Since releasing our report “Insurance underwriting with nature: putting mangroves on the balance sheet”, we have been working with re/insurance companies in the Philippines to advance the pricing of nature-based coastal protection into their policies.
Watch insights from our workshop with over 50 participants of the Philippine Insurance and Reinsurance Association (PIRA) to discuss our proposed solutions, which we are very pleased to see moving forward:
1. Companies integrating the value of mangroves into risk modelling and insurance underwriting.
2. A collaboration to develop a mangrove insurance product in the Philippines.
3. A common policy between local insurance and global reinsurers for how to recognize the value of nature in risk reduction.
The session was a fantastic success and there were many takeaways, watch the video for a more detailed look.
Thanks to Alejandro Litovsky of Earth Security, Erickson Balmes, Deputy Commissioner at the Philippine Insurance Commission Commission; Denden Tesoro, Head of Underwriting Division at Malayan Insurance Co., Inc.; Derick Narvacan, Country Head at Starr Insurance Companies Philippines; Allan Santos, CEO at Nat Re - National Reinsurance Corporation of the Philippines and Mitch Rellosa, Executive Director at PIRA
Watch the video here.