Kathmandu. The devastating earthquake in the Philippines on June 8 is expected to see a huge gap between insured property and economic damage. <\/p>\n
In the Philippines, in particular, home insurance has been drastically reduced. The insurance industry is likely to see a huge gap between insured assets and economic damage caused by a 7.8-magnitude offshore earthquake in the southern Philippines. <\/p>\n
The Association of Insurance Companies and Reinsurance Companies of the Philippines (PIRA) expressed its deepest sympathies to the families, communities and local governments of southern Mindanao affected by the earthquake in a communication on June 8. More than 35 people have died and more than 200 have been injured. <\/p>\n
The association has indicated damage to insured property in initial reports. However, the extent of the damage cannot be immediately estimated, the association said. “It’s too early to estimate the damage to insured property. “Insurance claims are coming in slowly and it will take several weeks to fully understand the extent of the damage,” the association said. \u2019<\/p>\n
According to Michael Ferre Relosa, executive director of the association, this tragic event will underscore that having proper insurance for major disasters is a necessity, not a luxury. “We are currently experiencing earthquakes and volcanic activity. “While a powerful La Ni\u00f1a is poised to make the upcoming hurricane season even worse,” he said, the insurance industry is prepared for such moments. – So that our people can withstand the shocks, rebuild and recover. \u2019<\/p>\n
In a statement, Victoria Ohrodnik, senior director of analytics at AM Best Singapore, said, “Insurers have less risk in the Mindanao region compared to many commercial hubs in the country, such as Manila. Considering this background and the low insurance coverage in the Philippines, many homes are uninsured. We would expect a large gap between insurance coverage and financial loss. \u2019<\/p>\n
“Insurers in the Philippines rely heavily on the global reinsurance market to transfer earthquake risks, and this phenomenon could force reinsurance companies to rethink their earthquake models and risk appetite,” he said. \u2019<\/p>\n
The epicentre of the quake struck 32 km southwest of the coast of Masim city in Sarangani province on Mindanao island at a depth of 33 km, according to the Philippine Institute of Volcanology and Seismology. The city has a population of 7 million. <\/p>\n
The Philippines is one of the most disaster-prone countries in the world. Which is often affected by earthquakes and volcanic eruptions. Because it is located in the Ring of Fire in the Pacific Ocean. It is a belt of seismic faults that surround the ocean. \u2013Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The devastating earthquake in the Philippines on June 8 is expected to see a huge gap between insured property and economic damage. In the Philippines, in particular, home insurance has been drastically reduced. The insurance industry is likely to see a huge gap between insured assets and economic damage caused by a 7.8-magnitude offshore […]<\/p>\n","protected":false},"author":16,"featured_media":302786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45044,45159],"tags":[],"class_list":["post-302814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/302814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=302814"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/302814\/revisions"}],"predecessor-version":[{"id":302815,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/302814\/revisions\/302815"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/302786"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=302814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=302814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=302814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}