Philippines
Philippines
Earthquake, Tsunami, Cyclone,
Flood
125 life insurance companies, 49 non-life insurance companies, 5 composite insurance companies, 1 reinsurer and 5 servicing insurance companies
124% (2022)
15.6% (2017)
110%
1Source: The Microinsurance Network, Landscape of Microinsurance 2023, Based on target population estimate for the Philippines of 95,151,097 people
https://microinsurancenetwork.org/resources/the-landscape-of-microinsurance-2023
#22 out of 239 countries and territories (2023)
163% of total employment (2020)
1Overview
The Philippines has the highest natural disaster risk of all the countries in the world. Its thousands of islands give it one of the world’s longest coastlines, and the country’s important marine and agricultural sectors are threatened by flooding, tsunamis and tropical cyclones, as well as earthquakes and volcanic eruptions caused by its location in the Pacific Ring of Fire. Insurance and risk finance can help create urgently needed resilience solutions.
Working with government and international partners, UNDP’s Insurance and Risk Finance Facility is helping to build coastal resilience in the Philippines through the development of innovative insurance products.
Our projects
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Replicating the microinsurance MBA model to expand outreach
UNDP’s Insurance and Risk Finance Facility has launched the Insurance Innovation Challenge Fund (IICF) in cooperation with the International Cooperative and Mutual Insurance Federation (ICMIF) Foundation to support mutual insurance organizations in creating and distributing innovative and affordable insurance products for the most vulnerable. In the Philippines, UNDP’s Insurance Innovation Challenge is supporting an innovative project to provide business training to the Microsinsurance Mutual Benefit Association (MBA) to develop microinsurance policies and support information systems development.
