News Non-Life31 May 2018

Philippines:Lawmakers propose insurance law revision to include terrorism cover

31 May 2018

The leadership of the House of Representatives is proposing to amend the country's Insurance Code to cover loss due to terrorist and rebellion attacks.

Speaker Pantaleon Alvarez and House Majority Floor Leader Rodolfo FariƱas said that uncertainty and risk negatively affect investments which create jobs for the people and improve their standards of living especially in Mindanao where four out of five poorest regions in the Philippines are located, according to a report in the Manila Bulletin.

The House leaders filed a Bill seeking to include acts of rebellion and terrorism as among events which shall be covered by marine and fire insurance.

“The siege of Marawi City on 23 May 2017, for example, besides causing damage to infrastructure and agriculture estimated to cost PHP11.6 billion ($221 million), came at a price of loss of opportunity estimated at PHP6.6 billion, ” Mr Alvarez said.

He also pointed out that in 2017 alone, the Armed Forces of the Philippines (AFP) recorded 56 cases of arson committed by the New People’s Army in Mindanao, destroying property worth at least P224.6 million.

“Unsurprisingly, investments in Mindanao in the first half of 2017 dropped by 63% to PHP6.87 billion from PHP18.42 billion the same period the previous year, ” the House chief said.




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