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Philippines to get nat cat insurance facility in first quarter
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First catastrophe insurance facility rolls out this quarter
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MANILA, Feb. 18 The Insurance Commission (IC) is targeting to roll out in the first quarter of 2021 the Philippines’ first private sector-led catastrophe insurance facility that is designed to heighten the country’s financial resilience against natural disasters.
IC Commissioner Dennis Funa said the Commission, the National Reinsurance Corp. of the Philippines (Nat Re) and the Philippine Insurers and Reinsurers’ Association (PIRA) have worked together in finalizing the Philippine Catastrophe Insurance Facility (PCIF), which would allow non-life insurers to cede their catastrophe risks to this insurance pool or facility.
The PCIF, which will then share the pooled risks back to the non-life insurers, will enable these companies to more efficiently manage their catastrophe exposures and boost their capacity to take in more catastrophe risks.
Published February 18, 2021, 1:46 PM
The Insurance Commission (IC) wants to roll out the first private sector-led catastrophe insurance facility designed to heighten the country’s financial resilience against natural disasters.
Insurance Commissioner Dennis B. Funa said they are finalizing the Philippine Catastrophe Insurance Facility (PCIF), which would allow non-life insurers to cede their catastrophe risks to this insurance pool or facility.
Funa said in his report to Finance Secretary Carlos G. Dominguez that they are targeting to roll out PCIF within the first-quarter of 2021.
He said the IC is working with the National Reinsurance Corp. of the Philippines (Nat Re) and the Philippine Insurers and Reinsurers’ Association (PIRA) to establish the PCIF.
BusinessWorld
February 19, 2021 | 12:06 am
THE INSURANCE Commission (IC) plans to launch this quarter the Philippine Catastrophe Insurance Facility (PCIF) that will help guard the country against natural disasters.
The PCIF will help nonlife insurance companies better manage disaster-related exposures and expand the sector’s capacity to take on more risks, the Department of Finance said in a statement on Thursday, citing a report from the IC.
“We recognize the significant role that the nonlife insurance industry should play in ensuring the Philippines’ catastrophe resilience and in bridging the catastrophe insurance gap that we need to urgently address as our country is among the most vulnerable to the onslaught of natural calamities,” Insurance Commissioner Dennis B. Funa was quoted as saying.
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