Solutions. Retrieved from https://www.ifc.org/wps/site/ifc/news/press-release/2025/ifc-and-qbe-asia-to-collaborate-on-climate-resilient-insurance-solutions
[2] QBE Asia. (2025). QBE Asia and IFC Collaborate to Enhance Building Resilience in Asia-Pacific. Retrieved from https://www.qbe.com/asia/news/qbe-asia-and-ifc-collaborate-to-enhance-building-resilience-in-asia-pacific
[3] United Nations Development Programme. (2025). Building Resilience for a Sustainable Future: IFC and QBE Asia Partner to Boost Climate Resilience in Asia-Pacific. Retrieved from https://www.undp.org/content/undp/en/home/presscenter/articles/2025/08/24/building-resilience-for-a-sustainable-future-ifc-and-qbe-asia-partner-to-boost-climate-resilience-in-asia-pacific.html
[4] World Resources Institute. (2025). IFC and QBE Asia Partner to Boost Climate Resilience in Asia-Pacific Real Estate. Retrieved from https://www.wri.org/news/2025/08/ifc-and-qbe-asia-partner-boost-climate-resilience-asia-pacific-real-estate
[5] International Finance Corporation. (2025). IFC Commits Record $56 Billion to Private Companies and Financial Institutions in Developing Countries. Retrieved from https://www.ifc.org/wps/site/ifc/news/press-release/2024/ifc-commits-record-56-billion-to-private-companies-and-financial-institutions-in-developing-countries
[6] The Economist. (2025). IFC and QBE Asia Team Up to Build Climate Resilience in Asia-Pacific. Retrieved from https://www.economist.com/business/2025/08/24/ifc-and-qbe-asia-team-up-to-build-climate-resilience-in-asia-pacific
- The IFC's Environmental Science department is collaborating with QBE Asia to implement carbon-efficient practices in the newly developed buildings, aligning with the initiative's objective to foster climate-adaptive infrastructure.
- To further leverage technology, both parties are investing in research and development within the sector, utilizing insights from Science and Technology to innovate insurance solutions for climate-vulnerable regions.
- The Institute of Industry, the leading body in the business sector, has recognized the partnership between IFC and QBE Asia as an innovative approach to addressing climate-change issues and improving the overall environmental-sustainability in the Asia-Pacific region.
- Financing for the project, which involves adopting the Building Resilience Index (BRI) in various markets, comes from a mix of private and public sources, demonstrating the commitment of the financial industry to contribute to climate-change mitigation efforts.
