Last year, a record 29 tropical storms occurred in the Atlantic Ocean and in the Philippines, three tropical storms in the last quarter of 2020 dampened an already lethargic year principally due to the Coronavirus disease 2019 (Covid19) pandemic.
And the pandemic brought the country’s economy to its knees since the second world war. That means heavier and more frequent rainfall and tropical cyclones in the country. Floods would bring damage to businesses, manufacturing, crops, homes and lives.
Heat waves will result in drought, crop damage, forest fires and business disruptions of all sorts. Business Protect is an insurance product that lowers the risk on businesses especially for small and medium enterprises (SMEs), still coping with the negative effects of the pandemic. It was introduced by Malayan Insurance Co. Inc.
Malayan Insurance Co. Inc., by the way, has the Malayan online store that is the first insurance shop in the country capable of online transactions. Malayan also introduced the first in the non-life insurance industry – a mobile app for mobile phone users. As a safety precaution in the going pandemic, MICO also accepts payment online using any Credit/Debit Card or through Bancnet Online Fund Transfer
Coping with the pandemic has brought out the best from businesses, but climate change remains a constant challenge. Protecting business through insurance against floods, fire, theft and the like, is one mitigating measure versus the uncertainties brought about by the pandemic and climate change.
In 2010, the Philippines adopted the National Framework Strategy on Climate Change (NFSCC) which was translated to the government’s plan now known as the National Climate Change Action Plan (NCCAP). The strategy lists key programs for adaptation and mitigation from 2011 to 2028.
Based on the action plan, climate projections done by the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) indicate that all areas of the Philippines will get warmer, with largest increase in temperatures in the summer months of March, April and May (MAM) for 2020 and 2050. Mean temperatures in the country are expected to rise by 0.9 °C to 1.1 °C in 2020 and by 1.8 °C to 2.2 °C in 2050.
Malayan Insurance is the leading non-life insurance company in the country and is a member of the Yuchengco Group of Companies (YGC).