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

By Francisco D. Papa Jr. JUST as we were in such high spirits with the active cases of Covid-19 at their lowest and seemingly under control, nature has once again dealt the Philippines a serious blow. Super Typhoon "Odette" (international name "Rai") entered the country on Dec. 18, 2021 and ravaged southern Philippines, inflicting heavy damage on Cebu, Palawan and Roxas City and decimating the islands of Siargao and Dinagat. The typhoon made landfall multiple times and displaced hundreds of thousands from their homes, killing more than 300 and affecting millions of Filipinos. The scale of the losses as of this writing is still difficult to ascertain as many areas are still cut off from any communication and remain isolated. The Category 5 typhoon could not have struck at the worst time with only a few more days before the Christmas holidays. After seeing the initial images of the devastation in the wake of Typhoon "Odette" in the local news, grim memories of Typhoon "Yolanda" (international name: "Haiyan"), the Category 5 typhoon that also hit the Visayas region almost 10 years ago, comes to mind. Insurance companies then mobilized and dispatched their claims representatives and adjusters, albeit at great struggle, to the hardest-hit cities like Tacloban. It appears that the insurance industry will have to go the extra mile once more to help the victims of Typhoon Odette and step up the processing of insurance claims of those fortunate enough to carry typhoon insurance. For these individuals and establishments, the burden to recover will be eased. Typhoon insurance is an add-on coverage to a fire insurance policy. In practice, it is taken together with flood insurance and other "acts of nature" like earthquakes, volcanic eruption and other convulsions of nature. Therefore, for typhoon losses to be covered, the insured need to pay additional premiums to cover this added exposure. It is not uncommon for insurance policies to sometimes miss out on the inclusion of typhoon and acts of nature cover because the basic fire insurance policy actually excludes convulsions of nature. Nevertheless, once the extra premiums are paid, the basic fire policy may be extended to include these perils. Typhoon insurance claims are relatively more difficult to process compared to motor car claims, which is pretty straightforward. There are many documents required to substantiate a typhoon claim. It is a much longer process and an insurance company normally has to appoint an independent insurance adjuster to help them with the documentation and the ascertainment of the actual loss. It is for this reason that catastrophic events like Ondoy, Yolanda and Odette always take a herculean effort from the insurance industry to service the many claims that follow. Fortunately, in the case of Typhoon Odette, the office of the Insurance Commissioner is front and center as Commissioner Dennis Funa has issued IC Circular 2021-71 to help manage typhoon-related claims. In the circular, the commission has requested for the relaxation of existing "company procedures and mechanisms" to facilitate claims processing, as well as policies related to claims notification and completion of claims requirements. This can mean that Odette victims may dispense with traditional documentary proofs of the damage and professional adjustment. It is now up to the insurance companies to do their part and deliver on their promise to their insured to settle claims the quickest way possible. After a destructive typhoon, insurance companies employ different strategies to manage the expected increase in typhoon claims that will be filed by their insured. Insurers, of course, would like to be able to attend to each claim with dispatch. So, insurers sometimes enter into special agreements with insurance adjusters and salvors containing pre-arranged engagements after a disastrous typhoon. This is done to facilitate response time to their clients. In the aftermath of a typhoon, it is the practice for insurers to communicate with their insured and insurance intermediaries to inquire if their clients' properties sustained typhoon damage. Insurance agents and brokers, being representatives of insurers and clients, have a key role to play in a claim as well. Familiarity with the terms and conditions of the insurance policy along with the insured properties may do much in expediting the claims process. "All hands on deck" is the call to help the typhoon victims... and surely the insurance industry is there to answer! Francisco D. Papa Jr. is an AB Economics graduate of the Ateneo de Manila University and has more than 30 years of experience in the nonlife insurance sector. Source: manilatimes.net

By Herminia S. Jacinto DURING this period of uncertainty, what comes to mind is protection — protection of lives and property. Protection is synonymous with insurance. Suddenly, we became more concerned whether we have provided for this fortuitous event — the pandemic. This is one time when we look for the person who can best serve our needs — the insurance agent. Talking to one is very reassuring since he or she is well trained in describing the products or coverage that one needs. They can come up with plans that suit the client's requirements for protection and investments. These agents are trained very well by the companies they represent and have to be licensed by the Insurance Commission (IC) before they can sell insurance. They are trained how to address the physical, health and other concerns of their clients. Nowadays, they also have to be well versed in the various types of investments that are usually sold with the life insurance plans. The nonlife insurance agents or agents who specialize in property and casualty lines are similarly trained and licensed by the IC. There are many lines of business for which they have to be trained: fire, marine, motor, surety, personal accident and many more. Where do these agents get the training? Insurance companies have their own training departments. Having a training department or full-time trainers is the ideal situation in insurance companies. They will be in charge of training not only their producers but also their employees. New employees have to learn about the intricacies of insurance in place while already working in the company. There are no dedicated courses in college for the study of insurance or at least feature insurance as a major subject. Much as i nsurance companies would like to hire employees who can "hit the ground running," there are not many of these available. Training starts in the company. And there are so many subjects to be learned! The Philippines is fortunate to have the Insurance Institute for Asia and the Pacific, more popularly known as IIAP. The IIAP, created by presidential decree in 1974, was formerly known as the Asian Insurance Institute. Courses offered in the IIAP range from the basic ones on life insurance, property insurance and micro-insurance. Advance courses like reinsurance, sabotage and terrorism, and other specialized subjects, which in the past were offered by foreign training institutes are only now regularly held in the institute. Claims, or claims handling, which is the test of the insurance companies' efficient and fast service to policyholders, is offered by the institute for all the lines of insurance. A good after-sales service, which claims settlement should be the ultimate goal of an insurance company. The insurance companies are constantly on the look-out for young and inspired employees but it is known that the young graduates are not attracted to insurance as a career. They prefer to apply with the banks, marketing and, recently, technology companies. We go to the campuses every year to hold symposia to introduce insurance hoping that we can attract them to join the insurance industry. The IIAP has a program called "Suits" for Select Universities Insurance Training Scholarship. It is a two-month intensive training in life and nonlife insurance, which a young graduate would need to be hired as a junior executive in an insurance company. All expenses are paid for by the institute to be reimbursed by the companies, which eventually hire them. Insurance being a global business, the industry has to be constantly abreast with foreign courses. IIAP has tie-ups or partnerships with foreign institutions and organizations such as the Chartered Insurance Institute, the International Labor Organization and other Asean institutes of learning for the exchange of courses and or faculty. An important part of the training of insurance professionals is the attendance of conferences both local and overseas. Companies have plans and budgets for these conferences, which provide interaction with other insurance players, learning from them in the process! The joke goes that if you want to see the world, join the insurance industry! It is not a joke after all. It has been done and will be back when travel becomes safe and easy. Source: manilatimes.net

By Herminia S. Jacinto IN the last few days, we have had a series of good news. The new cases of Covid-19 being reported have gone down to below the 5,000 level. The Department of Health reports that hospital beds, especially the ICUs (intensive care units), are not in full capacity. Face-to-face classes are being resumed in selected areas to the delight of our students. Travelers are allowed to enter the country without requiring quarantine in hotels and other facilities. This is really good news for our OFWs (overseas Filipino workers). They will not lose five days (used to be eight days) of their vacation and will not incur extra cost for the hotel quarantine stay. Restaurants, tourist places and shopping malls are now experiencing increased patronage as people adjust to the safety protocols. Business is expected to perk up some more in the coming months as the alert levels are relaxed. The insurance industry, both life and property and casualty, will be directly benefited by this improvement. There will be jobs again; thus, increasing the funds available to purchase insurance protection. The Insurance Commission reports that premium income from the life sector increased by 64 percent to P278.7 billion in the third quarter of 2021. In the same period, insurance penetration grew by a high 2.09 percent as compared to the average of 1.5 percent from year 2017. Insurance penetration is considered as the indicator of insurance development in a country and is calculated as the ratio of insurance premiums to the gross domestic product of a country. The industry players anticipate a more enhanced growth in business as people become more aware of insurance protection and the availability of products that cover losses on Covid-19. The companies are more than ready for the anticipated growth with an inspired sales force and efficient administration structure. The property and casualty sector, or the non-life sector as it is more popularly known locally, experienced growth also but not as much as the life business. Non-life insurance is very sensitive to the movement of the economy and the business sector. While coverages for fire and allied perils were maintained, there was a big reduction in inventories, imports and exports. Business activity was virtually paralyzed at some point during the last two years and this has resulted in less demand for insurance. Travel and tourism — which require a lot of insurance covers — were at their lowest levels, resulting in very low premium income from this source. The non-life sector is quite excited with the positive developments in the health condition of the country so business can resume and get back with vengeance, as they say. The borders have been opened and business activity is expected to peak again. The companies are more than ready to meet the demand for insurance. Their financial condition has been beefed up with an increase in the net worth in 2020 and the good results in operations in both 2020 and 2021. Growth will be slow approximating the movement of business so this is a good time for the insurance companies to help their clients how to secure the best protection for their properties with the minimum cost. During the pandemic, we saw more small and medium enterprises which did business from home. We saw the proliferation of delivery couriers which moved the products, mostly food, from the producer to the consumer! Maybe insurance can create a cover for this new way of doing business. There is no limit to the creativity that can be done by the insurance providers, both life and non-life, to respond to the current needs of their clients, especially now that buying power has increased. There continues to be a need for good insurance education and awareness, which should be provided by the insurance provider, the insurance company. In addition to their sales force, the companies should train additional personnel to respond to the needs of their prospective clients. The events that passed should challenge our industry to grow better and faster as we provide our people the best service and products ever. A strong insurance industry provides not only protection but resources for the country's development in the form of investments. Source: manilatimes.net