News

Insurance

Staff Reporter

, Philippines

Published:

4 months ago

/Denniz Futalan from Pexels

Philippines introduces insurance programme for crucial gov’t assets

The programme will cover 132,862 school buildings nationwide, valued at over P800b.

The Philippines’ Bureau of the Treasury (BTr) has officially launched the National Indemnity Insurance Programme (NIIP) to provide comprehensive insurance coverage for crucial government assets, enhancing the country's financial resilience against disasters.

The 2024 pilot programme covers 132,862 Department of Education (DepEd) school buildings nationwide, valued at over P800b. The BTr funded the pilot program's premium using excess payout from the Catastrophe Bond, with the insurance policy effective from 1 January.

ALSO READ: The Philippines’ pre-need industry swells 8.2% YoY in Q3

Administered by the Government Service Insurance System (GSIS), the NIIP aims to protect government finances from unexpected losses due to disasters like typhoons and earthquakes, ensuring post-disaster funding for reconstruction.

Unlike traditional single-asset insurance, the NIIP adopts a portfolio approach to diversify risk and maximise the premium budget.

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