Disaster risk insurance proposal needs further study

PHILIPPINE officials are not that excited with the proposal of the United Nation (UN) for the country to implement a Disaster risk Financing and Insurance (DRFI) system that would allow the Philippines to have greater financial resilience during disasters, but lawmakers are open to have the system studied further.

During the “Strengthening Disaster Risk Insurance in the Philippines” forum organized by Senator Loren Legarda, foreign experts and local legislators discussed the merits and possibility of strengthening disaster risk insurance – a relatively new approach to preventing debilitating economic losses from disaster damages.