Index Insurance Forum

Philippines

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The core objective of the project is to financially and programmatically support community-centered early action to reinforce and build climate resilience.
In a Business Mirror (Philippines) Op-ed , Dennis B. Funa, the Philippines's insurance commissioner, wrote that the Binhi Micro-Crop Insurance Program of CARD Pioneer Microinsurance Inc. will benefit smallholder farmers face typhoon risks. When leading portfolios of micro-finance institutions are protected by insurance, farmers are also protected. The Binhi Micro-Crop Insurance is supported by the Global Index Insurance Facility and the Government of Canada.
The high transaction costs of serving low-income clients in developing and emerging market economies demand innovative approaches and technological advancements. Challenges that inflate operational costs include data collection, processing and management, premium payment mechanisms as well as claims verification and settlement. Index insurance products, mobile payment devices or more accurate weather and agricultural-yield information based on satellite data are examples for innovative approaches that can help to overcome these challenges.
The core objective of Microinsurance Innovations Program for Social Security (MIPASS) is to improve risk protection for low-income Filipinos across the country through the introduction of affordable and comprehensive microinsurance products.
The core objective of "Natural Catastrophe Insurance for Low Income Groups in Asia" was to offer insurance services against the effects of extreme weather events in order to enhance the financial stability of financial cooperatives by protecting their credit portfolios. The insurance benefits are passed on to the low-income members of these institutions.
AXA Global Parametrics is looking to offer its parametric insurance product in the Philippines, primarily targeting the local agriculture sector, Busines World Online reports . “In the Philippines, we don’t offer any products yet but we are working...[with] companies, partners to try to sell the product across the Philippines,” AXA Philippines Chief General Insurance Officer Claude Seigne said in the interview.
IFC partnered with CARD Pioneer Microinsurance Incorporated (CPMI) in the Philippines to design and launch a new crop-insurance product to protect farmers from typhoon-related losses. It will initially target CARD’s farmer clients. CARD is the Philippines’ largest micro-finance institution with four million clients. “This is the first private sector-led crop-insurance product in the Philippines and a ground-breaking initiative by our partners CPMI and CARD,” said country manager Yuan Xu. The agriculture sector contributes approximately 11 percent of the country’s GDP and provides employment...
The International Finance Corporation (IFC), supported by the Global Index Insurance Facility (GIIF) and the Canadian government, has been working with CPMI (CARD Pioneer Microinsurance Inc.) and CARD MRI (the Center for Agriculture and Rural Development, Mutually Reinforcing Institutions) to create an index-based portfolio insurance product to insure the loan portfolios of lending institutions such as microfinance institutions (MFIs). They have also been working to provide advisory services for an indemnity-based crop insurance product to insure crop losses suffered by CARD agri-borrowers,...
IFC will work with the Center for Agriculture and Rural Development Insurance Agency and the Pioneer Insurance and Surety Corporation to design new insurance products that aim to protect Filipino farmers against typhoon-related losses, which are estimated to have exceeded $2.5 billion since 2009. According to the 2012 World Disaster Report, the Philippines ranks as the third most disaster-prone country in the world, with an average of 20 typhoons per year. The project will enable CARD Insurance and Pioneer Insurance to offer indemnity insurance to thousands of farmers and rural entrepreneurs...
The objectives are to create an index-based portfolio insurance product (to insure the agri-loan portfolio of CARD Inc.), and provide advisory services for an indemnity insurance product (insuring losses suffered by CARD agri-borrowers) – as well as build their capacity to administer the insurance products. The project will also provide advice/trainings for the effective management and administration of the products within CARD’s agri-lending operations.
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