SEADRIF meets with the Philippines, in talks of boosting DRFI strategy

Challenges remain such as scarcity of specialist skills and market engagement.

In July, the SEADRIF Insurance Company conducted conversations with select Philippine government agencies, such as the Department of Finance (DOF) of the Philippines and key agencies involved in Disaster Risk Finance and Insurance (DRFI). 

The visit aimed to assess how SEADRIF can support the Philippines' national DRFI strategy, evaluate the demand from various agencies, and establish a joint work plan.

During the visit, SEADRIF also held talks with senior officials at the Asian Development Bank (ADB) to explore collaboration opportunities aimed at enhancing climate resilience in ASEAN.

The Philippines has been prominent in disaster and climate risk financial resilience, with notable achievements including Asia’s first subnational parametric insurance programme and sovereign catastrophe bond. In 2015, the Department of Finance adopted Asia’s first national disaster risk finance strategy.

“Work remains to be done to scale up the use of insurance as a key component of the government’s risk finance strategies. Hurdles include scarcity of specialist skills in technically complicated areas such as risk modelling, actuarial analysis, product structuring, and market engagement, along with the complexity of efficiently engaging international insurance markets to ensure value for money,” SEADRIF said in a media statement.