Social protection within the reach of Filipinos in grassroots communities
Every year, the Philippines experiences about 20 tropical storms and 5 of them are very destructive. Many Filipinos are affected, including the livelihoods of farmers and agripreneurs who are totally vulnerable and at risk in the event of natural calamities. This kind of situation should prompt the insurance industry to act. Thus, the Insurance Commission of the Philippines has authorized non-life insurance companies to provide agricultural insurance, independently or in conjunction with any national or international public and private insurer. (Insurance Philippines, 2021, p24). The need for an effective insurance program for the agricultural sector has become essential.
CLIMBS Life and General Insurance Cooperative (CLIMBS) recognizes the need for cooperatives to respond to the call to contribute resources and efforts to combat climate change, seemingly one of the most serious challenges of our time. , but that is not outside the realm of the possible. CLIMBS has introduced enhanced Weather Protect insurance, to help people affected by natural disasters cope and to help co-ops manage any losses caused by such events. This Agri insurance is in partnership with cooperatives and like-minded organizations; from the international sector: International Cooperative and Mutual Insurance Federation (ICMIF), IBISA Network, Alliance of Bioversity International and CIAT (International Center for Tropical Agriculture), and Global Parametrics. From the national sector, there are the 5 pioneer cooperatives that have remained steadfast since day one: Oro Integrated Cooperative (OIC), Mindanao Consolidated Cooperative Bank (MCCB), Paglaum Multi-Purpose Cooperative (PMPC), Metro Ormoc Community Multi-Purpose Cooperative (OCCCI) and the Philippine Federation of Agriculture, Fisheries and Forestry Cooperative Family Farmers (AgriCOOPh). This enhanced Weather Protect insurance is an innovative solution using blockchain technology with unique smart farming functionality to help build resilience and sustainability for our farmers and agripreneurs. This product is in line with the Philippines Development Plan (PDP) supported by Insurance Commission (IC) Circular 2015-53 to promote an agricultural micro-insurance product, increase the sector’s resilience to climate change risk and introduce innovative risk transfer mechanisms such as index-based or parametric insurance systems.
Last year on December 16, 2021, Typhoon Odette devastated many parts of Visayas and Mindanao, including the livelihoods of our farmers and agripreneurs, CLIMBS Life and General Insurance Cooperative, staying true to its promise to “helping cooperatives and agripreneurs build resilient and sustainable communities”. and Climate Action through Digital Solutions,” offered assistance through its enhanced Weather Protect insurance product and paid nearly 3 million pesos to its member cooperatives and member farmers, in particular to Mindanao Consolidated Cooperative Bank and Samahang Nayon Multi-Purpose Cooperative.
In year 1 (2021): CLIMBS insured 3,600 farmers from the five (5) pilot cooperatives in 15 different provinces. For Year 2, CLIMBS aims to insure 36,000 farmers from 42 provinces; For year 3: insure 72,000 farmers in 62 provinces; and for year 4: insure 144,000 farmers nationwide. This is part of the CLIMBS commitment: “Securing 20 million lives by 2024 and embodying cooperative values and principles”.
This initiative is that of CLIMBS, with its global partners and innovative cooperatives, collective contribution to #Coops2030 to meet the United Nations Sustainable Development Goals (SDGs) nos. 1: No poverty, 2: Zero hunger, 9: Industry, innovation and infrastructure, 12: Responsible consumption and production, 13: Climate action and 17: Partnership for the goals.
For more information, please visit our website at www.climbs.coop or follow our accounts on social networks: Facebook and LinkedIn on CLIMBSOfficial. You can also email us at [email protected] or contact us at (+63) 917 701 0062.
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