QC Chosen to Pilot Disaster Insurance Pool


Quezon City was chosen to pilot the country’s City Disaster Insurance Pool, a program initiated by the Asian Development Bank and Department of Finance.

The city was chosen mainly because it has the most comprehensive disaster plan among LGUs in the country and 13 of its barangays are located along the West Valley Fault.
The city insurance pool will be used as financial support to fund emergency response after large-scale disasters such as earthquakes and typhoons. During disasters, when losses are inevitable, the insurance pool will ensure that the city’s assets are covered and protected financially.
Initially, this requires mapping of Quezon City’s vulnerabilities. To provide an assessment of the city’s assets and risks when a 7.0 magnitude earthquake occurs, the Quezon City Government signed a memorandum of agreement with Earthquake and Megacities Initiative. The result of the study will be used as basis for risk modeling and insurance assessment.
“The Philippines’ City Disaster Insurance Pool is the first of its kind in the country, and Quezon City is glad to be part of its pilot study. The solution it can provide in terms of comprehensive, cost-effective disaster risk insurance at the city level can enable access to rapid response financing for post-disaster recovery and reconstruction. The insurance pool will promote inter-city collaborations and partnerships, building on the resilience of each involved LGU,” Mayor Herbert M. Bautista said.
Department of Finance assistant secretary Paola Alvarez praised Quezon City for its participation in the Philippines’ City Disaster Insurance Pool, which must serve as an example to other cities to be financially resilient to catastrophes.
Mayor Bautista urged other local government units to be a part of the Philippines’ Disaster Insurance Pool to help their localities following disasters.

Read 1156 times Last modified on 27 Sep 2018

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