Insurers tackle catastrophes

MANILA, Philippines - Earthquakes, typhoons, and floods – the three major natural risks Filipinos face every day – will be the central focus of the Philippine Insurers and Reinsurers Association (PIRA) Stakeholders Convention at The Peninsula Hotel on Oct. 21.

And these are the same risks that insurance companies are studying and preparing for, as well as eventually designing products and its required infrastructure to protect life and limb.

Among the confirmed speakers for the event are Dr. Benito Pacheco, president of the Philippine Institute of Civil Engineers and a professor in the University of the Philippines College of Engineering. He will discuss the state of Philippine buildings amid the threat of a cataclysmic earthquake and tsunami to the country.

Dr. Renato Solidum, director of the Philippine Institute of Volcanology and Seismology (Phivolcs), will be discussing the agency’s latest hazard map which can help insurance companies evaluate the risks being faced by their clients.

National Credit Council deputy executive director Joselito Almario, on the other hand, will be presenting the latest developments on microinsurance or insurance for the poor.

Other speakers are: Brian L. D’Souza, chairman of the Technical Sub-Committee on Fire and Engineering Fire Insurance Issues, will present a Philippine Catastrophic Model; Reynaldo B. Fong, chairman of the Technical Sub-Committee on Motor Car, will talk about motor car insurance issues, with special focus on regulated free-market tariff rates; Werhner Parel, chairman, Technical Sub-Committee on Casualty Business, will focus on casualty issues and the selective accreditation schemes of some local government units; Carlos H. Yturzaeta, president, Marine Underwriters Association of the Philippines, will talk about Marina’s Circular 2009-22 and P&I Cover; lawyer Roselyn Raginio, member, Technical Sub-Committee on Bonds, will speak on the important issues that concern surety.

Close to 400 participants are expected to attend the conference.

After the conference, there will be a PIRA Awards, the non-life insurance industry’s way of honoring individuals, companies and groups that have helped in the development of insurance in the country.

With the theme “Celebrating Malasakit,” the awards night focuses the spotlight on those companies and individuals who have selflessly given of their time, treasure and talent for others.

The first two categories are Best in Corporate Governance and Best Corporate Social Responsibility (CSR) program. The third category – Best in Insurance Education – is open to insurance companies as well as public or private colleges and universities that teach risk management or insurance.

The fourth category – Best in Insurance Journalism – is open to members of the media who report about insurance in newspapers, magazines, radio, television or the Internet.