Innovative Insurance Program to Boost Natural Disaster Risk Management

WASHINGTON DC, August 15, 2017—A new catastrophe risk insurance program to helpvn-communitybased-disasterrisk-780x439 the Philippines better respond to losses from climate and disaster risks was launched by the Government of the Philippines, supported by the World Bank (IBRD, International Bank for Reconstruction and Development) and the U.K. Department for International Development.

The program provides the Philippine peso equivalent of US$206 million in coverage against losses from major typhoons and earthquakes to national government assets, and to 25 participating provinces against losses from major typhoons. Insurance payouts are made when pre-defined parametric triggers are met.

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