Philippines unveils catastrophe insurance programme

A World Bank-backed $206mn catastrophe risk insurance programme has
been launched in the Philippines to help the country better respond
to losses from severe weather, earthquakes and other natural
disasters.
Reinsurers Nephila, Swiss Re, Munich Re via its NewRe
subsidiary, Axa and Hannover Re make up a panel chosen through
competitive bidding that will take on the risk via the World
Bank's International Bank for Reconstruction and
Development.
The Philippines' Government Service Insurance System