insurance against disasters: lessons from typhoon haiyan · typhoon haiyan as seen from space 6 ....

VIDA T. CHIONG Deputy Insurance Commissioner

Philippines

INSURANCE AGAINST DISASTERS:

LESSONS FROM TYPHOON HAIYAN

Session 5:

A typhoon at its might 2

Ketsana (Ondoy) floodings 3

Fury of Haiyan 4

Bohol earthquake 5

Typhoon Haiyan as seen from space

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Insurance Policies for Nat Cat Perils

• Fire policy endorsed to cover the following perils or may be bought as stand alone policies: – Earthquake – Typhoon – Flood – Landslides – Other acts of nature (AON)

• All risk policy • Motor car policy with AON • Microinsurance:

– Bahay, Buhay, Kabuhayan (BBK)

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Bahay, Buhay, Kabuhayan (BBK)

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Destruction of typhoon Haiyan

High and strong waves caused by strong winds

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Haiyan aftermath, at least…

More than 6000 deaths and thousands more missing 11

Haiyan aftermath…

4 million homeless 12

Haiyan aftermath…

$2 billion insured losses 13

Haiyan aftermath…

Typhoon surge left this ship in the midst of what used to be a residential area 14

Agarang Proseso, Benepisyo ay Segurado Program

(Expeditious Claim Processing for Immediate Benefit Payments)

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Insurance industry response…

Claims Assistance Center 16

Insurance industry response…

Relief goods 17

Insurance industry response…

Donations/voluntary relief operations 18

Extended Grace Period for Premium Payments

for those residing in the affected areas

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Insurance Industry Concession:

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Credit Support Fund (CreSF) Insurance Program

THANK YOU

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