Philippines: Industry body, govt working on CAT model

Source: eDaily | 03 Jul 2013

The Philippine Insurers & Reinsurers Association is collaborating with three government institutions on disaster research to establish a CAT model for the country.

Mr Emmanuel R Que, Chairman of PIRA, led officials in signing an MoU with the Insurance Commission, University of the Philippines and the Philippine Institute for Volcanology and Seismology to establish a CAT model for the Philippines and a public-private insurance fund for the non-life insurance industry.

Under the MoU, the parties will conduct "research work and parallel studies on earthquake, fire, flood, severe wind and other hazards intended as inputs to the build-up of data for the government’s risk mitigation/assessment and risk reduction management programmes."

The Philippines is one of the most highly prone countries to natural disasters, including typhoons and earthquakes, in the Asia-Pacific. A 2013 World Bank report showed that 74% of the Philippines' population is vulnerable to natural hazards.

The World Bank has engaged the Philippine government in reforming its disaster risk management programs, including the development of a flood management master plan for Metro Manila. The Philippines has already shifted attention from post-disaster response to prevention and mitigation, says the World Bank.