Climate change, disaster risk reduction and insurance

Source(s): Manila Times Publishing Corp., the

By Michael F. Rellosa

WE just finished commemorating, albeit somewhat low key, Earth Day 2021 (actually, a three-day event celebrated from April 20 to 22). In recent years, Earth Day’s primary objective has morphed into raising awareness about global climate changes. It is very apt for a country such as the Philippines

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The guiding institution behind this is the United Nations Office for Disasters and Risk Reduction and the private sector partner is an international network known as the Private Sector Alliance for Disaster- resilient Societies with a very active and pioneering partner in Arise Philippines organized through the initiatives of SM Prime Holdings Inc.

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The initiatives currently being worked on include the Philippine Catastrophe Insurance Facility which is being created to increase Philippine financial resilience toward natural disasters to hasten economic recovery after a disaster strikes, address the catastrophic insurance gap, create a more risk-appropriate rating environment that would ensure sustainable premium rates and coverages, increase the catastrophe resilience of the local insurance industry and its capacity to retain such risks and be able to provide the populace with more inclusive access to catastrophic insurance protection.

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Finally, the project with Earth Security, in collaboration with other institutions such as the Asian Institute of Management and Business for Sustainable Development, is meant to catalyze models and partnerships for insurance to support nature-based climate solutions for adaptation. The research phase is the next step and results of this research will dictate the next steps forward.

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Country and region Philippines
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