QBE Asia and The International Finance Corporation (IFC) have entered into a strategic collaboration aimed at strengthening climate resilience across the built environment in Asia-Pacific.
The agreement focuses on expanding the reach and utility of the Building Resilience Index (BRI), a digital assessment platform developed by IFC to evaluate climate-related risks in real estate.
QBE becomes the first insurer to formally integrate with the BRI initiative since its pilot rollout in 2021.
The collaboration seeks to bridge the region’s property insurance protection gap, particularly in markets vulnerable to natural hazards.
Initially geared toward developers, the BRI framework will now be positioned for broader use by financial institutions, government bodies, and residential property buyers.
The expanded scope aims to promote data-driven decision-making in the design, construction, and maintenance of properties in hazard-prone areas, such as the Pacific islands.
By using BRI metrics, QBE and IFC plan to support the development of insurance solutions that recognise and reward resilient construction practices. These may include pricing benefits, extended coverage, and faster claims handling for high-rated properties.
Both parties will conduct awareness-building activities and host training sessions in regional markets such as Hong Kong SAR, Malaysia, Singapore, and Vietnam to drive BRI adoption.
In conjunction with other partners, QBE and IFC intend to co-create insurance offerings that align with resilience benchmarks. This includes exploring parametric products and risk-adjusted pricing models linked to BRI outcomes.
The integration of QBE’s underwriting and modelling platforms with the BRI’s risk tools is also under evaluation to enhance risk assessment processes.
The collaboration aligns with broader growth projections in the Asia-Pacific property insurance sector.
According to GlobalData, the region is expected to see written premiums increase from US$93.1 billion in 2023 to US$152.2 billion by 2028. This projected 10.8% annual growth rate surpasses the global average of 8.1% for the same period.
With the frequency and impact of extreme weather rising, many real estate assets in the region are becoming harder to insure. The resulting contraction in insurable properties poses risks to financial systems, especially in emerging markets with low insurance penetration.
“The frequency and severity of extreme weather events are placing unprecedented pressure on buildings and communities across Asia and the Pacific,” said Katia Daude Gonçalves, country manager for Singapore and Brunei at IFC. “Together with QBE, we’re determined to help close the property insurance gap while promoting resilient development across the region.”
Ronak Shah, CEO for wholesale markets Asia at QBE, said the insurer is looking to link risk insights with underwriting practices.
The BRI program, supported by the Australian government, originated with pilot work in the Philippines and has since been introduced in several regions, including Latin America and South Asia.
Early development was funded by the Netherlands and the Rockefeller Foundation, with technical input from organisations such as ARISE, Build Change, and FM Global.
