Increasing global temperatures, rising sea levels, and changing precipitation patterns are associated with high risks of disasters around the world. Climate change is increasing the cost of disasters and extreme weather events, resulting in a growing burden on public and private spending. It is predicted that multiple disaster shocks occurring concurrently with pandemics will have an even larger impact on economic development and the well-being of the world’s population. Effective financial and insurance solutions can help governments and private actors manage increasing disaster- and climate change–related risks, improve social protection systems targeting the most vulnerable groups, such as women and the poor, and advance sustainable development.