Globally as well as in the Asia-Pacific region, disasters and related insured and uninsured losses are on the rise. Risk insurance has been argued to provide effective means of catastrophic risk reduction and climate change adaptation in the developing countries. Both life and other types of insurances play an important role in disaster risk reduction. However, in terms of the volume of insurance premiums life insurances are more prevailing than the non-life insurances and hence, there is a need to bridge the gap between both to achieve the maximum possible coverage. Though there are several policy and institutional initiatives to promote risk insurance in the Asia-Pacific region, the region has not been able to utilize the full potential of risk insurance. In order to promote risk insurance, this chapter encourages that the proposals by the Conference of Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC) need to address some obvious but most relevant issues such as high basis risks, lack of historical data for designing risk insurance products, limited awareness in the utility of insurance instruments among vulnerable population, high premium prices, poor public-private partnerships, limited access to reinsurance, limited use of financial markets in sending right price signals, and lack of enabling policies to create a proactive risk mitigation environment with awareness of sustainability. These issues can only be addressed if the proposals incorporate lessons from on-the-ground experiences at local, regional, and national level.