The primary objective of this report isto take stock of the global progress on financial protectionagainst natural disasters over the last decade and bringtogether the latest thinking on disaster risk financing andinsurance. Disaster risk financing and insurance helpsminimize the cost and optimize the timing of meetingpost-disaster funding needs without compromising developmentgoals, fiscal stability, or wellbeing. Financial protectionrequires strong leadership by a country's ministry offinance. Disaster risk financing and insurance bringstogether disaster risk management, fiscal risk and budgetmanagement, public finance, private sector development, andsocial protection. While simple measures can quickly supportimproved financial protection, more complex financialsolutions and institutional change require technicalexpertise and political will.