Read this in The Manila Times digital edition.
THIS is a paper I had the opportunity to present at the seventh Global Platform for Disaster Risk Reduction, held in Bali, Indonesia from May 23 to 28, 2022, and organized by the United Nations Office for Disaster Risk Reduction that I would like to share with readers.
Sitting at the apex of climate and seismic risks, the Philippines has long tried to address the effects of these risks through various means, primarily through the introduction of micro-insurance products. The number of Filipinos covered by inexpensive, short-term micro-insurance products rose to a record P53.7 million in 2021 alongside total premiums, which exceeded the P10-billion mark for the first time. As far as nonlife insurance firms are concerned, they also grew their micro-insurance premiums by 31.5 percent to P1.2 billion in 2021 from 2020's P913.5 million.
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