PCIC Distributes Indemnity Checks in Bantayan Island During President Aquino’s Visit
April 22, 2014 – 10:12 am

During President Benigno Aquino III’s visit to Bantayan Island, Cebu last February 25, 2014, one of the highlights was the distribution of PCIC indemnity checks to various fisherfolk and farmers affected by Typhoon Yolanda.
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Discussions begin on need for disaster-risk insurance in PHL
January 27, 2014 – 12:36 am

Discussions begin on need for disaster-risk insurance in PHL

via http://www.businessmirror.com.ph/index.php/en/news/economy/26301-discussions-begin-on-need-for-disaster-risk-insurance-in-phl

Discussions began on Tuesday on whether the Philippines would benefit from mandatory disaster-risk insurance for all local government units (LGUs) as an effective tool to improve the country’s resilience against disasters.

Participants exchanged views at a high-level forum on strengthening disaster-risk insurance in the Philippines held at the Senate multipurpose hall and organized by Sen. Loren Legarda and the United Nations Office for Disaster Risk Reduction (UNISDR), which, organizers said, would be the first of an ongoing debate on the proposal.

Global reinsurance broker Willis RE and Munich RE insurance group proposed the “Philippines Risk Insurance Scheme for Municipalities [Prism]” or a catastrophe-risk insurance platform for the Philippines.

“It is a multiperil scheme that is ready to be implemented by June 1, 2014, consistent with current, proposed and potential catastrophe-insurance requirements and developments. Prism is based on tried and tested principles and provides a flexible robust foundation for future initiatives,” Prism proponents said in their presentation.

A similar scheme is already in place in Mexico, Turkey and some Caribbean states.

Under the proposal, Prism will take the form of a special purpose vehicle, with the managing board chaired by the Government Service Insurance System (GSIS) with representatives from government and the local insurance industry.

Senators who attended the forum—Legarda and Senate President Franklin Drilon—both said the proposal is worth considering but should be subject to careful study.

Drilon said in his speech at the forum that while insurance, as a risk-management tool, “would protect individuals and communities from financial suffering in the aftermath of natural disasters…it is not a silver bullet for risk management and risk reduction.”

“We need to ask the question: In our investing environment, is it the best course of action in terms of cost effectiveness and affordability? Disaster-risk insurance is something that is new to many of us. Therefore, we must carefully examine this from the point of view of policy-makers,” he said.

Drilon said there are existing regulations that require the insurance coverage of all government buildings under the GSIS Act, while agricultural losses are supposed to be insured through the Philippine Crop Insurance Corp.

“The disaster-risk insurance could have a wider coverage, but I am not yet prepared to endorse that concept because of the financial burden involved and other issues which we must examine carefully before we go into it,” the Senate President said in an interview with reporters after the forum.

He said that while the scheme is under study, the government can move to strengthen disaster mitigation by  “enforcing the policies and the law on insuring all government buildings and insuring the agricultural sector against losses arising from natural disasters.”

Legarda said the proposal is worth exploring and worth studying to see whether we are ready for it and we will actually benefit from it.”

In her speech at the forum, Legarda, chairman of the Senate Committees on Environment and Climate Change, said there is a link between disasters and poverty.

“Despite our impressive economic growth, our poverty incidence hardly changed. Poverty and inequalities worsen as natural hazards and climate change constantly affect the poor and keep them trapped in a vicious cycle of risk and poverty,” she said.

via http://www.businessmirror.com.ph/index.php/en/news/economy/26301-discussions-begin-on-need-for-disaster-risk-insurance-in-phl

 
Disaster risk insurance forum held: Senators call for more crop, infra insurance
January 27, 2014 – 12:32 am
Disaster risk insurance forum held: Senators call for more crop, infra insurance

via http://business.inquirer.net/161055/disaster-risk-insurance-forum-held
MANILA, Philippines—Senators on Tuesday called on the government to strengthen the implementation of disaster risk insurance systems, particularly coverage for the livelihood of poor Filipinos who live in known hazard areas.
Senate President Franklin Drilon …

Negros Occidental Gives P5M for Free Crop Insurance Coverage of Farmers
November 14, 2013 – 11:04 am
Negros Occidental Gives P5M for Free Crop Insurance Coverage of Farmers

Negros Occidental Governor Alfredo G. Marañon, Jr. handed over to PCIC President Jovy C. Bernabe a check amounting to P5 Million to fund the Expanded Negros First Universal Crop Insurance Program (NFUCIP) on November 14, …

PCIC’s Work Highlighted in International Forum
October 10, 2013 – 8:56 am
PCIC’s Work Highlighted in International Forum

The Philippine Crop Insurance Corporation’s (PCIC) contributions to making the small Filipino farmers and fishers more resilient were highlighted recently by its president, Atty. Jovy C. Bernabe, in a presentation at the Asia Low Emission …

PCIC Pitches Investing in Crop Insurance
October 8, 2013 – 2:31 am
PCIC Pitches Investing in Crop Insurance

The Philippine Crop Insurance Corp. (PCIC) has invited the private insurers to join its partnership for broadening participation in agricultural insurance in the country.
PCIC president, Atty. Jovy C. Bernabe, made the pitch in a talk …

PCIC head expect increase of farmers who will insure their crops this year
October 7, 2013 – 6:41 am
PCIC head expect increase of farmers who will insure their crops this year

via leytesamardaily.net
TACLOBAN CITY – The Philippine Crop Insurance Corporation (PCIC) is optimistic of attaining P25 billion value of agricultural insurance by the end of this year, given the new programs and partnership with the private …

Secretary Alcala Leads Indeminity Check Distribution
October 5, 2013 – 10:36 am
Secretary Alcala Leads Indeminity Check Distribution

Department of Agriculture Secretary Proceso J. Alcala and Philippine Crop Insurance Corporation President Atty. Jovy C. Bernabe distributed insurance indemnity checks during the Grand Harvest Festival of the Province last September 13, 2013 in Santiago …

Agreement forges by PCIC, Dulag Bank to help farmers insure their crops
October 2, 2013 – 6:33 am
Agreement forges by PCIC, Dulag Bank to help farmers insure their crops

via leytesamardaily.net
TACLOBAN CITY – After 30 years of partnership, the Philippine Crop Insurance Corporation (PCIC) formally inked a deal with Rural Bank of Dulag (Leyte), Inc.
PCIC president Jovy Bernabe said this is to recognize rural …

PCIC AND PCA Sign MOU for Insurance Coverage of Coconut Farmers
September 23, 2013 – 8:43 am
PCIC AND PCA Sign MOU for Insurance Coverage of Coconut Farmers

PCIC President Jovy C. Bernabe and PCA Administrator Euclides G. Forbes signed an MOU during the National Coconut Week Celebration on August 28, 2013 for the insurance coverage of the coconut farmers in the country.
The …