The Philippine Catastrophe Insurance Facility

THE fact that climate change and the deleterious effects that it can have on mankind is widely accepted and scientifically proven is a given. That the Philippines, owing to its location and geography, is one of, if not the most, vulnerable countries in the world is another widely accepted fact. Add to this the hydro-meteorological, seismic and volcanic events that have occurred in recent memory, and we have the elements of a perfect catastrophe.

In previous columns, I mentioned that it is long overdue for a whole-of-nation approach to addressing this pressing issue. I leave it to each sector to meet and craft ways to mitigate the expected adverse events, but belonging to the insurance industry allows me to dwell on the industry initiative on the table, the Philippine Insurance Catastrophe Facility (PCIF).