The Philippine Catastrophe Insurance Facility (PCIF) reached a milestone last Friday, September 16, 2022 with the convening of the first assembly of participating companies to the facility. The face-to-face event was held at Insurance Institute for Asia and the Pacific (IIAP) with top officers present from the Insurance Commission, National Reinsurance Corp. of the Philippines (Nat Re) and the Philippine Insurers and Reinsurers’ Association (PIRA). IC Deputy Commissioner Erickson H. Balmes delivered the opening address via zoom acknowledging the significance of the PCIF in ensuring the Philippines’ sustainable catastrophe protection.
The creation of the Oversight Committee to the PCIF was formally established during the event with the election and announcement of the members of the committee. Tasked to oversee the effective implementation of the facility, the Oversight Committee will, among its responsibilities, aim to ensure the prompt settlement of accounts such as premiums, claims and reinsurance recoveries and that the facility is operated professionally.
Last year, the IC, Nat Re and PIRA signed a memorandum of understanding (MOU) committing to collaborate on the establishment of the PCIF. Regarded as the Philippines’ first private sector-led catastrophe insurance facility designed to heighten the country’s financial resilience against natural disasters, PCIF aims to create a more risk-appropriate rating environment that would ensure sustainable catastrophe premium rates and provide the public wider access to catastrophe insurance protection.
IC Commissioner Funa said that the non-life insurance industry plays a vital role in ensuring the Philippines’ catastrophe resilience and in bridging the catastrophe insurance gap needed to urgently address the country’s vulnerability to the onslaught of natural calamities. With the PCIF in place, communities, businesses and even households can hasten their recovery after large losses arising from catastrophic events such as typhoons and earthquakes.
L-R (top row) 1. Hon. Erickson H. Balmes - on screen 2. Sherwin Parungao 3.Darius de Guzman 4. Romy Corral 5. Judeus Mandap 6. Herminio P. Villamayor, Jr. 7. Edgardo D. Rosario 8. Arturo B. Reyes 9. Romeo Arzadon 10.Antonio Quianzon 11. Redel Reveche
(front row) 1. Cherry Lorenzo 2. David P. Mercado, Jr. 3. David Motley 4. Sharon Marjorie Navarro 5.Allan R. Santos 6. Rogelio J. Concepcion 7. Alan Valenzuela 8. Nestor Liwanag 9. Noly Gallozo 10. Michael F. Rellosa
(Rebecca de la Cruz -not in photo)