Tuesday, May 22, 2018

ADB to expand disaster support for Philippines via insurance

The Asian Development Bank (ADB) is exploring disaster insurance options for the Philippines, one of the countries in the Asia Pacific most vulnerable to natural disasters such as typhoons, earthquakes, fires, rainfall, floods, and drought.

Although ADB has been in close coordination with the Philippine government in the possibility of launching catastrophe bonds, recent political changes and the high cost of issuance for sovereign issuers have so far impeded any concrete action.

Right now, ADB is studying its options for disaster, climate, and catastrophe risk transfer and financing, with disaster insurance.

The bank also intends to search for mechanisms to increase its climate and disaster financing support for the rising Southeast Asian economy.

Richard Bolt, who represents the Philippines at the ADB, said one of the options being looked at is directly offering a disaster insurance solution to local government entities.

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