The National Reinsurance Corporation of the Philippines (Nat Re), the country’s national reinsurer, capped 2021 with various awards from several organizations. In a statement, the firm said it was honored at the recent InsuranceAsia News Awards for Excellence 2021, Nat Re was named ASEAN Reinsurer of the Year. According to InsuranceAsia News, “the awards are designed to recognize the most talented people and firms across the region.” The awards considered companies’ “business successes, investment in talent, innovation, digital capabilities, client support, CSR,” as well as how they went “above and beyond the call of duty.” Published from Hong Kong, InsuranceAsia News offers leading-edge commentary, opinion-forming features, and in-depth interviews for Asia’s insurance market. It claims to be a key resource used by primary insurers, reinsurers, brokers, corporates, banks, and service providers, providing accurate, insightful, and reliable coverage of Asia’s insurance market. In addition to this, Nat Re was also recognized as the Most Reliable Reinsurer of the Year ASEAN 2021 at the World Business Outlook Awards. “World Business Outlook Awards has an eye for industry mastery, leadership talents, industry value or net worth, impeccable strategies for success, and potential on an international forum. After careful review of nominations by the team, winners are announced on the integrity of their application and current accomplishments,” the awards website read. Earlier in 2021, Nat Re was named Best Reinsurance Service Provider (The Global Economics Awards), Reinsurer of the Year Asia (International Business Magazine Awards), and Best Reinsurance Company Asia 2021 (World Economic Magazine Awards). In corporate governance, Nat Re was also named by the Institute of Corporate Directors as one of the country’s Top 15 Insurance Commission-Regulated Companies out of a 119 total, winning with two Golden Arrows for its good corporate governance practices, based on the ASEAN Corporate Governance Scorecard. Nat Re also received the Best Corporate Governance (Reinsurance) award at The Global Economics Awards (Insurance Category) – the only Philippine awardee in the said category in 2021. “We at Nat Re are honored to receive all these recognitions from local and international awarding bodies in 2021,” said Nat Re President and Chief Executive Officer Allan R. Santos. He added that, “They are a testament to the hard work and dedication put in by our company during a most challenging year. Guided by our purpose, we will continue delivering the best reinsurance solutions and championing the goals of our stakeholders.” Source: mb.com.ph

THE National Reinsurance Corp. of the Philippines (Nat Re) announced it capped 2021 on a high note as it was honored by a Singaporean publisher with a top region-wide award, along with other awards from other organizations. The country’s national reinsurer was named “Asean [Association of Southeast Asian Nations] Reinsurer of the Year during the excellence award of a division of the Charlton Media Group (CMG). “The awards are designed to recognize the most talented people and firms across the region,” Nat Re quoted the CMG as saying. The awards considered companies’ “business successes, investment in talent, innovation, digital capabilities, client support, CSR [corporate social responsibility],” as well as how they went “above and beyond the call of duty.” According to Nat Re, it was also recognized as the “Most Reliable Reinsurer of the Year Asean 2021” at the “World Business Outlook Awards.” Earlier in 2021, Nat Re reaped the following accolades: “Best Reinsurance Service Provider;” “Reinsurer of the Year Asia;” and, “Best Reinsurance Company Asia 2021” by several publishing groups outside the Philippines. In corporate governance, Nat Re was also named by the Institute of Corporate Directors group as one of the country’s “Top 15 Insurance Commission-Regulated Companies” out of a 119 total, winning with two “Golden Arrows” for its good corporate governance practices, based on the “Asean Corporate Governance Scorecard.” Nat Re said it also received the “Best Corporate Governance (Reinsurance) award at The Global Economics Awards (Insurance Category)—the only Philippine awardee in the said category in 2021. “We at Nat Re are honored to receive all these recognitions from local and international awarding bodies in 2021. They are a testament to the hard work and dedication put in by our company during a most challenging year,” Nat Re President and CEO Allan R. Santos was quoted in a statement as saying. “Guided by our purpose, we will continue delivering the best reinsurance solutions and championing the goals of our stakeholders.” Source: businessmirror.com.ph

A week before Christmas, Typhoon Rai (locally known as Odette) wreaked havoc and made a total of nine (9) landfalls within the Philippine Area of Responsibility (PAR). PAGASA raised Tropical Cyclone Warning System signal # 4 over Southern Leyte, Dinagat Islands, and Surigao del Norte, including Siargao and Bucas Grande Islands. Odette caused massive damage to infrastructure and agriculture, leaving 397 casualties and a total of PHP 22.1B worth of reported damage. (Sources: PAGASA, NDRRMC as of 28 December 2021)

By Mr. ALLAN R. SANTOS Chairman, Philippine Insurers and Reinsurers Association Good afternoon dear PIRA members. It is my honor to present to you our Association's accomplishments for 2021. A year and nine months in this COVID-19 pandemic, I am happy to note that PIRA has adjusted well to the new ways of doing business. Zoom and other video conferencing applications are already part of our daily routine. But I have to say that every day of doing these virtual meetings only makes me yearn more for the moment when we can finally hold our activities again in person. This is the second time I am making an online Chairman's Report, and I hope that our next General Assembly would finally be face-to-face. A BUSY AND PRODUCTIVE 2021 Here is a rundown of our key activities and achievements in 2021: We began the year by collaborating with the Microinsurance Intermediaries and Practitioners Association for their Insurtech Summit in January with almost 300 participants. In February, we had a kickoff activity for PIRA's partnership with the Earth Security Group. PIRA over the past two years has been working with the Earth Security Group to develop insurance mechanisms to protect Natural Assets such as Coastal Ecosystems, which serve as natural protection against climate risks. PIRA’s support and partnership with the Earth Security Group has collectively moved insurance industry stakeholders to be cognizant of this initiative to incubate novel solutions to address prevalent risks. In March, PIRA partnered with BusinessWorld for an Online Forum about Insurtech. This event focused on leveraging digitalization and technology to allow insurers to better reach and help individuals and families protect themselves and their assets. In the same month, we saw several online events where our Executive Director, Mitch Rellosa, was invited to speak. Among these events was the forum on Disaster Risk Reduction organized by the German Agency for International Cooperation or GIZ. The forum sought to highlight the economic benefits of disaster risk reduction measures and explored how insurers could integrate such measures into the pricing of insurance premiums. The month of April saw another major online activity for PIRA related to Disaster Risk Reduction, and this time it was a virtual presentation of ARISE – a private sector alliance led by the United Nations Office for Disaster Risk Reduction, where PIRA is a member and our Mr. Rellosa is the Philippines chairperson. It was also in April when our Association held the “de-tariffication” forums followed by a referendum, which led to a position paper proposing freer rating regimes for the Fire, Motor and Surety lines. Our position paper is now under consideration by the Insurance Commission (IC). In May, upon the behest of the IC, we created the Philippine Catastrophe Insurance Facility (PCIF) Technical Working Group composed of representatives from all PIRA member companies. Since then, the technical working group, which is chaired by Deputy Commissioner Erickson Balmes and joined by technical experts from the World Bank, GIZ and global reinsurance brokers, has been meeting at least twice a month to craft the details of the PCIF, which will then be brought to the PIRA general membership for acceptance next year. April and May were also busy months with the preparation for the International Financial Reporting Standards 17 or IFRS17. In partnership with PriceWaterhouseCoopers (PWC), we conducted an IFRS17 Impact Assessment Study to understand the effects of this new global accounting standard and how our members can deal with them. We had a series of learning sessions and multi-level consultation meetings with our member companies through the months of June, July, and August. By September, we were able to submit to the IC our position paper on the issues and concerns about the implementation of IFRS17 and our recommendations for a smooth and practical transition. Another major project that we have embarked on this year was the move to update and amend the Insurance Code. We have tapped Atty. Denis Cabucos, formerly from the IC, for this. I am also happy to note that there is now the Senate Bill 2411 authored by Senator Lito Lapid, which among others seeks to keep our minimum net worth requirement at 900 million pesos, as well as allow insurance companies to sell HMO-like medical insurance products. The Bill has been referred to the Senate Committee on Banks, Financial Institutions and Currencies in September this year. Your Association is now preparing a position paper to support and rationalize the Bill. In August, PIRA coordinated and met with the Land Transportation Office headed by Assistant Secretary Edgar Galvante about the issues and complaints of PIRA members on the alleged non-acceptance of authenticated CTPL Certificates of Cover upon registration of the vehicle at certain LTO branches. This is a work-in-progress and would require further followups to eventually come up with a system that would ensure acceptance of all authenticated COCs in all LTO branches. Other milestones we had this year include our collaborative work with the Philippine Institute for Volcanology and Seismology (PHIVOLCS) for the Spectral Acceleration Maps Atlas for possible use by the Department of Public Works and Highways, local building officials, the academe, building developers, and the insurance industry. This year we also participated in the Manila Times Forum 2021 that focused on the Insurance Industry Outlook for this year and beyond. In September and October, we had several activities with the ASEAN Insurance Council meetings which were again held online and hosted by Singapore. Among these activities was the World Economic Forum during the online ASEAN Insurance Summit which our Executive Director Mitch Rellosa moderated. October saw the online Insurance Consciousness Week celebration. Part of this was the video contest where insurance industry employees were asked to submit videos where they talked about the value of insurance to their lives. And finally in November, PIRA participated in the annual Financial Education Expo of the Bangko Sentral ng Pilipinas which was held online. As you can see, 2021 has been a truly productive year for PIRA. And this would not have been possible without your utmost support. OPTIMISM FOR 2022 Two weeks from now we will be closing 2021 and welcoming 2022. The word grateful perfectly describes how I feel today. I am grateful most of all to our Almighty God who made all things possible for us amidst all the limitations brought by this pandemic. I am grateful to our Board of Trustees for their genuine leadership, governance, and support. And I am grateful to each of you -- from our Secretariat led by our Executive Director, our General Manager, our PIRA employees, and our committee heads and members who have generously contributed their time and talent for the benefit of the industry. Because of your efforts, we have achieved most of what we have set for this year. While there are still challenges and hurdles in the horizon, I am hopeful that 2022 will be a year of recovery and bouncing back, especially with the ramping up of vaccinations and the national elections in May. My prayer is for this pandemic to end soon, and for peaceful and honest elections where we will have servant-leaders who will work for the greater good, and who will put importance on insurance as a tool for nation-building. In the meantime, let me thank you from the bottom of my heart for the privilege to be your Chairman for the last three years. I am truly honored to have served you and I am excited to seize the opportunities 2022 will bring side by side with you. May God continue to protect, guide, and bless us all. Maraming salamat. Have a truly merry Christmas, and a bountiful and safe New Year! View the full report here.

After the recent calamity which again challenged many families, businesses, and communities in time for the Christmas season, ARISE-Philippines found more reasons to work on our aspiration of promoting resiliency for the next years to come. Since calamities knows no boundaries nor season, we ask for your continued participation and assistance in promoting our activities and programs which are all aligned to our mandate. Together with Aboitiz Foundation, our Priority Area 2 - Investors & Investments lead, and its members, a survey on Disaster Risk Informed Investment is being lobbied to assess the openness of local investors on risk-proof business decisions and what could influence financial decision makers to consider such initiative. We would appreciate if you can take time to answer this short survey and even extend this to your network for us to gain a wider perspective on this. You can access the survey using the link or QR code in the poster below: Click here the survey link.

AKSYON Demokratiko standard-bearer Francisco "Isko Moreno" Domagoso on Monday called on the Insurance Commission to speed up the processing of insurance claims of Typhoon "Odette" victims. Domagoso made the appeal when he met with around 2,000 farmers in Calasiao, Pangasinan. "'Yung kanilang mga bahay at negosyo ay wasak, kaya kailangan maging mabilis ang aksyon ng mga insurance company (Their homes and businesses were destroyed, that's why they need quick action from insurance companies)," he said. The Insurance Commission regulates the insurance, pre-need and health maintenance organization (HMO) industries. It is under the Department of Finance. Domagoso said speeding up the claims of the victims would enable them to bounce back more quickly from the devastation of the typhoon, which left extensive damage in Siargao Island, Surigao del Norte; Cagdianao, Dinagat Islands; Liloan, Southern Leyte; Padre Burgos, Southern Leyte; President Carlos P. Garcia, Bohol; Bien Unido, Bohol; Carcar, Cebu; La Libertad, Negros Oriental; and Roxas, Palawan. The storm's 200-kilometer-per-hour winds uprooted trees and destroyed wooden structures, ripped off roofs, damaged hospitals and toppled concrete power poles. The former actor also urged the Philippine Crop Insurance Corp., the agency overseeing insurance protection to farmers against losses arising from natural calamities, plant diseases and pest infestations, to immediately process the claims of the thousands of affected farmers and fisherfolk. Losses incurred by farmers are a big financial problem because most of them have small landholdings and rely mostly on credit, according to Domagoso. "Kaya kailangan may program 'yung gobyerno na bigyan ng kapanatagan ang ating mga kababayan dahil ang bansa natin ay sigurado naman laging may sakuna (The government must have a program to ease the burdens of our countrymen because our country is always faced with calamities)," he said. Source: manilatimes.net

The Poseidon Principles for Marine Insurance establish a pioneering framework to engage with the shipping industry and support net-zero insurance. 15 December 2021 – Six of the world’s leading marine insurers launch a ground-breaking initiative to provide transparency on carbon emissions and support the shipping industry’s green transition. The Poseidon Principles for Marine Insurance are a framework to quantitatively assess and disclose the climate alignment of marine insurers’ underwriting portfolios. This pioneering initiative makes marine insurance the first line of business to establish a sector-specific methodology to support the ambition of the Net-Zero Insurance Alliance (NZIA), where members commit to transitioning their underwriting portfolios to net-zero GHG emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100, in order to contribute to the implementation of the COP21 Paris Agreement. “The transition to net zero is a massive endeavour and we appreciate the efforts of the marine industry. As risk managers, insurers and investors, the insurance industry has a key role in supporting the transition to a net-zero economy. The Poseidon Principles will serve our institutions as well as our clients to quantitatively assess and disclose the climate alignment of their underwriting portfolios and thus improve decision-making at a strategic level and shape a sustainable future for all. The disclosure framework provided by the Poseidon Principles will enable us to credibly report our progress towards net-zero insurance using granular marine data,” says Patrizia Kern, Marine Head at Swiss Re Corporate Solutions and Chair of the drafting committee for the Poseidon Principles for Marine Insurance. “As signatories of the Net-Zero Insurance Alliance, NZIA, we at Swiss Re encourage everyone in the marine industry to align with net-zero 2050 targets.” Signatories to the Poseidon Principles for Marine Insurance commit to assessing and disclosing the climate alignment of their hull and machinery portfolios, and to benchmarking them against two trajectories: one linked to a 50% reduction of annual CO2 emissions by 2050 compared to 2008 – in line with the International Maritime Organization’s Initial GHG Strategy; and one linked to a 100% reduction of emissions by 2050. Furthermore, a third trajectory will be introduced to align the full decarbonization trajectory with zero-lifecycle GHG emissions in order to meet the ambition of net-zero commitments such as the NZIA, and to support a zero-emissions future for shipping. “We need to work together to tackle the challenge of climate change. As such, the Poseidon Principles for Marine Insurance are an important contribution from the marine hull insurance industry. The principles provide us with a common tool to monitor progress over time. As a leading marine insurer, we will work together with our Members and clients to make sure that the principles and the methodologies applied are as practical and straightforward as possible. Our common goal is an accelerated move towards a decarbonized industry,” says Rolf Thore Roppestad, Chief Executive Officer of Gard, and Vice-Chair of the drafting committee. Brokers, clubs, and other key stakeholders in marine insurance commit to supporting the Principles as affiliate members and align with the goal of decarbonizing international shipping by 2050. “By joining this important initiative, we wish to demonstrate our deep commitment to working with our clients and business partners to successfully navigate the transition to a net-zero future,” says Ben Abraham Chief Executive Officer, Global Marine at Willis Towers Watson. “Cefor is committed to promoting a more sustainable ocean industry, and supports the transparency offered by the Poseidon Principles for Marine Insurance to foster dialogue towards this common goal,” says Helle Hammer, Managing Director, Cefor, the Nordic Association of Marine Insurers. Founding Signatories include Swiss Re, Gard, Hellenic Hull Management, SCOR, Victor International, and Norwegian Hull Club. Additional marine insurers are expected to join in the near future. Affiliate members supporting the Principles are Willis Towers Watson, Cefor, and EF Marine. The Poseidon Principles for Marine Insurance are founded on the methodology used in the Poseidon Principles for Financial Institutions and were developed in an effort spearheaded by leading marine insurers and industry stakeholders with expert support provided by the Global Maritime Forum, Swiss Re Institute, and UMAS. The International Union of Marine Insurers (IUMI) is a supporting partner. *** For further information, please contact Head of Communications (interim) Sofie Rud at rud@globalmaritimeforum.org or +45 2810 2332 or visit https://www.poseidonprinciples.org/insurance. Founding members and members of the drafting committee quotes: About A.P Moller – Maersk A.P. Moller - Maersk is an integrated container logistics company working to connect and simplify its customers’ supply chains. As the global leader in shipping services, the company operates in 130 countries and employs around 80,000 people. For more information: https://www.maersk.com/. “The science is crystal clear; we need to decarbonize global shipping and we need to start right now to stay in line with the Paris Agreement. There is an increasing convergence of interests across the shipping stakeholder landscape to build further progress and momentum for this agenda and alongside customers, investors and shipowners we warmly welcome and support that key marine insurance players are now showing clear commitment to play their part with this initiative,” says Lars Henneberg, Vice President, Head of Risk Management at A.P. Moller – Maersk. About Cefor The Nordic Association of Marine Insurers (Cefor) represents marine insurers in the Nordic countries. Our objective is to further enhance the lead Nordic marine insurance market, and promote quality marine insurance and knowledge sharing through agreed all risk insurance conditions, comprehensive statistics, a common public voice, and competence building. About EF Marine EF Marine provides Fixed Premium P&I solutions to Shipowners, Charterers and MultiModal operators, and have a global client base with offices in Singapore and Rotterdam. Through the partnership with Swiss Re Corporate Solutions, EF Marine provide clients with first class security combined with EF Marine’s extensive knowledge of the P&I market. “EF Marine as a provider of Fixed Premium P&I Insurance is proud to be the first affiliate member from the P&I industry to join the Poseidon Principles for Marine Insurance. We take our role seriously in tackling sustainability issues arising from climate change and will work on embedding the Poseidon Principles for Marine Insurance in our business and encourage our clients to support the Poseidon Principles to achieve the climate goals to prevent the catastrophic climate changes facing the future generations and the world. We will work as facilitators for providing guidance and advice to the insureds to minimise carbon emission and environmental impact and participating in this initiative is the first big step in this direction,” says Folkert Strengholt, CEO, EF Marine. About Gard Gard is a leading marine insurer, covering more than 50 per cent of the global merchant fleet. It is owned by the industry it serves, providing P&I, marine and energy insurance products to the maritime industry. Gard has nearly 550 employees and 13 offices around the world. About Willis Towers Watson Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Our Global Marine team has 550+ marine risk and insurance specialists working together as one global team in more than 55 locations. It is this collaboration that gives our clients the opportunity to access the best solutions available anywhere in Global Marine, regardless of their location. Together, we unlock potential. www.willistowerswatson.com About Hellenic Hull Management Hellenic Hull Management (HMA), exclusive managers of American Hellenic Hull Insurance Company (AHHIC), is a Hull and Machinery Marine insurance company for all types of vessels. “We are happy to adhere to the Poseidon Principles for Marine Insurance. We firmly believe that this is a step closer to a more responsible shipping industry – and we are sure that we shall be able to support our clients by becoming part of the solution towards a sustainable future for all,” says Mr. Ilias Tsakiris’, Director of HMA and CEO of AHHIC. About Lloyd’s Register Lloyd’s Register is a global professional services company specialising in engineering and technology for the maritime industry. Our Marine and Offshore business is a leading provider of classification and compliance services to the marine and offshore industries, while our Maritime Performance Services enable businesses to reach their full potential – now and into the future. Our Digital Products combine modern digital tools with deep technical expertise. Lloyd’s Register is wholly owned by the Lloyd’s Register Foundation, a politically and financially independent global charity. All of this helps us stand by the purpose that drives us every single day; working together for a safer world. “Lloyd’s Register has been involved with the Poseidon Principles from the very beginning and we’re proud to provide independent expertise and advice to support the development of this new framework for marine insurance. This is a significant milestone for maritime – providing the marine insurance industry with a framework that will effectively support the acceleration of maritime decarbonisation,” says Nick Brown, CEO, Lloyd’s Register. About Norwegian Hull Club Norwegian Hull Club is a leading mutual marine and energy insurance provider, serving members and clients worldwide, with roots going back to 1837. Our mission is to secure lives, health, environment and property to help protect both people and the planet. Our slogan, “Expect More”, derives from our efforts to fulfil and exceed the expectations of our clients, business associates and colleagues at all times. “Norwegian Hull Club is committed to taking part in its clients’ journeys towards zero emissions. Partnerships are key to achieving this goal. Through Poseidon Principles for Marine Insurance, The Club can help influence how the insurance industry contributes to this transition,” says Hans Christian Seim, Chief Executive Officer, Norwegian Hull Club. About SCOR SCOR, the world’s fourth largest reinsurer, offers its clients a diversified and innovative range of solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society. SCOR offers its clients an optimal level of security with its AA- rating or equivalent from S&P, Moody’s, Fitch and AM Best. The Group generated premiums of more than EUR 16 billion in 2020, and serves clients in more than 160 countries from its 36 offices worldwide. www.scor.com “Participating in the launch of the Poseidon Principles for Marine Insurance and supporting the initiative is a firm step forward for SCOR in accompanying our international shipping clients towards a zero emission future for the industry. As a founding member of the Net-Zero Insurance Alliance, we strongly believe that (re)insurers have an important role to play in addressing climate change and that collective action is the only way forward,” says Jean- Paul Conoscente, CEO, SCOR Global P&C. About Star Bulk Star Bulk is a leading global shipping company which owns and manages a diverse and modern fleet of dry bulk vessels. Every year, the Star Bulk vessels transport more than 65 million metric tonnes of dry bulk cargoes across the world, efficiently and sustainably. “Collaborating with our partners across the value chain to accelerate GHG emissions’ transparency and reduction is a core pillar of the Star Bulk decarbonization strategy. We are happy to have contributed to the development of the Poseidon Principles for Marine Insurance, which – following the Poseidon Principles for financial institutions and the Sea Cargo Charter for charterers – is one more critical step to drive the decarbonization of the shipping industry by 2050,” says Christos G. Anagnostou, Marine Operations Director at Star Bulk Management Inc. About Swiss Re Corporate Solutions Swiss Re Corporate Solutions provides risk transfer solutions to large and mid-sized corporations around the world. Its innovative, highly customised products and standard insurance covers help to make businesses more resilient, while its industry-leading claims service provides additional peace of mind. Swiss Re Corporate Solutions serves clients from offices worldwide and is backed by the financial strength of the Swiss Re Group. https://corporatesolutions.swissre.com About IUMI The International Union of Marine Insurance e.V. (IUMI) is a non-profit association established for the purpose of protecting, safeguarding and advancing insurers’ interests in marine and all types of transport insurance. The roles of IUMI are to: act as a focal point and representative voice on behalf of the marine and transport insurance industries in dialogue with all interested parties; share information and research that are non-commercially sensitive with regard to marine and transport insurance; bring together marine insurance practitioners to facilitate the exchange of technical information and best practice; and provide information on positions taken by IUMI. “Combating climate change is the most pressing issue we face. Swift and effective action is needed from all sectors, including shipping where achieving transformation is complex but not unattainable. All stakeholders have a role to play and IUMI – as the global umbrella organisation for marine underwriting – is proud to support the Poseidon Principles for Marine Insurance. Through collaboration, shipping will move closer to a global fleet that meets its carbon reduction goals and eventually becomes carbon neutral,” says Lars Lange, Secretary General, IUMI. About Victor International Victor Insurance Holdings is the world’s largest managing general underwriter with locations in the US, Canada, UK, Netherlands, Germany, Italy, and Australia. It handles more than $2.5 billion in premium on behalf of numerous insurance carriers, through a large network of more than 25,000 active insurance agents and brokers. With deep, specialized underwriting expertise, the company provides a wide range of insurance coverage – from specialty, property and casualty, professional liability and marine insurance to group and retiree benefits. Victor Insurance is committed to building on 60-plus years of experience to develop products that address risk in new and evolving areas. www.victorinsurance.com “Decarbonising international shipping is a major goal that will contribute towards global efforts to stabilise climate change over the coming decades. Victor is committed to being at the forefront of insurance industry initiatives such as the Poseidon Principles that will play a pivotal role in supporting the innovations needed to achieve this objective and make shipping safer and sustainable,” says Richard Turner, International Head of Marine at Victor Insurance and President of the International Union of Marine Insurers. Expert support: About Global Maritime Forum The Global Maritime Forum is an international not-for-profit organization committed to shaping the future of global seaborne trade to increase sustainable long-term economic development and human wellbeing. “At the Global Maritime Forum, we are pleased to see leading marine insurers join forces with signatories to the Poseidon Principles and the Sea Cargo Charter in establishing a framework to quantitively assess and disclose the climate alignment of their underwriting portfolios, and raising the bar for everyone by doing so relative to the goal of full decarbonization of international shipping. Alongside other stakeholders in the maritime value chain, the insurance industry has the influence and responsibility to drive progress and I urge other marine insurers to follow the example set by the founding members of this pioneering initiative. It takes partnerships like these to make the transformational changes needed to tackle the climate crisis and build a sustainable future for all,” says Johannah Christensen, CEO at Global Maritime Forum. About UCL Energy Institute UCL is among the world’s top universities as reflected in performance in a range of national and international rankings. UCL Energy Institute has, since its launch in June 2009, developed a strong national and international reputation for energy demand and energy systems research. The shipping research group at UCL Energy Institute consists of around 15 researchers and PhD students, involved in a number of on-going projects, through UMAS, funded through a mixture of research grants and our consultancy. The group undertakes research both using models of the shipping system, shipping big data and qualitative and social science analysis of the policy and commercial structure of the shipping system. The research activity is centered on understanding patterns of energy demand in shipping and how this knowledge can be applied to help shipping transition to a low carbon future. The shipping research group is world leading on two key areas; using big data to understand trends and drivers of shipping energy demand or emissions and using models to explore what-ifs for future markets and policies. About UMAS UMAS is a sector focused, commercial advisory service that draws upon the world leading expertise of the UCL Shipping Team combined with the advisory and management system expertise of UMAS International Ltd. “Signatories to the Poseidon Principles for Marine Insurance have set the bar high on their ambition, not only in terms of measuring the climate alignment of their portfolio relative to a 100% CO2 reduction goal by 2050 and aiming to align with the Paris Agreement in time, but also the scope of the global fleet that this new initiative would include. As most insurance portfolios include almost all vessels in the global fleet, this creates an opportunity for marine insurers to have a dialogue with a vast number of shipowners on their transition to adopting zero emissions ships in their fleets. Maintaining this close dialogue will also allow insurers to manage some of the risk that comes with insuring vessels running on new fuels,” says Sophie Parker, Principal Consultant, UMAS. About UN Environment Programme’s Principles for Sustainable Insurance Initiative Endorsed by the UN Secretary-General and insurance industry CEOs, the Principles for Sustainable Insurance (PSI) serve as a global framework for the insurance industry to address environmental, social and governance (ESG) risks and opportunities—and a global initiative to strengthen the insurance industry’s contribution as risk managers, insurers and investors to building resilient, inclusive and sustainable communities and economies on a healthy planet. The PSI is the largest collaborative initiative between the UN and the global insurance industry and hosts the Net-Zero Insurance Alliance and the Sustainable Insurance Facility of the Vulnerable Twenty Group of Finance Ministers (V20). www.unepfi.org/psi and www.unepfi.org/net-zero-insurance “The launch of the Poseidon Principles for Marine Insurance is a clarion call to immediately decarbonise the shipping sector, which transports about 90% of global trade. Shipping is viewed as a sector that is difficult to decarbonise—and is not directly included in the Paris Climate Agreement— so the Poseidon Principles for Marine Insurance is an important step forward,” says Butch Bacani, who leads UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI), which hosts the Net-Zero Insurance Alliance (NZIA). “This is why we are pleased that most of the founding members of the Poseidon Principles for Marine Insurance are also members of the PSI and the NZIA. By taking action now, these insurance organisations are leading by example and serve as a compass as we navigate and accelerate the voyage to a net- zero emissions economy.” About the Swiss Re Institute Swiss Re Institute harnesses Swiss Re’s risk knowledge to produce data driven research across the company and with partner organisations. The Swiss Re Institute fosters knowledge sharing and supports decision making with re/ insurance industry focused publications, client programmes and conferences. Visit swissre.com/institute for more information. “Creating more transparent supply chains through better access to data and open data sharing is critical to successfully transition to cleaner shipping. A large R&D effort is required to agree on common metrics and approaches, test new technology and fuels, and develop facilities at scale. Swiss Re institute is a proud partner to this effort, providing technical expertise and risk insights,” says Alicia Montoya, Head Research Commercialization, Swiss Re Institute. Visit the website of the Poseidon Principles for Marine Insurance and download the technical guidance. See the LinkedIn post on the news below.

By Herminia S. Jacinto IF there was something good that resulted from the pandemic, it must've been our ability and capacity to respond to fortuitous events like what we had gone through or, shall I say, have been going through. It didn't take very long for people to come up with solutions to serious problems we had to face. Forced to good — a favorite move in card games — we were quick to think of various ways to address problems that came with the pandemic. This was very true of the insurance industry. The lockdowns, which virtually closed our offices, meant that servicing the needs of our clients would be greatly hampered. The companies had to install systems and procedures to continue to deliver the commitment to its policyholders. Although almost all companies were in varying stages of computerization of their business processes, these were still not enough to replace the existing procedures. Computerization went so much into full gear that before 2020 ended, the industry could sell policies, conduct examinations and briefings of its intermediaries, settle claims and deliver almost all the clients' services. Companies reviewed their products and services to determine what more they could offer. Creativity was at its best. New products to cover both life and property were developed and offered to the buying public. Coverages were adjusted to include the loss related to Covid-19 at prices which can be afforded by the insurance buyers. But this is not a short process. There should be enough data to support the pricing vis-à-vis the cover but they had to start from scratch and make a lot of assumptions. These new products had to be approved by the Insurance Commission, which needed time to study those products as well. In the property sector, an improved or a similar business interruption cover occurring after a pandemic may have to be considered after the lockdowns halted business operations resulting in huge losses. Issues concerning this policy provision have been referred to as ambiguous and disadvantageous to the client. Selling insurance and collecting the premiums are now being done electronically, with the banks and other payment outlets as partners. Payment of claims, commissions to agents, salaries and benefits to employees and other expenses were being done through banks even before the pandemic happened. What we are missing is the personal interaction between the office personnel and the claimants. Since the process is done virtually, the human touch, which is very important in the claims process is missing. Not all clients are computer-savvy so they complain about submitting documents electronically. Not to worry! There is Lalamove, Grab and other delivery services, which can handle the movement of documents. This ingenuity has carried the industry through the rough roads created by the pandemic. Insurance companies are back to "normal" operations because of digitalization. Investing in automated systems will result in long-term benefits for the companies. Servicing of clients' needs is not hampered or delayed whether the employees are in the office or working from home. The much-awaited events in the industry are the various conferences held either here or abroad, mostly in the insurance centers in the world like London, Germany and the Association of Southeast Asian Nations (Asean) countries. Rewards to qualified producers or intermediaries are trips to various interesting places all over the world. Sadly, these events have been put on hold because of the pandemic although some conferences have been held virtually. The organizers simulate the real conference with all the features like a conference hall, breakout sessions, plenary meetings, among others, but these still cannot achieve the main purpose of these conferences. We miss the face-to-face encounters and meetings among business partners and friends. We miss the camaraderie, which is so present in these events. Awarding ceremonies are "dress-up" events for the producers, especially the ladies. There is a lot of joy receiving the award in an elegant ballroom of a five-star hotel and listening to the thunderous applause from their friends and colleagues. The industry now looks forward to 2022 with great optimism. We know more now than what we knew in 2019 and the pre-pandemic years. We are better insurance providers and practitioners after two years of hard work. I will not say we are back, because we never left! Source: manilatimes.net