Philippines: Government works with Lloyd's and World Bank on insurance protection
Source: Asia Insurance Review | Nov 2018
Philippine government officials are talking with representatives of Lloyd’s of London and the World Bank to discuss possible insurance structures for government assets.
A catastrophic risk modelling developed for the Philippines shows that the country is expected to suffer, on average, PHP177bn ($3.3bn) annual losses arising from damage to public and private-sector assets from typhoons and earthquakes.
A Department of Finance statement said that finance secretary Carlos Dominguez met officials from Lloyd’s and the World Bank during a visit to London, to learn about global best practices and ways of strengthening the Philippines’s fiscal resiliencein the event of disasters and climate change-related incidents, especially now that the government is rolling out a massive infrastructure programme.
“We expect to spend somewhere between $150bn and $170bn in improving our physical infrastructure. Leaving it and building it without thinking about risk management is irresponsible,” Mr Dominguez said.
He said the government’s growing list of assets includes underground rails, long-span bridges, light rail and railways, airports and seaports. A