Mr Kim said the World Bank Group had been working with the World Health Organisation (WHO), other UN agencies, academics, insurance company officials and others to work on a concept of developing a financial “pandemic facility”.
He said he expected a proposal for this to be presented to leaders of developed and developing countries in the coming months.
Mr Kim said the proposal would probably involve a combination of bonds and insurance plans but that, in some ways, the facility could be similar to a homeowner’s insurance policy.
“This could work like insurance policies that people understand, like fire insurance,” he said.
“The more that you are prepared for a fire, such as having several smoke detectors in your house, the lower the premium you pay.