Philippines: Why households, enterprises need micro-insurance

Source(s): Rappler Inc.

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At risk of being heavily hit by the effects of climate change are low-income households as well as micro-, small-, and medium-sized enterprises (MSMEs), which make up the majority of businesses in the Philippines.

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While there are a lot of ways to be more resilient to climate change, both the government and the private sector are encouraging Filipinos to take up micro-insurance.

Earlier in February, the Philippines and Germany, through GIZ, renewed their partnership to develop a Microinsurance Disaster Risk Insurance (MicroDRI) for poor households and MSMEs.

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To cover all MSMEs, GIZ said that an "insurance premium worth P604,758,280 is needed if all of the 828,436 microenterprises in the Philippines were to be insured against climate and disaster- related risks through the MicroDRI product."

GIZ added that the MicroDRI "priced at around P2 per day or P730 per year can insure enterprises for P100,000 up to P500,000."

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