, Philippines

Philippines to launch catastrophe insurance facility in Q1

It will allow insurers to take in more catastrophe risks.

The Philippine Insurance Commission (IC) is looking to roll out the country’s first private sector-led catastrophe insurance facility in Q1 this year, according to a statement.

IC Commissioner Dennis Funa said IC has worked with the National Reinsurance Corporation of the Philippines and the Philippine Insurers and Reinsurers’ Association in finalising the Philippine Catastrophe Insurance Facility (PCIF), which will allow non-life insurers to cede their catastrophe risks to the facility.

The PCIF, which will then share the pooled risks back to the non-life insurers, will allow insurers to more efficiently manage their catastrophe exposures and boost their capacity to take in more catastrophe risks.

It will also create a more risk-appropriate rating environment that would ensure sustainable catastrophe premium rates and provide a wider access to catastrophe insurance protection, Funa said.

Currently, local insurers that provide catastrophe coverage currently reinsure their risks overseas.

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.