BSP, IC push parametric insurance for climate-exposed sectors

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) and the Insurance Commission (IC) are pushing parametric insurance products to widen financing access for climate-exposed sectors In a statement on Thursday, the BSP said a recent webinar discussed how bundled parametric insurance could sustain lending to climate-vulnerable sectors and strengthen risk management. Climate-vulnerable sectors include agriculture, fisheries, and micro, small and medium enterprises (MSMEs), among others. READ: Insurance Commission, crop insurer bolster services Parametric insurance gives automatic payouts when preset weather triggers are met, unlike traditional insurance that requires damage assessment. “If climate-exposed sectors become more resilient, they become more bankable, which […]... Keep on reading: BSP, IC push parametric insurance for climate-exposed sectors

Original source: Philippine Daily Inquirer