This study aims to explore how Ecosystem-Based Adaptation (EbA) and Nature-Based Insurance Solutions (NbIS) can effectively mitigate the impacts of climate-related hazards in the Philippines and in the region. It delves into understanding the policy landscape, examining market practices through case studies, identifying challenges in the sector, and proposing steps to scale EbA and NbIS solutions in the country.
Through one-on-one interviews with 23 individuals, focus group discussions with key partners in the private and regulatory sectors, and a webinar that attracted over 65 participants, we gained valuable insights. However, the study findings reveal a low awareness among local partners in the Philippines, with only 30% of participants being aware of these solutions. Around 80% of participants emphasized the crucial role of government support in scaling these solutions. Despite the low awareness, there is a clear appetite among local and international insurance partners to pilot and potentially scale more Nature-Based Insurance Solutions in the Philippines. It is evident from available data that EbA solutions can significantly reduce financial losses while providing long-term environmental and social benefits. Natural assets like corals and mangroves, in addition to their environmental benefits, hold high economic value that should be considered and valued as assets like grey infrastructure by insurance companies.
