The Philippines counts cost of low insurance take-up - OBG

The Philippines counts cost of low insurance take-up

While the final cost of Typhoon Yolanda is still being calculated in the Philippines, the impact that the country’s low insurance take-up could have on the national economy is fast becoming apparent.
Initial estimates suggested that Typhoon Yolanda, or Haiyan as it was known outside of the Philippines, wreaked around $15bn of damage, equivalent to around 5% of the national economic output, when it tore through a large swathe of the country’s central regions on November 8.
Yet, despite enduring a spate of natural disasters in recent years, including a 7.2 magnitude earthquake which struck Bohol, Cebu, in mid-October, the Philippines has one of the lowest non-life insurance penetration rates in the region, ... Read more.

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