The Southeast Asia Disaster Risk Insurance Facility (SEADRIF), Gallagher Re, and the Department of Finance of the Republic of the Philippines have jointly signed a €2.046 million agreement with the InsuResilience Solutions Fund (ISF) to support a sovereign disaster risk financing programme for the Philippines.
The grant will see the collaboration between SEADRIF and the Government of the Philippines, through the Bureau of the Treasury, strengthening the country’s financial resilience through an integrated approach.
The approach combines innovative sovereign risk transfer, stronger public risk information and analytics, and enhanced institutional capacity.
Through these investments, including the development of a sovereign insurance solution, the government aims to provide rapid, predictable financing following disasters to strengthen long-term fiscal resilience.
Beyond risk transfer, the programme will strengthen the National Asset Registry System (NARS) by improving public asset data, enhancing risk analytics, and expanding the platform’s capabilities to better support financial decision-making.
For readers who are unaware, the Philippines is one of the world’s most disaster-prone countries, experiencing an average of 20 tropical cyclones, while daily seismic activity results in between 5 and 20 recorded earthquakes.
The members said that this partnership combines national ownership, regional implementation capacity, and international market expertise to deliver a solution tailored to the Philippines’ evolving risk landscape.
Dr. Annette Detken, Head of the InsuResilience Solutions Fund, commented, “The Philippines continues to demonstrate strong leadership in disaster risk finance, and this partnership represents an important next step in strengthening the country’s financial resilience. By complementing existing indemnity insurance with an innovative index-based solution, we can help ensure that critical public services, such as education and healthcare, continue reaching communities when they are needed most. At ISF, we are proud to support solutions that equip governments with the financial tools to respond more quickly and effectively to climate and disaster risks.”
Benedikt Signer, Chief Executive Officer, SEADRIF Insurance Company, added, “Sovereign disaster risk financing only works when financing, data and institutions evolve together. ISF’s support fosters investment in all three, creating stronger foundations for financial resilience in the Philippines while generating knowledge and capabilities that can benefit countries across Southeast Asia. Our ambition is to help shape a future where every ASEAN member country has access to the knowledge, partnerships and financial solutions needed to manage disaster risk with confidence.”
Sharon P. Almanza, Treasurer of the Philippines, said, “This grant agreement marks an important milestone in the Philippines’ efforts to strengthen disaster risk financing. It reflects the strong partnership between government, development and private sector partners to jointly develop innovative disaster risk financing solutions tailored to the Philippines’ evolving risk profile. This will complement existing DRFI initiatives, helping the government access rapid liquidity to respond more effectively and safeguard essential public services.”
