Nature-based Coastal Insurance in the Philippines
From 2020-2023, we brought together a collective of leading insurance companies in the Philippines, in partnership with the Philippines Insurance and Reinsurance Association (PIRA) and the insurance regulator, to explore, support and catalyse the development of insurance products that price the protection value of coastal ecosystems, in particular mangroves, for the industry’s future growth. This mobilized the sector to initiate the development of three products that re-position the country’s coastal natural wealth as part of the industry’s tools to increase its resilience to coastal natural disasters.