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This publication examines risks from flooding and earthquakes in the Central Asia Regional Economic Cooperation (CAREC) region. It assesses the protection gap and identifies ways of strengthening financing. CAREC member countries face growing levels of disaster risk without sufficient financial protection. Regional cooperation can help narrow the protection gap and increase the financing available for quick responses to disaster events. This publication explores the current approach to disaster risk finance in each CAREC member state to identify opportunities to strengthen financing arrangements. It aims to inform the design of a regional disaster risk transfer facility.