The Philippines Parametric Catastrophe Risk Insurance Program Pilot : Lessons Learned
The Philippine Parametric Catastrophe Risk Insurance Program (the ‘parametric program’) represents a key milestone in this partnership. In July of 2017, the Philippines placed on the international financial markets a portfolio of catastrophe risk t...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/600081624863743116/The-Philippines-Parametric-Catastrophe-Risk-Insurance-Program-Pilot-Lessons-Learned http://hdl.handle.net/10986/36013 |
| Summary: | The Philippine Parametric Catastrophe
Risk Insurance Program (the ‘parametric program’) represents
a key milestone in this partnership. In July of 2017, the
Philippines placed on the international financial markets a
portfolio of catastrophe risk that transferred typhoon and
earthquake risk from the Philippines through the World Bank
to the international reinsurance market in local currency.
In 2018, the GOP purchased a second insurance policy,
doubling the amount of coverage. The two-year pilot has now
ended, although many of the lessons learned and technical
work undertaken have proved useful in the subsequent
preparation and placement of the GOP catastrophe (CAT) bond
in December 2019. As part of closing this activity, the
World Bank commissioned a lessons-learned evaluation to help
all par ties involved better understand the successes and
challenges of the program, and guide their continued efforts
to improve financial preparedness to disasters in the
Philippines. The evaluation is also mean t to build the
evidence base on parametric insurance and allow for
knowledge sharing with similar programs that are being
explored or implemented in other countries. This report
discusses the findings from the evaluation. |
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