We are thrilled to announce an exclusive webinar co-hosted by the World Health City Forum and UNDRR on August 12th. Event Highlights: Introduction to the World Health City Forum: Learn about the forum scheduled for November 12th to 14th at Songdo Convensia in Incheon. Standardization Activities: Discover the initiatives and activities to be showcased during the forum. UNDRR Symposium Overview: Understand the purpose and goals of the UNDRR symposium, which will focus on key tools and activities for disaster resilience in global cities. Why Attend? Enhance your practical skills in urban resilience. Gain crucial knowledge for addressing climate change and pandemics. Network with city and corporate officials. Webinar attendees will be officially invited to the World Health City Forum in November 2024.    We highly encourage city and corporate officials to join this webinar to strengthen their disaster resilience capabilities.   Reserve your spot now and take a step towards a more resilient future! For more information, please click here . If you have questions, send us a message at info@worldhealthcityforum.org

Finance Secretary Ralph Recto has called on the life insurance industry to expand its reach to prevent Filipinos from falling into poverty. “Risk is a significant driver of poverty, and adequate insurance coverage is among the powerful tools for mitigating this challenge,” he said. He was speaking at an event on 30 July marking the Philippine Life Insurance Association’s 74th anniversary. He pointed out that life insurance penetration in the Philippines remained low at 1.2% in 2023. Bright outlook Also officiating at the anniversary event was Insurance Commission (IC) Commissioner Reynaldo Regalado who said that the insurance industry outlook in the Philippines would be positive for the next six years despite challenges. According to the Commission, premiums collected by life insurance companies during 1Q2024 this year amounted to PHP87.66bn ($1.5bn), which is a 12.04% increase from the PHP78.24bn chalked up in 1Q2023. Source: asiainsurancereview.com

The United Nations Department of Economic and Social Affairs (UN DESA), through its Division for Public Institutions and Digital Government (DPIDG) and its Project Office on Governance (UNPOG) and the Korea Research Institute for Local Administration (KRILA), is pleased to invite you to  join us on the Innovative Local Governance Webinar: Launch of the Handbook Series for the Implementation of the Sustainable Development Goals , on 20 August 2024 at 1:00 PM in Manila. The Webinar aims to officially launch the Handbook Series on Innovative Local Governance for the Implementation of the Sustainable Development Goals  and support local authorities and other stakeholders develop the necessary knowledge, skills, and capacities to implement the SDGs. If you have any questions, please do not hesitate to reach out to Mr. Samuel Danaa or visit the event page at:  Innovative Local Governance Webinar: Launch of the Handbook Series for the Implementation of the Sustainable Development Goals .

PIRA Executive Director Mitch Rellosa representing the private sector, was invited as a speaker to the NextGen Insurance: Trends, Tech, and Transformation forum, which focused on discussion of the latest trends and technologies that shape the insurance industry. The event was held on July 26, 2024, at Dusit Thani Makati.

By Michael F. Rellosa Typhoon Carina (international name: Gaemi) did not make landfall in the Philippines but intensified the southwest monsoon, drenching our country with rainfall that has, according to reports, surpassed that of Ondoy. Luzon, the National Capital Region and neighboring regions suffered the brunt and strength of the deluge. Scenes on TV and social media and the appeals of people to be rescued were reminiscent of Ondoy that rampaged through our nation 15 years ago. Did we learn our lessons from Ondoy and the other powerful typhoons that followed, and are we doing enough to prepare? That is not for me to answer, and I leave it to you, dear reader, to ferret out the truth. To my mind though, there have been notable improvements. We have more specific warning signals from wind speed to rainfall, storm surge warnings and river water levels. Communication is much better, and response is more coordinated. People have also learned to be more compliant and are ready to follow the authorities' instructions. Supplies are pre-positioned, and there is a chain of command that is in charge. We are handling things better and are more proactive. However, in the risk managers' tool kit, which I have mentioned in previous columns, have we exhausted all measures or, more to the point, have we made the various risk management tools readily available to our compatriots? It will take several columns to dissect the reasons for the seeming failure to recognize the importance and utility of one of the tools in the toolbox, namely risk transfer or insurance. There is no question that it is currently available, but not many of our compatriots have access to or are even aware of it. Restricted access alone has a multitude of reasons ranging from cost to the insurers' risk appetite and much more in between. There are likewise as many solutions to each of these reasons, but they currently remain on paper as well-meaning plans. One of the solutions put forth, a brainchild of the entire industry and supported then as now by the Insurance Commission, is the Philippine Catastrophe Insurance Facility, or PCIF. The PCIF is yet to be launched as it suffered setbacks from implementing the technical rates acceptable to the global reinsurance market and local issues such as the business decision taken by some local insurers to delay joining the facility. On top of that, the issue of affordability of premiums, especially for the underserved portion of the population who are the ones most in need of such coverage, remains a challenge. In the desire of the industry to be able to respond to such a pressing need, a second workstream has morphed from the original PCIF — this time, it is a hybrid parametric and indemnity-based product in bite-sized pieces (read microinsurance), thus making it accessible to the section of the populace that needs it most. Being part parametric, it answers the quick and simple claims payout needed post-catastrophe to help tide the insured through the recovery period. Once approved by the regulators, this is ready to be rolled out by a group of PIRA members who have signified their intention to market such a product. The PCIF itself and the hybrid NatCat product will not be enough, though. These must be launched together with an awareness campaign for all stakeholders. Another must is the continuing support of not only the Insurance Commission but also the other agencies of government whose mandate is to help uplift and preserve the lives, livelihood and property of the populace. The collaboration of government and the private sector is key in times of catastrophes. Source: manilatimes.net

Signer will oversee strategic growth and financial health at SEADRIF. SEADRIF has appointed Benedikt Signer as Executive Director and Board Member, effective as of July 24, the company announced in a company statement on LinkedIn . Signer has been involved with the risk facility since March 2023 and has been acting as an Advisor to the Board in the areas of strategy, organisational and product development, partner and country engagement, public-private partnerships, and operational management, SEADRIF said. “Benedikt exhibited exemplary performance at SEADRIF and has been instrumental in building the Company’s growth trajectory.” Dr. Yoshihiro Kawai Board Chair of the SEADRIF Insurance Company In his new role, Signer will report to Dr. Yoshihiro Kawai, Board Chair of the SEADRIF Insurance Company. He will oversee progress towards strategic growth, performance, and financial health, while ensuring adherence to good governance practices. “Benedikt exhibited exemplary performance at SEADRIF and has been instrumental in building the Company’s growth trajectory.” Dr. Kawai said. “I am delighted to welcome Benedikt as a core member of the leadership team. We look forward to continuing SEADRIF’s mission of strengthening the financial resilience of our member countries in the ASEAN region.” Before joining SEADRIF, Signer worked at the World Bank’s Disaster Risk Financing and Insurance Program. With over a decade there, he supported more than 20 countries in actively managing potential losses from climate and disaster shocks. In his last role as Program Coordinator for Crisis and Disaster Risk Finance, he coordinated this work across Southeast Asia. He was closely involved in creating and implementing multiple global initiatives, including co-leading the Global Risk Financing Facility (GRiF) and supporting the design of the G7-V20 Global Shield against Climate Risks, SEADRIF said. Before that, Signer worked at the World Bank’s Global Facility for Disaster Reduction and Recovery (GFDRR) on strategy, program development, and policy partnerships. Source: reinasia.com

Reserve Your Spot Today! SOME STAR SPEAKERS… Theme Back to the Future – Empowering East Asian Insurers for 2044 and Beyond Building on the Foundation and Exploring the Future Key Topics Mission: Impossible Managing the Age Factor and Diverse Demographics   Fast & Furious Navigating Economic Uncertainty for a Resilient Future   The Day after Tomorrow Derisking Climate Change and Making Sustainability from Promises to Action   Transformers Unlocking the Future of Insurance through Technology   Pride and Prejudice From Closing the Gender Gap to Overcoming Barriers to Access and Affordability   Minority Report The Role of Regulators beyond Fostering Stability and Consumer Protection   Lost in Translation Illuminating the Customer Journey and Empowering Insurance Literacy   The Matrix Navigating the Complexities and Maximising Value in the Insurance Ecosystem   The Hunger Games Surviving and Thriving in the Talent Arena Enquiry: (852) 2559 9973     Email:  info@eaic2024.hk      Website: www.eaic2024.hk

We are pleased to share with you the  University of the Philippines Resilience Institute (UPRI) National Operational Assessment of Hazards (NOAH) website , which determines how susceptible an area is to flood, landslide and storm surge hazards. It provides detailed information on flood/storm surge prone, landslide prone and safe areas, helping you prepare accordingly. Check your street at https://noah.up.edu.ph/know-your-hazards   Source: UP Resilience Institute FB page noah.up.edu.ph

We are thrilled to invite you to  NextGen Insurance: Trends, Tech, and Transformation for an engaging session on the latest trends and technologies that can shape the insurance industry. Join us to gain valuable insights from industry experts such as Michael Rellosa, Mike Nolasco , Clara Lim, Rommel Sia, and Oscar Visaya on leveraging digital solutions to transform your business to success .

The celebration will commence on August 9, 2024,  with  the Anniversary Opening Ceremonies and Opening of the IIAP Journey Gallery, featuring the Honorable Insurance Commissioner Reynaldo A. Regalado to deliver the  keynote address and do the ribbon-cutting ceremony, to mark the beginning of our anniversary celebrations. This will be followed by an Economic Briefing for Senior Industry Leaders to be conducted by Dr. Felipe Medalla. As part of the celebration, the IIAP will be hosting a series of Free Seminars and Training sessions aimed at empowering our industry and fostering the personal and professional growth of our practitioners, members, and patrons. Join us for a diverse lineup of sessions led by seasoned speakers and experts, covering timely and relevant topics. These seminars are designed for life and non-life insurance companies, reinsurers, brokers, agents, and insurance adjusters. Don’t miss out on this incredible opportunity to engage, learn, and celebrate together. We look forward to seeing you at the Institute. More details about the event will be provided as the seminar date approaches. Thank you and see you all! www.insuranceinstituteasiapacific.com