News Non-Life09 Feb 2018

Philippines:Quezon City chosen to pilot disaster insurance pool

09 Feb 2018

The Asian Development Bank (ADB) and the Department of Finance (DOF) have chosen Quezon City to pilot the Philippines' City Disaster Insurance Pool for having the most comprehensive disaster plan in the country.

The insurance pool caters to cities that are susceptible to large-scale disasters such as earthquakes and typhoons. It aims to address financial gaps in emergency response funding immediately following a disaster, reported the Manila Bulletin.

Mayor Herbert Bautista said joining the insurance pool will ensure a more resilient Quezon City, which is the most populous city in the Philippines. An initial step in the pilot programme is a mapping of Quezon City’s vulnerabilities.

A memorandum of agreement, between the Quezon City and Earthquake and Megacities Initiative, an organisation of disaster risk reduction management scholars and scientists, was signed to provide an assessment of the city’s assets and risks when a 7.0 magnitude earthquake happens.

The output of the study will be consolidated and will be used as the basis for risk modelling and insurance assessment.

“The Philippines’ City Disaster Insurance Pool is the first of its kind in the country, and Quezon City is glad to be part of its pilot study. The solution it can provide in terms of comprehensive, cost-effective disaster risk insurance at the city level can enable access to rapid response financing for post-disaster recovery and reconstruction. The insurance pool will promote inter-city collaborations and partnerships,” Mr Bautista said.

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