The Philippines’ Insurance Commission will review the proposed compulsory catastrophe insurance cover for middle-class residential buildings and small and medium companies so it aligns with the new administration’s priorities amid climate change.
Insurance commissioner Emmanuel Dooc said government officials were considering other options.
Despite this, Dooc was optimistic on lobbying for the mandatory catastrophe pool insurance law that would protect households and SMEs in times of disasters.
He will continue to pursue it with the secretary of finance, Carlos Dominguez III, who said earlier that he would study the proposal.
If signed into law, the measure would require all households and SMEs to get insurance protection from possible damages caused by disasters, such as earthquakes and floods.
Insurers will underwrite the policies according to their corresponding subscriptions.
Last year, the proposed draft executive order had been recommended by the Department of Finance to the Office of the President but then President Benigno Aquino III did not sign it.