The Philippine new insurance commissioner is urging the insurance industry to tap new technologies to provide Filipinos with better access to insurance.
Insurance Commissioner Reynaldo A. Regalado, who took the oath of office in March 2023, was speaking at the 16th Philippine lnsurance Summit held in April. The summit had the theme, "Climate Change — A Deadly Threat to Mankind: Taking the Lead Towards Sustainability and Resilience".
Mr. Regalado highlighted the role of the insurance industry in the country's economic growth amidst risks brought by climate change.
Based on the 2021 Financial Inclusion Survey by the Bangko Sentral ng Pilipinas (BSP), the proportion of adult Filipinos who have some form of insurance coverage in 2021 is 48%.
Climate events are “no longer a force majeure”
Climate change-triggered events like super typhoons, massive flooding, or landslides can no longer be considered a “force majeure” or an act of God, reported Business Mirror, quoting Dean Antonio G M La Vina, associate director for Climate Policy and International Relations at the Manila Observatory. He made the comments in his keynote speech during the summit.
“Climate change is not an Act of God. It is not force majeure. It is predictable,” Mr La Vina said. He called on the insurance industry to adapt and innovate to mitigate the impact of climate-related disasters.