the Philippine Insurers and Reinsurers Association Vice President, Rachel Kyte, says it is in talks with the Philippine government to find a way to further improve the country's ability to withstand shocks coming from natural catastrophes, such as earthquakes and typhoons, with a much more robust financial resilience system "that will offer insurance and risk transfers at the national government level, local government unit level and individual household level", she said. One option would be to issue catastrophe bonds guaranteed by the Philippine government. As we previously noted, very few of Philippines residents are insured against natural risks due to lack of funds or knowledge, leading to The World Bank's (PIRA) to push for mandatory earthquake insurance.
The World Bank's Vice President, Rachel Kyte, says it is in talks with the Philippine government to find a way to further improve the country's ability to withstand shocks coming from natural catastrophes, such as earthquakes and typhoons, with a much more robust financial resilience system "that will offer insurance and risk transfers at the national government level, local government unit level and individual household level", she said. One option would be to issue catastrophe bonds guaranteed by the Philippine government. As we previously noted, very few of Philippines residents are insured against natural risks due to lack of funds or knowledge, leading to the Philippine Insurers and Reinsurers Association (PIRA) to push for mandatory earthquake insurance.