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- Beyond duck, cover and hold: why geologist Mahar Lagmay believes it’s time to rethink earthquake drills
On January 1, 2024, my Japanese friend, Eizo Yamaguchi, invited us to celebrate New Year’s Day at his house in the suburbs of Nagoya, Japan. He prepared a nabemono hotpot dish with freshly picked vegetables, enoki mushrooms and thinly sliced Kobe Beef. It was a simple communal dish, but my family adored it. I could tell because they kept saying “Oishii” throughout the meal. After giving us Meiji chocolates for dessert, he extended an invitation to visit his grandchildren residing in a nearby condominium, which we happily accepted. We reached his daughter’s condo at approximately 3.30pm, where we met his son-in-law, wife and two grandchildren engrossed in a Nintendo Switch game. The kids had a pet axolotl, a type of salamander called the Mexican Walking Fish. Curious, I approached the fish tank to examine the odd creature, which seemed to wear a constant smile. My curiosity was piqued, and I decided to look up axolotl on Google and learned that it could regenerate its body parts! I also found the Mexican Axolotl Optimisation-tuned (MAO) system, which utilises Internet of Things (IoT) sensors to precisely identify seismic activity. The system provides an early warning just seconds before an earthquake strikes, aimed at minimising potential damage. That’s cool, I thought to myself. Immediately after learning about axolotls, I got an urgent message on my cellphone that said: “ EMERGENCY ALERT Earthquake Early Warning: Strong shaking is expected soon. Stay calm and seek shelter nearby (Japan Meteorological Agency).” At that moment, I realised there wasn’t enough time to rush down to the ground from the seventh floor and find an open space. Roughly 20 seconds later, I felt the building tremble and noticed the water in the fish tank sloshing back and forth. My coffee cup mirrored the movement, leading me to imagine a swimming pool atop the condominium, creating a waterfall that I would see from our room’s window. Unbothered Frightened and anxious about the worst possible outcome, I attempted to remain composed. Uncertain of the earthquake’s magnitude and its point of origin, I could only guess that the shaking would last anywhere from 30 seconds to as long as two minutes. Earthquakes typically last that long, and during this time, individuals are advised to take shelter under a sturdy table to shield themselves from falling debris. We’ve also been told that once the shaking subsides, everyone must gather outside in an orderly manner until the building manager announces that it is safe to return. Throughout the ordeal, I noticed that Eizo remained unbothered. He even crossed his legs while we discussed the ongoing earthquake. “ Walang hiya, dumekwatro pa itong Hapon na ito [The nerve of this Japanese guy to even cross his legs],” I said to myself. His body language reassured everyone though, as if conveying that there was nothing to fear. He probably knew that the building, being newly constructed, adhered strictly to the Japanese Building Code, which required buildings to endure severe ground shaking. Perhaps he was confident that there were no shortcuts or under-the-table deals during the construction process. He might have even known that the building was equipped with seismic dampers designed to reduce vibrations and damage during earthquakes. Source: tatlerasia.com
- The International Association of Engineering Insurers
Enjoy the summer at the same time don't miss out on upcoming events and discount We would like to inform and remind our members about a few upcoming events taking place. 15th July - Free webinar on Sky & Mace v Riverstone: Implications for Construction All Risks insurance - presented by Richard Butt of Clyde & Co - Register Now 3rd September - IMIA Singapore Conference, in collaboration with Singapore College of Insurance (SCI) - for more information on this packed One Day Event go to the IMIA website 4th September - Construction Risk Management Asia 2025 - Register Now To obtain a discount see below access the registration page - Tick if you are either a (Other job function) UK or non UK registration Complete the email field Insert the code into the discount code box Assoc-25-CRMA Continue through to the end of the payment process alterntatively contact Stewart Brown directly THREE EVENTS IN ONE 14th to 17th September - IMIA Annual conference in Oxford, places are filling up - see detailed information (NB, you need to be a registered user for the IMIA website in order to complete the registration form) Keep an eye out on our Upcoming Events Page Source: https://www.imia.com/
- The Philippine Catastrophe Insurance Facility: Building resilience in a vulnerable nation
by Michael F. Rellosa THE Philippine archipelago stands at the unfortunate forefront of global vulnerability to natural disasters. Battered annually by at least 20 typhoons, prone to seismic activity due to its location on the Pacific “Ring of Fire” and susceptible to widespread flooding, the country faces immense socioeconomic challenges from recurrent catastrophic events. In response to this pressing reality, the Philippine Catastrophe Insurance Facility (PCIF) has emerged as a landmark initiative designed to fortify the nation’s financial resilience against the ravages of nature. This article delves into the imperatives behind the PCIF’s development, its core objectives and its transformative potential for the insuring public, heralding a new era of disaster preparedness and recovery for the Philippines. The stark reality of the Philippines’ geographical positioning dictates an urgent need for robust disaster risk financing. Each year, typhoons like Haiyan (Yolanda) in 2013, earthquakes and widespread floods inflict colossal damage, claiming lives, displacing communities and causing billions of pesos in economic losses. These events not only devastate livelihoods but also strain national resources, diverting funds from essential development initiatives toward rehabilitation efforts. Despite the evident need, the penetration of catastrophe insurance in the Philippines has historically been low. Local insurers, while willing to offer coverage, are often constrained by limited capital and reinsurance capacity, making them hesitant to take on the full brunt of large-scale, aggregated catastrophe risks. This gap leaves a significant portion of the population exposed and financially vulnerable in the aftermath of a disaster. The PCIF was conceived precisely to address these systemic limitations within the domestic insurance market. Developed through a collaborative effort involving the government, the insurance industry and international partners, its primary impetus was to create a mechanism that aggregates and diversifies catastrophe risks across multiple insurers. The traditional model, where individual insurers bear the full risk themselves or rely solely on costly international reinsurance, proved insufficient to provide comprehensive and affordable protection for a highly exposed market. The PCIF acts as a pooled facility, effectively mutualizing a portion of the catastrophe risk among participating local insurance companies. This pooling increases the overall capacity of the domestic market to absorb large losses, reducing reliance on external reinsurance markets that can be volatile and expensive, especially after major global catastrophic events. By centralizing a portion of the risk and potentially accessing more cost-effective reinsurance or retrocession on behalf of its members, the PCIF aims to enhance the financial stability of individual insurers and, by extension, the entire industry. The ultimate end goal of the PCIF is to significantly enhance the financial resilience of the Philippine population and economy. By providing a stable and reliable source of capital for disaster payouts, the facility ensures that claims can be settled promptly and efficiently, facilitating faster recovery for policyholders. For the insuring public, the benefits are multifaceted. Firstly, it promises to make catastrophe insurance more accessible and affordable. As insurers gain greater comfort in underwriting these risks due to the PCIF’s support, they can potentially offer more competitive premiums and expand coverage to segments of the population previously underserved. Secondly, it fosters greater trust in the insurance system. The enhanced capacity and stability provided by the PCIF mean that even in the face of a mega-catastrophe, policyholders can have greater confidence that their claims will be honored, enabling them to rebuild their lives and businesses more quickly. This financial safety net is crucial for mitigating the long-term economic impact of disasters on households and small and medium enterprises. A pivotal moment for the Philippine insurance landscape is upon us, as the Philippine Catastrophe Insurance Facility is set to commence operations effective July 1, 2025. While its full potential will unfold over time, the initial phase will focus exclusively on earthquake risks, a strategic decision to address a significant yet often underestimated peril in the region. Furthermore, this inaugural launch will see the participation of 12 domestic insurance companies, out of a total of 54, demonstrating an initial commitment from key players in the industry. This measured approach allows for the refinement of operational procedures and risk models as the facility matures. Importantly, the PCIF remains open for other interested insurers to join at a later stage, signaling its ambition for broader industry participation and a more comprehensive risk-sharing ecosystem in the future. In conclusion, the Philippine Catastrophe Insurance Facility represents a critical leap forward in the nation’s efforts to manage and mitigate disaster risks. Born out of necessity to address the profound vulnerability of the Philippines to natural catastrophes, the PCIF provides a much-needed mechanism for pooling risks, enhancing market capacity and ultimately empowering the insuring public. As it officially launches on July 1, 2025, initially covering earthquake risks with a cohort of 12 participating insurers, the PCIF embarks on a journey to transform disaster response from one of reactive aid to proactive financial resilience, paving the way for a more secure and prosperous future for the Filipino people. Source: manilatimes.net
Others (59)
- PIRA-IIAP-CPI WEBINAR SERIES SEASON 2, SESSION 4
Speaker : Ms. Leigh Reyes - Chief Product Consultant MullenLowe Philippines, Lead Co-Organizer Digicon Omni 2020 < Back PIRA-IIAP-CPI WEBINAR SERIES SEASON 2, SESSION 4 Date: Oct 21, 2020 Speaker : Ms. Leigh Reyes - Chief Product Consultant MullenLowe Philippines, Lead Co-Organizer Digicon Omni 2020 Press release https://www.pirainc.com/post/october-21-2020-pira-iiap-cpi-webinar-series-season-2-session-4 Previous Next
- CYBER SECURITY INSURANCE
Speaker: Mr. Sandy Reyes < Back CYBER SECURITY INSURANCE Date: Oct 21, 2022 Speaker: Mr. Sandy Reyes Press release https://www.pirainc.com/post/insurance-consciousness-week-cyber-security-insurance Previous Next
- PNB - PIRA ON ECONOMIC BRIEFING
Speaker: Mr. Alvin Arogo - VP and Head Research Division PNB Mr. Miguel Veneracion - Relationship Officer Multinationals Division PNB < Back PNB - PIRA ON ECONOMIC BRIEFING Date: Apr 6, 2022 Speaker: Mr. Alvin Arogo - VP and Head Research Division PNB Mr. Miguel Veneracion - Relationship Officer Multinationals Division PNB Press release https://www.pirainc.com/post/pnb-pira-on-economic-briefing Previous Next