AM Best is maintaining a stable market segment outlook for the Philippine non-life insurance segment, citing signs of recovery in 2021 regarding premium growth and improved investment conditions. In its new Best’s Market Segment Report, “Market Segment Outlook: Philippines Non-Life Insurance”, AM Best also notes the strong growth experienced in microinsurance, improving the affordability of insurance products and insurance penetration, as underpinning the stable outlook. Gross and net premiums written by Philippine non-life insurers for the nine-month period to 30 September 2021 increased by 11.9% and 7.6%, respectively to PHP64.3bn ($1.2bn) and PHP38.1bn, compared with the same period in the previous year. In addition, the government’s “Build, Build, Build” programme, which consists of more than 20,000 infrastructure projects nationwide, has resumed and is expected to drive the Philippines’ economic recovery. It is also likely to act as a catalyst to the long-term growth of the property, construction and engineering insurance segments. COVID-19 There is still some uncertainty surrounding the pandemic, which will remain a challenge for Philippine non-life insurers. Nevertheless, non-life insurers have made progress in adapting to the current environment by bolstering their infrastructure and enhancing digital capabilities to be able to operate in a remote manner. Investments Additionally, according to the report, as part of pandemic-fuelled fiscal stimulus measures in the Philippines, the country maintains a historically low interest rate, which constrain insurers’ investment results. However, interest rates are expected to rise in the coming year, and unrealised losses from the rising bond yields could impact insurers’ economic capital, depending on the companies’ asset-liability matching positions. AM Best notes that investment assets are highly concentrated in local currency fixed income and term deposits, and rate increases over a longer period could increase investment incomes generated from interest payments, with a positive effect on the profitability of the Philippine non-life insurers. Nat CAT The Philippines are one of the most exposed countries to natural catastrophes, and the non-life segment faces another year of high exposure to catastrophe events. In April 2021, the Insurance Commission, under the Department of Finance in the Philippines, announced the creation of the Philippine Catastrophe Insurance Facility, the first private-sector disaster risk financing initiative of scale in the country, allowing all insurers to pool disaster risks within the Philippines. AM Best is of the view that the facility should support domestic insurers to diversify catastrophe risks on top of their existing ceding to international reinsurers. However, higher risk retention in the country poses the danger of greater losses in the event of a major catastrophe. Hence, as the pool grows, proper risk management will be crucial to ensure that the facility functions as intended. Source: asiainsurancereview.com

US-based data-security specialist Cyber Reliant has partnered with Lloyd's underwriter Canopius to produce the world's first quantum-secure data protection warranty. The warranty protects commercial and institutional purchasers of Cyber Reliant data protection products with coverage of up to $5m. The Cyber Reliant platform is the only product rigorously tested by US Federal Laboratories as quantum resistant for protecting data at rest, in use, or in transit. It does this by transforming the data’s properties into quantum-secure fragments. Regardless of if a network is breached, surveilled, or data is exfiltrated by malware or ransomware, the data will remain secure and available to the authorized user. The data protection company offers both federal and commercial data privacy solutions and addresses all major regulatory and compliance requirements. “Our platform provides methods for clients to implement enterprise-wide data protection on any data type, to include network protocol/packet data and IoT,” said Cyber Reliant CEO Ricardo Bueno. “Together, this warranty and the Cyber Reliant platform will enable customers to significantly reduce risk from both a governance and regulatory compliance perspective. This market-making solution finally makes it possible for the C-suite to connect policy and financial risk. Our methods include a zero-trust data protection architecture for privacy management that gives control back to the customer by eliminating the need for other privacy solutions.” Canopius global head of cyber and technology Matt Northedge said “We’re always looking to support product innovation in the cyber market, and this warranty is a standout example of a smart solution to an ongoing problem for businesses. Bringing together Cyber Reliant’s quantum-resistant cybersecurity platform with our warranty protection blends our specialist skill sets and effectively offers businesses a ‘double lock’ of protection against data loss.” Quantum secure The platform allows data to be protected against quantum computing, which uses quantum bits as opposed to the binary bits (0 or 1) utilized in traditional computing. While bits allow for two discrete values, qubits can store a point in a two-dimensional continuum, a surface of a sphere. Quantum computing can take advantage of those more powerful qubits and carry out operations not only for a determined value 0 or 1 but also for all possible superpositions at the same time. This means that quantum computing has a huge efficiency advantage over binary computing for selected tasks, and some tasks will only be feasible through quantum computing. This also means that quantum computing has the ability to break many of the classic cryptography methods used to secure data. “The risk extends to the core internet security protocols. Nearly all of today’s systems that demand security, privacy, or trust, would be affected,” said a post from the European Data Protection Supervisor website. “Organisations should consider for how long they need to guarantee absolute confidentiality of data and protection from retrospective decryption. Based on what we know today there is no immediate threat posed by a quantum computer in the foreseeable future. It may likely take decades to build a usable quantum computer that can execute known algorithms. But for data that needs to remain safe for very long, this uncertainty poses an issue that may require an early transition to post-quantum cryptography,” the post said. Source: asiainsurancereview.com

Speaker: Mr. Ian Porteous – Ian leads the ACCESS Health team in engaging with regionally based stakeholders including multilaterals and governments, academia and non-profit organizations as potential funders, partners and entities of interest for ACCESS Health. Dr. Monica Mittal – is the Innovation Lead at ACCESS Health International, Singapore office. She leads Fintech for Health projects across six markets- India, China, Bangladesh, Malaysia, Nepal, and Vietnam. She also leads the Accelerator Program for start-ups under Health Futures.

By Argie Aguja, January 12, 2021 The Land Transportation Office (LTO) revamped the restriction codes on driver’s licenses, featuring a more detailed alphanumeric system that identifies new vehicle types and specific requirements. Under this new system of detailed subcategories, the license describes what the owner can or cannot drive. From the previous iteration that shows only the restriction and conditions, the new format now includes important details like the Driver’s License (DL) Code, Vehicle Category, Driver’s License Classification and the type of clutch used. Updating the system The LTO has been revising the existing restriction codes on driver’s licenses for quite some time now. Back in August 2019, Memorandum Circular no. 2019-2174 signed by LTO chief Asec. Edgar Galvante, titled “Operation of Motor Vehicles under Restriction Codes 2, 3, 4 and 5,” stated that holders of driver’s license with restriction codes 2 and 3 are allowed to operate/drive motor vehicle with Manual Transmission or Automatic Transmission while holders of driver’s license with restriction codes 4 and 5 can only operate/drive motor vehicles with Automatic Transmission (AT). Restriction codes were also revised too, putting emphasis on new DL Codes and updated existing restrictions, most notably adding specific sub-levels based on kind of vehicle and Gross Vehicle Weight (GVW). New format at the back of licenses This year, the LTO announced another change in the format of new driver’s licenses. In a Facebook post dated Jan. 8, the LTO released several infographics and charts showing changes in the format. At the back of the license, on the upper left, new DL Codes will be listed as follows: A – Motorcycles A1 – Tricycles B – Weighing up to 5,000 kg GVW with 8 seats B1 – Weighing up to 5,000 kg GVW with 9 or more seats B2 – Goods less than or equal to 3,500 kg GVW C – Goods more than 3,500 kg GVW D – Buses more than 5,000 kg FVW with 9 or more seats BE – Trailers less than or equal to 3,500 kg GVW CE – Articulated vehicles with more than 3,500 kg combined GVW Immediately on the right of DL Codes are the updated Vehicle Categories that can range from: · L1 to L7 for motorcycles, tricycles (specifically three- and four-wheelers) · M1, M2 and N1 for vehicles up to 3,500 and 5,000 GVW for carrying goods or people · N2 and N3 for vehicles more than 3,500 kg GVW for carrying goods · M3 for buses above 5,000 GVW with more than 8 passenger seats · 01 for articulated vehicles less than 750 kg GVW · 02 for articulated vehicles up to 3,500 kg GVW · 03 and 04 for articulated vehicles more than 3,500 GVW These new vehicle categories give a more detailed description and the type of license needed to drive them. It’s far more complex than the old system, where, for example, motorcycles and tricycles were simply grouped under Restriction Code 1 regardless of the differences in weight, speed, and design. Meanwhile, this new format takes into account the weight, capacity and speeds of each type. This clears the confusion as to what kind of DL Code and type of license are required for drivers for newer vehicle models Beside the Vehicle Categories are the Driver’s License classifications that can either be Non-Professional Driver’s License (NPL) or the Professional Driver’s License (PL). Further to the right is the type of clutch used: Automatic Transmission (AT) or Manual Transmission (MT). Condition Codes for differently-abled drivers There are times when applicants possess certain impairments that could affect driving capability. In these cases, drivers will be assigned a condition code if they fall within a certain category. Below are the following Condition Codes for differently-abled drivers: 1. Wear Corrective lenses 2. Drive only with special equipment for upper/lower limbs 3. Drive customized motor vehicle only 4. Daylight driving only 5. Hearing aid required For clarification on the new design and vehicle classifications, check out LTO’s Facebook post here: https://www.facebook.com/lto.cdmpao/posts

The recent flooding in Malaysia and Indonesia have demonstrated, yet again, the devastation of catastrophe flood events. Although flood risk is complex, with our new award-winning high definition modeling and mapping tools, RMS can help you grow your Southeast Asia Flood business without deviating from your risk tolerance. With the introduction of the new RMS Southeast Asia Inland Flood HD Models, you can now confidently quantify and reduce your flood risk in the Indonesia, Malaysia, Singapore and Thailand markets using a robust and correlated event set based on over 50,000 simulated years. In this webinar, we will focus on solving your key flood market challenges, and then demonstrate how these four new HD Models address each one - including: Getting a more comprehensive understanding of inland flood risk across Southeast Asia to ensure you underwrite and reinsure with greater confidence. Improving your flood risk decisions-making with the more accurate view incorporating rapid changes like urbanization, built-up area, subsidence, and flood defences. Applying cutting-edge flood modelling techniques to better quantify the complex flood risk patterns in major cities like Bangkok, Kuala Lumpur, Jakarta, and Singapore. We’re Virtual, so join in from your home, office, or anywhere in between: March 1 @ 3 pm SGT (Singapore), or 4 pm JST (Japan time) March 1, @ 9 am EST, (USA), 2 pm BMT (UK), 3 pm CET (Europe) Presenters : Alok Kumar, MD India and Global Head of Services | Daniel Bernet, RMS Sr. Product Manager, Global Climate Team Registration for this informative webinar is free and now open. We hope you and your team will join us at whichever session time is most convenient to you.

On this very day 26 years ago, the maritime tragedy of the ML Gretchen I happened. Owned by the Louie and Clarita Quiamco Shipping Lines, ML Gretchen I sank near Cadiz City in the province of Negros Occidental. Old and wooden, the ferry capsized due to high winds as it awaited the high tide to dock. According to AP News, ML Gretchen I “was carrying more than 200 people – more than twice its legal capacity – from Batanyan Island in Cebu province to Cadiz”. The ferry was also in a deteriorated state, as mentioned by unidentified survivors. In addition to the rotting wood, the ferry had no public address system and its instruments and engine had never undergone an overhal (Tangbawan, 1996). The ferry was also supposed to sail at 9 in the morning but for some reasons it sailed eight hours late – leaving Bantayan at around 5 in the afternoon. There were a total recorded of 54 casualties. Sources: https://news.abs-cbn.com/nation/regions/07/02/15/list-maritime-disasters-philippines https://www.maritime-executive.com/article/over-100-survive-philippine-ferry-sinking https://apnews.com/article/fe884923db289b2fd429086c5c67acc9

Today marks the 16th anniversary of the deadly landslide which happened in Southern Leyte, a province in the Philippines. At around 10 in the morning, a rocky mudslide tumbled down the mountains – which devastatingly buried the whole Baranggay of Guinsa-ugon, located in the town of St. Bernard. Aside from Guinsa-ugon, 15 other barangays were recorded by the Department of Social Welfare and Development, or DSWD, to be affected. An estimated of around 154 casualties were recorded, and almost 1,000 missing - feared to be buried alive. A local elementary school was among the infrastructures buried, together with 246 students. According to Relief Web (2006), "The landslides had been triggered by more than two weeks of continuous heavy rainfall, estimated to be four times more than the normal recorded rainfall. The Philippine Institute of Volcanology and Seismology (Philvolcs) also recorded a 2.6 magnitude earthquake which hit the southwestern portion of Southern Leyte around 10:36 a.m". Immediately after the landslide, several local and international organizations extended their support for search and rescue operations. At the retrieval site, the dead bodies were placed in the village auditorium in an adjacent village, Bgy. Malibago, for identification. The residents of the community provided blankets to cover the bodies. Those who were identified were taken by relatives while those who could not be identified were buried in a mass grave in Bgy. Catmon cemetery. The LGU helped the victims of the families by providing funds for funeral services (NDRRMC, 2011). In a 2011 recovery report released by the National Disaster Risk Reduction & Management Council, or the NDRRMC, "various levels of recovery have been achieved on various elements of recovery affecting the families and resettled communities. The elements with the highest recovery status rankings are those that pertain to the provision of community services and facilities such as health, education, recreation and infrastructure. The elements with the lowest recovery status rankings are livelihood opportunities and psychosocial services. There are some variations across the resettlement areas. While some communities consider their water supply services to have been completely recovered, others report that their water supply is among the least recovered elements." Sources: https://reliefweb.int/report/philippines/philippines-update-southern-leyte-landslide https://ui.adsabs.harvard.edu/abs/2006AGUFM.T13D0539S/abstract https://reliefweb.int/sites/reliefweb.int/files/resources/26098_26098recoverystatusreportleytemarch.pdf

You are invited to the APC Pro Series Free Webinar on Cyber Security this coming Wednesday, February 16, 2022 at 6:00PM. Learn Business Cyber Security with our speakers and panel experts: Dr. Christopher Richardson, UK’s Leading Cyber Security Expert Dr. Ma.Teresita Medado, President of Asia Pacific College VAdm. Alexander Pama (Ret.), Co-Chair of ARISE-Philippines Meeting ID: 879 6019 9101 Passcode: CYBERPRO Join Zoom Meeting here.

On this day in 1814 happened the most destructive eruption of the Mayon Volcano in the province of Albay, Bicol Region, Philippines. According to Maria Hannah Mirabueno in her published thesis from the University of Caterbury in 2001, “Mayan Volcano's eruption on 01 February 1814 is considered as the volcano's most violent eruption episode, devastating five towns in the southern slopes of the volcano and killing at least 1,200 people. The deposits of the 1814 eruption are mainly distributed on the southern slopes of the volcano. The primary volcanic succession consists of, from bottom to top, tephra fall deposit, lower ignimbrite, pyroclastic surge deposit and upper ignimbrite.” The Philippine Inquirer shared the eyewitness of Fedor Jagor, a German ethnologist and naturalist who covered most of Asia in the 19th Century, in his Reisen in Den Philippinen published in 1873 (Travel in the Philippines), in which he accounted: “At about 8 o’clock that morning, the volcano suddenly belched forth a thick column of rocks, sand and ashes which rapidly rose to a great height… the slopes of the volcano were covered and disappeared from our sight. A river of fire appeared below, threatening to engulf us. People fled in search of higher land. The darkness increased… the fugitives were subjected to falling rocks…. There was no security in the houses because the heated rocks caused fire. Thus were converted into ashes the richest towns of Camarines. About 10 o’clock the rain of large stones ceased, substituted by a rain of sand; and (by) 1:30 the noise somewhat diminished and the sky began clearing up. The ground was covered with cadavers and the seriously wounded; in the church of Budiao were 200 persons and in a house of that same town were 35 people. Five towns of Camarines were completely destroyed and the major part of the villa of Albay. Some 12,000 people died, very many were seriously wounded, and those who survived lost all their property. The volcano had a sad and horrendous aspect; its slopes previously so picturesque and cultivated, could be seen covered with sand; the blanket of rocks and sand had a thickness of from 10 to 12 yards. In the area where Budiao was located, the coconut trees were buried up to their crown…The most beautiful parts of Camarines, the most fertile regions of the province, had been converted into an arid desert of sand.” At least six towns in the southern portion of Mayon were devastated during the 01 February 1814 eruptive event. (Mirabueno, 2001). The affected areas were established settlements in the province of Albay, namely, Cagsawa, Daraga, Budiao, half of Albay (now Legazpi City) and Guinobatan (Mirabueno, 2001). Sources: https://ir.canterbury.ac.nz/handle/10092/10363 https://opinion.inquirer.net/52185/the-mayon-eruption-of-1814