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Manila Bulletin devider Business devider Recto wants climate-change-focused insurance options

Recto wants climate-change-focused insurance options

Published Jan 25, 2024 05:55 am

At A Glance

  • Finance Secretary Ralph G. Recto has urged the Insurance Commission to develop new products to address emerging challenges, particularly climate change.<br>Recto emphasized the need to develop new products, implement innovative solutions, and utilize new technologies to address the country's vulnerability to disasters and climate change.<br>The Philippines experiences inevitable losses and damage amounting to 0.5 percent of its annual GDP due to an increasingly unpredictable climate, with the country being struck by around 20 tropical cyclones annually and experiencing nearly daily seismic activity.<br>Malayan Insurance Co. Inc. reported a 50 percent increase in non-life insurance premiums in the Philippines, primarily due to rising reinsurance rates and the country's unfavorable risk rating.<br>Recto also urged the commission to collaborate with schools and universities to promote financial education among students, aiming to cultivate financially literate individuals capable of making wise financial decisions from an early age.

The Department of Finance (DOF) has urged the Insurance Commission (IC) to develop new products aimed at addressing emerging challenges, notably climate change.

Finance Secretary Ralph G. Recto said there is the need to develop new products, implement innovative solutions, and utilize new technologies to address the country's vulnerability to disasters and climate change.

“The Commission should take a leading role in pioneering creative, out-of-the-box solutions to tackle these emerging issues,” Recto said in a message delivered by Officer-in-Charge National Treasurer Sharon P. Almanza during the IC’s anniversary celebration.

Situated in the typhoon belt and the Pacific Ring of Fire, the Philippines regularly incurs losses and damage, equivalent to 0.5 percent of its annual gross domestic product (GDP), mainly due to unpredictable climate.

The country is affected by approximately 20 tropical cyclones per year, along with nearly daily seismic activity.

Earlier, Malayan Insurance Co. Inc. revealed that non-life insurance premiums in the Philippines posted a 50 percent increase last year, largely due to the hardening reinsurance rates and the country's unfavorable risk rating.

The surge in reinsurance costs has been particularly pronounced for countries exposed to catastrophic risks, such as the Philippines.

Recto also urged the IC to actively engage with schools and universities to promote financial education among students. 

Recto explained that this initiative will contribute to nurturing a generation of financially literate individuals who are capable of making wise financial decisions from an early age.

“A financially literate population is crucial for the development of a robust capital market and a globally competitive Philippine economy,” the DOF chief said.

“Additionally, we should intensify nationwide financial literacy initiatives, covering a broad spectrum of insurance products available in the Philippine market and extending beyond reach to our Overseas Filipinos,” he added.

The finance chief said that a reliable insurance industry helps more people get financial protection, which is important for making people stronger financially when faced with uncertainties.

“Digital technology will be the key that unlocks not only greater access to a wide range of financial products and services, but also a more responsive, reliable, and effective insurance industry,” Recto said.

Related Tags

Department of Finance (DOF) Insurance Commission ralph recto Finance Secretary Climate change
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