Philippines, World Bank launch $206M disaster risk insurance program
Wednesday, August 23, 2017
The World Bank has entered into a reinsurance agreement with the state-run pension fund Government Service Insurance System (GSIS) to provide $206 million or about P10.6 billion in coverage for government assets and local government units from natural disasters.
In a statement, the World Bank said the new catastrophe risk insurance program launched by the Philippine government will cover national government assets affected by earthquakes and typhoons as well as losses from major typhoons of 25 provinces.
Photo courtesy of United Nations Development Programme.