IFC partners with QBE Asia to expand Building Resilience Index

The partnership aims to address the property insurance gap.

The International Finance Corporation (IFC) and QBE Asia have signed a collaboration agreement to expand the adoption of the Building Resilience Index (BRI) across the Asia-Pacific region. 

The partnership aims to address the property insurance gap and promote climate-resilient construction in emerging markets.

BRI, developed by IFC, is a web-based hazard mapping and resilience assessment tool that evaluates climate-related risks for real estate projects. 

QBE Asia is the first insurer to join the BRI programme since its pilot launch in 2021.

The partnership will promote BRI adoption among developers, homebuyers, financial institutions, and governments in countries including Singapore, Malaysia, Hong Kong SAR, and Vietnam. 

It also supports the creation of insurance products that offer favourable terms—such as broader coverage and risk-based pricing—for properties with strong BRI ratings.

IFC and QBE will also work to integrate their risk modeling tools and collaborate with third parties to offer parametric insurance solutions with expedited payouts triggered by specific events.

The BRI initiative was piloted in the Philippines and has since expanded to other parts of East Asia, the Pacific, South Asia, and Latin America.