Sovereign risk pools (SRPs) combine parametric insurance and risk pooling to help countries manage disaster-related financial risks by spreading them across multiple contributors and transferring excess risks to reinsurance and capital markets. These pools allow countries to create diversified portfolios, retain some risk through joint reserves, and access capital markets for additional support. The first successful SRP was the Caribbean Catastrophe Risk Insurance Facility (CCRIF) in 2007, followed by others such as the Africa Risk Capacity (ARC), Pacific Catastrophe Risk Insurance Company (PCRIC), and Southeast Asia Disaster Risk Insurance Facility (SEADRIF). While SRPs provide valuable disaster risk finance tools, challenges remain in their uptake due to costs, lack of understanding of parametric insurance, and barriers to protecting vulnerable populations. Limited systematic analysis on SRPs exists, but existing studies suggest that while SRPs can catalyze risk assessments, more work is needed to ensure that payouts reach the poor and vulnerable. Further evaluations are underway to assess the impact of SRPs, with a need for more evidence on their effectiveness in addressing the needs of the most vulnerable communities.