“At the same time the microinsurance service is very affordable to cooperative bank borrowers," Mahl said.
Coop Life Insurance and Mutual Benefit Services (CLIMBS), cooperative of 1,501 Philippine insurers, has partnered with German reinsurers to solidify its reinsurance mechanism and survive post-disaster microinsurance claims.
Germany-headquartered reinsurers Munich Reinsurance Co. and Deutsche Gessellschaft für Technische Zusammenarbeit or GTZ have agreed to take on CLIMBS’ reinsurance needs in line with the global effort to promote microinsurance.
On the sidelines of the 10th National Cooperative Summit at the Araneta Coliseum, CLIMBS president and CEO Fermin Gonzales said Sunday the partnership will guarantee quick payouts on insurance claims especially now that weather-related calamites pose great financial risks to microinsurance cooperatives.
According to the Philippine Atmospheric Geophysical and Astronomical Services Administration, five to eight typhoons would be entering the country’s area of responsibility between October and December this year.
CLIMBS was bolstered to take risks because its exposure is reinsured with German reinsurers, Gonzales pointed out.
“Unlike other commercial insurance companies, we cater to the needs of poor household communities and we are able to penetrate deep within the grass roots through the cooperatives," he said.
Thomas Mahl, business development officer of Munich Re, also said the arrangement will help cooperatives spread risks, secure liquidity position, and ensure continued micro-lending capability even in critical times.
“At the same time the microinsurance service is very affordable to cooperative bank borrowers," Mahl said.
Munich Re, he said, has extensive experience in catastrophe insurance which helped them develop a cost effective product even for high-risk areas like the Philippines.
Germany-headquartered reinsurers Munich Reinsurance Co. and Deutsche Gessellschaft für Technische Zusammenarbeit or GTZ have agreed to take on CLIMBS’ reinsurance needs in line with the global effort to promote microinsurance.
On the sidelines of the 10th National Cooperative Summit at the Araneta Coliseum, CLIMBS president and CEO Fermin Gonzales said Sunday the partnership will guarantee quick payouts on insurance claims especially now that weather-related calamites pose great financial risks to microinsurance cooperatives.
According to the Philippine Atmospheric Geophysical and Astronomical Services Administration, five to eight typhoons would be entering the country’s area of responsibility between October and December this year.
CLIMBS was bolstered to take risks because its exposure is reinsured with German reinsurers, Gonzales pointed out.
“Unlike other commercial insurance companies, we cater to the needs of poor household communities and we are able to penetrate deep within the grass roots through the cooperatives," he said.
Thomas Mahl, business development officer of Munich Re, also said the arrangement will help cooperatives spread risks, secure liquidity position, and ensure continued micro-lending capability even in critical times.
“At the same time the microinsurance service is very affordable to cooperative bank borrowers," Mahl said.
Munich Re, he said, has extensive experience in catastrophe insurance which helped them develop a cost effective product even for high-risk areas like the Philippines.
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