Source: Microinsurance Philippines
The Philippine Insurers & Reinsurers Association is collaborating with three government institutions on disaster research to establish a CAT model for the country.
Mr Emmanuel R Que, Chairman of PIRA, led officials in signing an MoU with the Insurance Commission, University of the Philippines and the Philippine Institute for Volcanology and Seismology to establish a CAT model for the Philippines and a public-private insurance fund for the non-life insurance industry.
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THE INSURANCE Commission (IC) wants to increase the penetration rate of insurance in the country to 1.5% within the next two years through the cooperation of the government and the private sector, its top official said yesterday.
"Our target is to increase our penetration rate to around 1.5% within the next two years," IC Commissioner Emmanuel F. Dooc toldBusinessWorld on the sidelines of the 6th Asia Conference on Microinsurance yesterday.