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Thursday, February 8th, 2018
EMI organizes National Workshop on ADB City Insurance Pool

Through funding provided by the Government of Canada, the Asian Development Bank (ADB) is currently supporting the Philippine Department of Finance (DOF) to develop a city disaster insurance pool that would offer cover against two primary natural hazards in the Philippines, earthquakes and tropical cyclones. Once the pool is established, participating cities will be able to purchase additional cover to supplement the mandatory indemnity insurance of public assets provided by the national insurer, the Government Service Insurance System. ADB awarded the development of the city disaster insurance pool for the Philippines to a consortium composed of Risk Management Solutions (RMS), Earthquakes and Megacities Initiative (EMI), Willis Towes Watson (WTW), and Vivid Economics (VE). 

In order to enhance the understanding of the participating cities and relevant government agencies on the objectives and purpose of the pool, a National Workshop on the Design of the Philippine City Disaster Insurance Pool was held last Jan. 24-25, 2018 at the ADB Headquarters in Manila. The workshop brought together representatives from the 10 cities selected for the project (Bacolod, Baguio, Butuan, Caloocan, Dagupan, Davao, Iloilo, Marikina, Paranaque, and Quezon City),  officials from the DOF , Insurance Commission, and other national agencies, and technical experts from ADB, RMS, EMI, WTW, and VE. 

Over the course of the two-day workshop, the process for developing the pool was discussed with the participants. Relevant case studies of similar insurance structures from other countries were also presented. The workshop also served as an opportunity for the technical experts to address key issues and concerns about the city insurance pool posed by the city and national government representatives.

 

Tags: ADB city disaster insurance pool DRFI EMI insurance risk financing RMS Vivid Economic Willis Towers Watson workshop
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