The enabling environment for disaster risk financing in the Philippines: Country diagnostic assessment

The report looks at the impact of the pandemic and recommends steps including strengthening the country's health surveillance systems and data. It explains why technology can help reduce agricultural risk and make the sector insurable. The report efficiently and effectively uses existing financing instruments and introduces additional instruments to enhance the country's financial resilience to disasters, epidemics, and pandemics. The assessment covers risk retention and risk transfer instruments in insurance, reinsurance, and capital market.

The report recommends the climate-vulnerable archipelago consider developing a catastrophic risk insurance facility and encourage the private sector to use insurance as part of a multi-pronged approach to spread risk and cut disaster losses. Further recommendations are included with the aim to enhance the enabling environment for public sector disaster risk finance instruments, insurance, reinsurance, and capital markets solutions.