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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Main Author:	World Bank
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2021
Subjects:	CATASTROPHE INSURANCE DISASTER RISK MANAGEMENT RISK INSURANCE CATASTROPHE RISK RISK MITIGATION DISASTER RISK FINANCE
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

id	okr-10986-36013
recordtype	oai_dc
spelling	okr-10986-360132021-07-24T05:11:18Z The Philippines Parametric Catastrophe Risk Insurance Program Pilot : Lessons Learned World Bank CATASTROPHE INSURANCE DISASTER RISK MANAGEMENT RISK INSURANCE CATASTROPHE RISK RISK MITIGATION DISASTER RISK FINANCE 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. 2021-07-23T13:43:31Z 2021-07-23T13:43:31Z 2020-12 Report http://documents.worldbank.org/curated/en/600081624863743116/The-Philippines-Parametric-Catastrophe-Risk-Insurance-Program-Pilot-Lessons-Learned http://hdl.handle.net/10986/36013 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Other Financial Sector Study East Asia and Pacific Philippines
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	CATASTROPHE INSURANCE DISASTER RISK MANAGEMENT RISK INSURANCE CATASTROPHE RISK RISK MITIGATION DISASTER RISK FINANCE
spellingShingle	CATASTROPHE INSURANCE DISASTER RISK MANAGEMENT RISK INSURANCE CATASTROPHE RISK RISK MITIGATION DISASTER RISK FINANCE World Bank The Philippines Parametric Catastrophe Risk Insurance Program Pilot : Lessons Learned
geographic_facet	East Asia and Pacific Philippines
description	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.
format	Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	The Philippines Parametric Catastrophe Risk Insurance Program Pilot : Lessons Learned
title_short	The Philippines Parametric Catastrophe Risk Insurance Program Pilot : Lessons Learned
title_full	The Philippines Parametric Catastrophe Risk Insurance Program Pilot : Lessons Learned
title_fullStr	The Philippines Parametric Catastrophe Risk Insurance Program Pilot : Lessons Learned
title_full_unstemmed	The Philippines Parametric Catastrophe Risk Insurance Program Pilot : Lessons Learned
title_sort	philippines parametric catastrophe risk insurance program pilot : lessons learned
publisher	World Bank, Washington, DC
publishDate	2021
url	http://documents.worldbank.org/curated/en/600081624863743116/The-Philippines-Parametric-Catastrophe-Risk-Insurance-Program-Pilot-Lessons-Learned http://hdl.handle.net/10986/36013
_version_	1764484246366322688

The Philippines Parametric Catastrophe Risk Insurance Program Pilot : Lessons Learned

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