The Philippines has long been exposed to climate hazards, from typhoons to floods and earthquakes, due to its geographical location. While the insurance market is stronger than a decade ago, extreme events still test claims operations and the resilience of weaker carriers. To address this, Southeast Asia is developing innovative risk-financing solutions that the Philippines can adopt or scale, says the Philippine Insurers and Reinsurers Association (PIRA) Executive Director, Michael Rellosa.