The world's water resources face growing pressure from climate change while emergencies involving the life-giving resource are increasingly impacting lives and livelihoods according to the UN World Meteorological Organization (WMO). WMO secretary general Celeste Saulo said, “Water-related hazards continue to cause major devastation this year. The latest examples are the devastating monsoon flooding in Pakistan, floods in South Sudan and the deadly flash floods in the Indonesian island of Bali. And unfortunately, we see no end to this trend.” Ms Saulo said that these emergencies have been happening amid increasingly warm air temperatures, which allow more water to be held in the atmosphere leading to heavier rainfall. The WMO has also published a new report on the state of the world’s waterways, snow and ice which notes that 2024 was the hottest in 175 years of observation, with the annual mean surface temperature reaching 1.55 °C above the pre-industrial baseline from 1850 to 1900. An example of the increasingly erratic behaviour of the world’s water cycle is the extremely heavy rainfall that has affected parts of Himachal Pradesh or Jammu and Kashmir in India. WMO scientific officer Asia Dr Sulagna Mishra said, “The region saw extremely heavy rainfall when it was not expected; the monsoon came early. So, this is what we are talking about as the unpredictability of the system is growing, more and more.” The WMO report’s other findings confirm wetter-than-normal conditions over central-western Africa, Lake Victoria in Africa, Kazakhstan and southern Russia, central Europe, Pakistan and northern India, southern Iran and north-eastern China in 2024. Melting glaciers continue to be a major concern for meteorologists because of the speed at which they are disappearing and their existential threat to communities downstream and in coastal areas. “Glaciers lost 450 gigatonnes, this is the equivalent of a huge block of ice seven kilometres in height, seven kilometres wide and seven kilometres deep, or 180 million Olympic swimming pools, enough to add about 1.2 millimetres to global sea level, increasing the risk of floods for hundreds of millions of people on the coasts.” The report also highlights the critical need for improved data-sharing on streamflow, groundwater, soil moisture and water quality, which remain heavily under-monitored. Source:   asiainsurancereview.com

General Insurance Association of Japan Chairman Shinichiro Funabiki September 18, 2025 I hereby report on the main initiatives undertaken since assuming the position of Chairman of the General Insurance Association of Japan at the end of June. 1. Introduction This summer, natural disasters struck various regions of Japan in quick succession. These included an earthquake near the Tokara Islands, a tsunami following the Kamchatka Peninsula Earthquake, and heavy rains caused by low pressure systems and fronts. Furthermore, the record-breaking heatwave caused numerous cases of heatstroke and dehydration. We offer our deepest condolences to those who lost their lives in these disasters and extend our heartfelt sympathies to their families and to al those affected. We would also like to express our sincere respect to everyone involved in recovery efforts and to those providing care. Turning our attention to the environment surrounding people's lives and corporate management, uncertainty is increasing due to factors such as soaring prices, trade friction, exchange rate fluctuations, and tense international situations, al of which are heightening the sense of an uncertain future. It is precisely under these challenging social conditions that the general insurance industry must strongly recognize its mission: to contribute to the stability of people's lives and the sound development of the national economy. We must fulfil this role. To fulfil the mission and role expected of our industry, we must restore the trust of our customers and society as quickly as possible. To achieve this, and steadily advance our efforts toward “thorough implementation of customer-centric business operations” and “realization of a sound competitive environment”, we will place compliance and ensuring the best interests of our customers at the core of al our activities. 2. Specific initiatives This fiscal year, we are advancing initiatives to enhance the effectiveness of various measures aimed at restoring trust, making tangible and visible changes within our industry. Furthermore, in light of revisions to the Comprehensive Guidelines for Supervision of Insurance Companies (hereinafter “Supervisory Guidelines”), we will steadily and promptly advance the establishment of systems and rules related to insurance solicitation and other activities. 2.1 Initiatives to restore trust from customers and society Regarding “Thorough Implementation of Customer-Centric Business Operations”, we are advancing initiatives centered on “efforts to improve the quality of insurance agency solicitation”. Regarding “Realization of a Sound Competitive Environment”, we are moving forward with initiatives centered on “efforts to enhance risk management awareness within companies”. 2.1.1 Initiatives contributing to improving the quality of sales by insurance agencies We are forging ahead with initiatives aimed at establishing solicitation management systems within insurance agencies and ensuring appropriate insurance sales practices through ongoing dialogue between agencies and insurance companies. a. Trial of the Third-Party Evaluation System for Agency Business Quality Centered on the “Council for Agency Business Quality” established within our association in June, we are preparing for a full-scale launch of the third-party evaluation system starting next April. Since July, with the cooperation of insurance agencies, we began trial operations. These included initiatives to develop practical guidelines, such as implementing self-inspection checks and follow-up inspections. Member companies have begun initiatives where insurance agencies and insurance companies mutually confirm “Self-Inspection Checklist” results and engage in dialogue. A draft revision policy of the 2026 version of the “Self-Assessment Checklist” was formulated and public comments solicited. Based on the feedback received, a draft of the 2026 “Self Assessment Checklist” and draft evaluation guidelines will be prepared, with another public comment period planned for October-November. b. Restructured agent qualification system We have revised the examination system for general insurance agents. Since July, the General Examination for General Insurance Solicitors (Basic Unit) question format was changed from “single-answer questions” to “single-answer questions plus multiple-choice questions”, thus increasing the difficulty of obtaining the qualification. Furthermore, a new qualification system has been established for the compliance officers required at large-scale multi-representative general insurance agencies. While applications will be accepted starting in September, examinations are scheduled to begin in December. The curriculum covering the legal unit of the Experts Course of the General Insurance College Course has been enhanced. A new mechanism allows individuals who have passed the examination for this unit, and therefore obtained Experts Course certification, to acquire the compliance officer qualification by additionally studying video materials. 2.1.2 Initiatives to enhance risk management awareness within companies To achieve a healthy competitive environment in the corporate insurance market, it is crucial for companies themselves to comprehensively identify and assess risks, implement measures to avoid or reduce them, and build systems enabling them to select appropriate insurance products and services as risk transfer tools. As highlighted in the FSA Strategic Priorities announced in August, which includes “promoting corporate risk management utilizing general insurance”, this requires concerted efforts by both the public and private sectors. We will hold a seminar in November to support the enhancement of corporate risk management awareness and knowledge. The seminar will feature lectures and panel discussions aimed at helping management understand the importance of engaging in risk management. Furthermore, as a measure to enhance the significance of the role of risk managers, we are holding discussions on establishing a common industry-wide education system. We will pursue this initiative over the medium to long term, with a view to establishing a risk manager qualification system in the future. 2.1.3 Responses based on amendments to the Insurance Business Act and supervisory guidelines Based on amendments to the Insurance Business Act and Supervisory Guidelines, we have established new guidelines and revised existing ones concerning the establishment of systems and rules related to insurance solicitation. The first is the establishment of the “Guidelines for Appropriate Provision of Benefits by General Insurance Companies”. These guidelines outline the basic principles and possible examples regarding the provision of benefits, which the Financial Services Agency's “Report of the Expert Panel on Structural Issues and Competition in the Non-Life Insurance Sector” identified as one factor hindering customers' opportunities for appropriate product selection and fair competition. Concurrently, to understand the actual status within the industry regarding the utilization and implementation of these guidelines by each general insurance company, a reporting window has been established within the Association. Based on reports received from non-life insurance companies, we will revise these guidelines, as necessary, to promote the proper handling of excessive preferential treatment. Furthermore, based on reports, member companies will verify the facts of reported cases and, where necessary, encourage corrective actions and improvements. The second is the revision of the “Guidelines Concerning the Secondment of Employees from Non-Life Insurance Companies”. We added provisions concerning organizational structure to the content published last September. In addition, to ensure stricter compliance with laws such as the Personal Information Protection Act, the Unfair Competition Prevention Act, and the Antimonopoly Act, we have tightened the requirements for secondments to insurance agencies. The third is the revision of the “Guidelines on the Protection of Personal Information for General Insurance Companies”. We have clarified the necessary measures to prevent the improper acquisition of information through seconded personnel at general insurance companies, as well as the need for necessary and appropriate supervision regarding information provided by insurance agencies. Fourth is the revision of the “Guidelines on Business-Related Equities”. We have revised expressions and wording to reflect amendments to the Supervisory Guidelines. Furthermore, considering recent changes in the environment surrounding insurance solicitation, we have revised the “Compliance Guide for Solicitation”. To assist insurance companies in appropriately guiding insurance agencies, this guide explains matters that solicitors must comply with when soliciting insurance. The Association will follow up to ensure member companies steadily advance initiatives to restore trust based on these guidelines, and work to embed these practices. Regarding comparative and recommended sales, a major point of discussion in customer centric business operations, we will deepen examinations to enable multi-representative agencies to conduct sales appropriately, based on the planned revisions to the Insurance Business Act Enforcement Regulations and the Supervisory Guidelines. 2.2 Initiatives related to the 10th Medium-Term Master Plan and key objectives We are steadily moving forward with various initiatives linked to the three key objectives of the 10th Medium-Term Master Plan. 2.2.1 Establishing a business foundation to support growth of the general insurance industry We are developing the joint system “s-JIBAI” to make claim investigations and payment operations paperless for Compulsory Automobile Liability Insurance. We are currently conducting various pre-release tests and expect to launch as scheduled in December or later. 2.2.2 Enhancing the resilience of society and insurance systems In anticipation of large-scale earthquakes such as a Nankai Trough Earthquake or a Tokyo Inland Earthquake, the “Earthquake Damage Claim Support System (Web-based damage status reporting system)” began operating in March. The total number of member companies able to handle this system is expected to increase by one to 12 by the end of September. Using the system, customers can report damage and register photos via a smartphone or computer. Insurance companies can also manage claim cases and create the related forms via the website, enabling faster processing of earthquake insurance claims. 2.2.3 Promoting risk management understanding among consumers and businesses This fiscal year, our eight regional branches, have continued to spearhead efforts to raise risk awareness among consumers and businesses, while actively promoting general insurance. For businesses, we are strengthening initiatives in collaboration with government agencies, focusing on the promotion of general insurance that covers not only natural disasters, but also cyber risk preparedness. Based on our risk awareness and status survey, which indicates that only about 10% of SMEs are working to apply for and obtain business continuity plan (BCP) certification, we are considering measures to promote BCP development while sharing challenges with government agencies and other related organizations. For consumers, to promote earthquake insurance, we appointed actor Kyoko Yoshine as our campaign ambassador starting in August. Our campaign uses the slogan, “Disaster supplies alone can't protect everything. Start with earthquake insurance—it’s your first line of defense." Furthermore, as part of our hazard map dissemination efforts, we began developing enhancements to the existing tool “Sonpo (General Insurance) Digital My Timeline”, which helps families plan evacuation actions during disasters. This development focuses on improving user convenience and expanding its content. In addition, from the perspective of preventing automobile accidents, we released a map of intersections with high traffic accident rates on September 16. As a joint initiative for consumers and businesses, we participated in the “National Conference for Promoting Disaster Risk Reduction (Bousai Kokutai) 2025” event, which was hosted by the Cabinet Office, etc., in Nigata City, Nigata Prefecture on September 7. We presented a session titled “Passing on the Experience of the Chuetsu Earthquake to the Next Generation: Learn Preparedness from Zero with Negi!”. The event featured a keynote speech by Professor Yasushi Uemura of Nagaoka University of Technology on “Passing on the Experience of the Chuetsu Earthquake to the Next Generation”. This was followed by a talk session moderated by Ami Matsumoto (TV Nigata Announcer), featuring Professor Yasushi Uemura, freelance announcer Takahiko Fuji, and Nao☆ and Megu from the Nigata local idol group Negicco. Approximately 400 people attended. 2.2.4 Initiatives addressing various issues a. Follow-up on the “Guidelines for Dialogue and Consultation on Automobile Repair Labor Rates” In August, we began conducting follow-ups with member companies on the “Guidelines for Dialogue and Consultation on Automobile Repair Labor Rates” which were published in March. We are confirming the implementation status of the dialogue and consultation based on the guidelines, and will continue promoting industry-wide initiatives. b. FY2026 Tax Reform Proposals From the perspective of contributing to the development of Japan's economy and building a society where citizens can live with peace of mind through the sound development of the general insurance industry, we decided on our FY2026 Tax Reform Requests (7 items in total), and announced the details in July. c. Support for emerging markets The Insurance School (Non-Life) of Japan (ISJ), an insurance technical cooperation and exchange program for East Asian regions that has been ongoing since 1972, was held again this fiscal year. Twenty-seven participants from 14 regions attended the Advanced Course from May to June, bringing the total number of graduates to 2,375. We plan to hold a General Course from November to December, and conduct an Overseas Seminar in Vietnam in February next year. 3. Conclusion With increasingly frequent and severe natural disasters and an economic situation marked by growing uncertainty, the environment surrounding us remains challenging. Precisely because of these circumstances, we believe the role and responsibility of general insurance - a vital social infrastructure essential for realizing a safe and secure society - has become even greater. Moving forward, our industry will continue to work together as one to tackle various challenges and contribute to the realization of a sustainable society. We thank you for your continued understanding and cooperation.

Darren M. De Jesus If the DPWH continues to conflate the warranty period with the warranty security or bond, it risks creating false expectations among the public. DPWH Secretary Vince Dizon’s recent press conference on the current controversies surrounding flood control projects was hard-hitting. He declared that contractors behind ghost projects and substandard works will be automatically and permanently blacklisted. But beyond the fiery headlines, he posed a crucial next step: How do we return the people’s money? In his remarks, Secretary Dizon emphasized that government projects are “warranted for five years.” We must, however, clarify this statement. Under Republic Act 9184 (the Government Procurement Reform Act) and its IRR, contractors are indeed required to post a warranty security equivalent to at least 10 percent of the contract price. As clarified by the Government Procurement Policy Board (GPPB), in an Opinion dated 8 October 204 (NPM No. 33-2014), warranty security (or bond) lasts for only one year from final acceptance. It replaces the performance bond and is returned to the contractor after that period, regardless of whether the structure is temporary or permanent. The warranty period, on the other hand, can last for two, five, 15 years, depending on the structure. To clarify, warranty security or bond refers to the guarantee that the Government physically holds, and which it can call upon in case of defects within the first year. The warranty period, on the other hand, extends beyond that one year security. Contractors remain liable for structural defects or failures for two years in the case of ordinary structures, five years for semi-permanent ones, and 15 years for permanent structures. But once the bond is released, the Government no longer has a ready financial instrument to tap. Instead, it must pursue recovery through civil or even criminal cases if defects are discovered later. This subtle but important distinction should not be lost. If the DPWH continues to conflate the warranty period with the warranty security or bond, it risks creating false expectations among the public. People may believe the government can simply “call the bond” at any time within five years, when in fact, after the first year, the bond is gone and only the contractor’s legal liability remains. The way forward requires substantive reform, which should be addressed by the inquiries in aid of legislation before both the Senate and House. Further, there should be a standardization of all contracts between the DPWH and the Contractors, in light of the revelations in the inquiries. It is somehow discomforting to know that we have yet to unravel the entire picture in this grotesque web of corruption, which shall continue in the next weeks or months. Secretary Dizon is right to demand accountability right now, and to ask how the people’s money can be returned. But for that question to be answered convincingly, strong political will must be matched by legal precision. Only then can Filipinos be assured that ghost projects and substandard works will not only be punished, but that the public coffers will also be made whole. Source: tribune.net.ph

On behalf of the Philippine Insurers and Reinsurers Association (PIRA), Insurance Institute for Asia and the Pacific (IIAP), and the Philippine Insurance Club (PIC), we extend our heartfelt gratitude to all the sponsors and participants who made this event truly unforgettable. We look forward to seeing you next year on the course.

The World Bank is providing a $70m loan to the Philippines to establish a co-insurance pool aimed at protecting small farmers and fisherfolk from climate change impacts, the Department of Agriculture (DA) announced on Sunday. A co-insurance pool allows multiple insurers to share the risk of a large or complex policy, such as those covering natural disasters or energy projects. The loan will support a five-year climate-protection programme starting in 2026, benefiting an estimated 750,000 small farmers and fisherfolk, the DA said. The World Bank aims to use its loan to mobilise an additional $300–500m in climate protection for farmers, fisherfolk, and agri-based micro, small and medium enterprises (MSMEs). The Department of Finance is the borrower in the loan programme, with the DA as the project implementer. The programme will draw on the Philippine Crop Insurance Corporation’s expertise in agricultural insurance alongside the technical capabilities of the National Reinsurance Corporation of the Philippines. Source: www.asiainsurancereview.com

MANILA, Philippines — The Department of Agriculture (DA) is securing a $70-million insurance fund with support from the World Bank to cover at least 750,000 farmers nationwide, aiming to protect them from losses caused by calamities and other risks. Agriculture Secretary Francisco Tiu Laurel Jr. told lawmakers that his department is working on an “agri-insurance pool” program, which will be submitted to the Department of Economy, Planning and Development (DEPDev) for approval. He said the program, which is planned as a four-year initiative, is targeted to begin implementation in the first half of 2026. Speaking to reporters after the hearing, Tiu Laurel said the program would include a grant component, but he did not disclose the amount. “This is also to design an insurance product that will be advantageous to our farmers, aquaculture and fisherfolk,” he said on the sidelines of the Philippine Poultry Show 2025 and the International Livestock, Dairy, Meat Processing and Aquaculture Exposition at the SMX Convention Center in Pasay City. He added that representatives from non-life insurers Pioneer Insurance and Surety Corp., Malayan Insurance Co. Inc., and Pacific Union Insurance Co. were present at their meeting last Tuesday, signaling strong interest from major insurance firms in the initiative. The agriculture chief also said they are looking at providing around P50,000 to P70,000 per hectare in coverage, not just for rice farmers but also for those planting high-value crops, mentioning specifically tomatoes, eggplant and ginger. Coverage will also extend to livestock raisers, ensuring that farmers raising chickens, pigs and other animals can receive support in the event of disease outbreaks or other losses. This planned program comes as the agriculture sector shows signs of recovery, with both crop and livestock production picking up in recent months. Data from the Philippine Statistics Authority released earlier this month showed the country’s agricultural output grew by 5.7 percent in the second quarter from a year earlier. The rebound was driven by improved weather and stronger harvests in crops and poultry, surpassing the 1.9-percent growth in the first quarter and reversing the 3.2-percent drop in the same period last year. Source: www.philstar.com

By Michael F. Rellosa Imagine being a farmer in the Philippines, your livelihood tied directly to the land, your family’s future dependent on the whims of nature. For generations, Filipino farmers have faced this stark reality, but today, the stakes are higher than ever. Our nation, battered by an average of 20 typhoons annually and increasingly vulnerable to droughts and other climate shocks, sees its agricultural heartland constantly under threat. Despite agriculture employing a quarter of our workforce, a staggering two-thirds of our 10.9 million farmers remain unprotected by crop insurance, leaving them financially devastated with each passing storm or dry spell. This vulnerability isn’t just a farmer’s burden; it’s a national crisis, pushing us to rely heavily on imported rice and raising urgent questions about our food security. Agriculture insurance isn’t merely a financial product; it’s a lifeline. It’s the promise that when disaster strikes, farmers can recover their investments, rebuild and even dare to innovate, adopting new technologies to boost productivity. It’s about stabilizing incomes, ensuring food on our tables and building a more resilient Philippines. For decades, the Philippine Crop Insurance Corp. (PCIC), a government-owned entity, has been the primary insurer for our farmers. PCIC’s mission is clear: to shield farmers from losses caused by natural calamities, diseases and pests affecting their crops, livestock and farm assets. In 2023, PCIC reached 3.909 million farmers and fisherfolk, insuring P127.766 billion worth of agricultural assets and collecting P6.297 billion in premiums. While PCIC has shown financial strength, its traditional, often paper-based operations can be slow, and it still grapples with effectively managing the immense risks posed by widespread disasters. Recognizing these challenges, PCIC is embracing innovation. They’re pioneering a parametric insurance program for rice farmers, a game changer that uses satellite data and remote sensing to trigger rapid payouts within three to five days of a typhoon, bypassing lengthy field inspections. This isn’t replacing the old system but complementing it, aiming for faster, more objective relief. Similar efforts are under way with Weather Index-Based Insurance and Area-Based Yield Index Insurance, promising quicker compensation based on objective weather or yield data. The call for private hands Experts from the World Bank and Asian Development Bank (ADB) agree: For agriculture insurance to truly flourish, we need more players on the field. Bringing in private insurers isn’t just about adding numbers; it’s about injecting vitality and choice into the market. More choices, better fit: Private companies can offer a wider array of specialized products, tailored to the unique needs of different crops, regions and farmers, moving beyond a one-size-fits-all approach. Efficiency and reach: Private insurers bring modern underwriting, streamlined claims processes and extensive networks, including rural banks and cooperatives, to reach farmers in remote areas that PCIC might not fully cover. Innovation and healthy competition: More players mean more competition, which naturally leads to better services, fairer pricing and continuous innovation, ultimately benefiting the farmers. Shared burden, greater capacity: The sheer scale of climate risk in the Philippines is immense. Private capital, backed by global reinsurance, can help spread this burden, ensuring that no single entity, or farmer, has to face catastrophic losses alone. The biggest hurdle for private insurers has been PCIC’s exclusive access to government premium subsidies, creating an uneven playing field. The World Bank has been vocal, urging the government to open these subsidies to private players to foster genuine competition. Yet, there’s a beacon of hope in emerging public-private partnerships. The collaboration between PCIC and CARD Pioneer Microinsurance Inc., supported by ADB, is a prime example. This pilot program, where risks are shared (PCIC 70: CARD Pioneer 30) for high-value crops, allows private insurers to gain invaluable experience and build capacity within a supportive framework. Legislative action is also gaining momentum. House Bill 14, for instance, aims to expand PCIC’s coverage to all agricultural commodities and, critically, empower PCIC to offer reinsurance services to private insurers, fostering a more competitive and innovative market. This legislative push aligns directly with international recommendations for a more liberalized and robust agricultural insurance sector. For agriculture insurance to truly take off, we need a concerted effort. This means accelerating policy reforms to open up subsidies, investing in robust data infrastructure and technology for accurate risk assessment and launching nationwide campaigns to educate farmers about the benefits of insurance. By fostering strong public-private partnerships and integrating insurance into agricultural credit programs, we can build a future where every Filipino farmer is resilient, empowered to invest, and our nation’s food supply is secure against the escalating threats of climate change. It’s a future where the hard work of our farmers is truly protected, ensuring prosperity for all. Source: manilatimes.net

This follows the successful launch last May, where leaders gathered to explore “Digital Transformation in the Age of AI” for the insurance sector. Through this dedicated session at the IIAP Hall, Concentrix shared global trends, best practices, and live demos of end-to-end integrated solutions designed to accelerate the industry’s digital journey. The goal? To equip insurers and reinsurers to go beyond service delivery, and instead lead with innovation and tech-enabled solutions that redefine customer experiences. FILIPINNOVATION is more than a program; it’s a movement that transforms industries and empowers Filipinos to shape the future of work through excellence, innovation, and technology.

Philippines senator Christopher Lawrence Bong Go has urged the Philippines Health Insurance Corporation to develop more benefit packages for the senior citizens of the country. The Senator who has been a long-time votary of such expanded benefits for senior citizens, reiterated his views during a recent hearing of the parliament’s committee on health and demography during the 20th congress meeting of the Senate. He said, “Senior citizens are the most vulnerable to illnesses. We all know the difficulties faced by our grandparents due to expensive maintenance medicines.” Senator Go cited Senate Bill No. 411 that he had authored for the establishment of a senior citizens’ hospital that will serve as the National Specialty Center for Geriatric Health. Senator Go also co-authored the Republic Act 11916 to increase the social pension of indigent senior citizens from PHP500 ($9) to PHP1000 ($18). He said the 400 to 600 qualified senior citizens, who are still on the waiting list, be given social pensions. He also co-authored and co-sponsored RA 11982 that provides cash gifts for senior citizens reaching 80, 85, 90, and 95 years old. In June this year the 19th Congress had adjourned without the Senate acting on the proposed measure to expand the social benefits for senior citizens. At present, only indigent senior citizens are eligible for a PHP1,000 monthly pension under Republic Act 11916. The proposed legislation seeks to expand this coverage to all elderly Filipinos, granting PHP500 per month to those aged 60 to 69, and PHP1,000 monthly to those aged 70 and above. Source: asiainsurancereview.com