Source: eDaily | 02 Aug 2013
The Philippine insurance regulator has said that it is pushing for legislation requiring homeowners and small businesses to insure their properties from earthquakes.
Insurance Commission Chief, Mr Emmanuel Dooc, says that the agency is working to establish a company that will provide compulsory earthquake insurance. "It's like an ordinary insurance company. It will be formed by getting equity contributions from the public and the private sectors, and this will require huge capital," he said.
"All residential property owners and small and medium-sized enterprises shall be required to get earthquake insurance. It will basically be a public-private partnership because this will require huge or substantial capital," he told reporters.
"This type of Bill requires some expertise and technical knowledge, but we are prepared to provide a technical briefing to those who will help us get this Bill enacted," he added.
The Asian Development Bank is backing the proposal, and is ready to provide a US$70-million loan for the purpose. However, "this will require counterpart funding from the private sector," he said, citing non-life insurers as possible partners for the venture
No comments:
Post a Comment