Climate risk management: financial risk, insurance
2018
Calimag, D.M.
Extreme weather events and other negative effects of climate change in the country have continuously been damaging the farms and properties, reducing food production and affecting the financial condition and livelihood of the Filipinos. In response, the Philippine Crop Insurance Corporation (PCIC), an attached agency of the Department of Agriculture , is developing new agricultural insurance products responsive to the needs of agri-fishery-forestry sectors to cope with the destructive effects of climate change. These products include: yield insurance for high value- crops (HVC) which aims to cover the average yield of a given crop, e.g., insurance indemnity for: reduction of yield (number of fruits/size reduction ) and weather index-based insurance (WIBI)(rainfall index insurance for rice and corn crops). These initiatives are in the development stage and there are many challenges to be met in the research and development (e.g., availability of AWS, remote sensing technologies) of these new products. The enhancement of public-private partnership, close coordination of government institutions and the private sector is crucial in its success.
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