One of the prime reasons for the low rate is the affordability of Insurance products and the reality that insurance spending is low on the priority list of the populace, with the basics such as food, shelter, clothing, and education taking precedence over insurance. The second main reason is that few people realize the importance and utility of insurance as a risk management tool and as something to rely on after an unfortunate or catastrophic incident has occurred.
– World Bank/The IC/DoF/PIRA – working on the increase in the facility for disaster risk finance for both the traditional market and the lesser-served segment of the populace through its Philippine Catastrophe Insurance Facilities 1 and 2.– World Bank/ADB/DA/and other related government agencies — working on possible ways for the private sector to be able to lend its capacity, and facilities to the Agri-insurance sphere.
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