At Nat Re, providing reinsurance capacity isn’t our only business. We believe that what we do ultimately entails giving greater protection to the insuring public and helping them recover financially after natural disasters and other crises. We also believe in caring for the environment by promoting a culture of awareness on environmental sustainability within the organization itself.
This is why we value forging meaningful relationships with private and public sector partners in the sphere of disaster risk financing and insurance. By leveraging our combined resources and know-how, we can create effective and affordable solutions for a more disaster-resilient public.
The Oasis Platform for Climate and Catastrophe Risk Assessment in Asia Project (The Oasis Project)
We are part of The Oasis Project, which aims to co-develop new and open catastrophe risk models for floods in the Philippines and cyclones in Bangladesh; and to link in-country scientific expertise and data with international expertise in catastrophe risk modelling to build capabilities of the local insurance industry, government, and the academe for catastrophe and climate risk modelling and analysis.
This will develop the Philippines’ ability to maintain and develop new risk models using open-source technology and to take ownership of their risk understanding in the long term.
Project implementing partners for the Philippines are Oasis Loss Modelling Framework (Oasis LMF), Nat Re, the University of the Philippines (UP) Geodetic Engineering Department, the Philippine Atmospheric Geophysical and Astronomical Services Administration (PAGASA), the Potsdam Institute for Climate Impact Research (PIK), KatRisk, Willis Towers Watson, and Tysers.
Fostering Education & Environment for Development, Inc. (FEED)
We support Fostering Education & Environment for Development, Inc. (FEED) as part of our sustainability efforts.
FEED, a non-stock, non-profit, non-governmental organization registered with the Philippine Securities & Exchange Commission, supports sustainable education & tree-planting/nurturing, aiming to inclusively grow, preserve, and protect Philippine biodiversity – marine and terrestrial – through integrated social forestry programs, community development & livelihood initiatives, and scientific and practical research into agricultural, environmental, farming, forestry, fisheries and sustainability studies.
PIRA (Philippine Insurers and Reinsurers’ Association)
We champion the development of the Philippine insurance industry, which is why we are an active member of the Philippine Insurers and Reinsurers’ Association (PIRA).
PIRA provides insurers an avenue for enriching dialogue with each other, with regulators, and with other groups, and helps insurers harness opportunities that will better serve their customers.
Nat Re CEO Allan R. Santos is the Chairman of the Board of Trustees of PIRA.
ASEAN Reinsurance Working Committee (ARWC)
We contribute to the region’s discourse on reinsurance as part of the ASEAN Reinsurance Working Committee (ARWC). Created by the ASEAN Insurance Council, ARWC serves as an avenue for the sharing of best practices among national reinsurers in the region so they may craft tailor-fit strategies to address industry issues in their countries.
ARWC aids regulators in making more guided decisions and harmonizing regulations within ASEAN. It also promotes a healthy and cooperative environment within the (re)insurance industry and creates opportunities for collaboration such as regional pooling.
EAIC (East Asian Insurance Congress)
We want to have more effective collaborations with (re)insurers from neighboring developing countries, which is why we joined the East Asian Insurance Congress (EAIC), a longstanding global non-life insurance industry association.
The EAIC is a prominent avenue, particularly through its flagship biennial conferences, for encouraging dialogue among the insurance industries of its twelve member cities.
Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia)
The Climate Risk Insurance National Task Force was created under the RFPI Asia III project of the German development aid agency GIZ. Through this project, GIZ aims to engage the Philippine government to support the insurance industry in developing sustainable climate risk insurance solutions for low-income groups, the most-at-risk, and micro, small, and medium enterprises.
Nat Re CEO Allan R. Santos is a member of this Task Force composed of members of the public and private sectors and has been elected as Chairman of the Task Force’s Committee for two years starting July 2019.
Nat Re also serves as a member of the Task Force’s Technical Working Group.
Read more about RFPI Asia III here.
Various industry technical working groups (TWGs)
We are a member of various industry technical working groups (TWGs), including the TWG of the public-private crop insurance pilot project of the Philippine Crop Insurance Corporation. By joining this TWG, Nat Re is helping design a program that will encourage private insurers to develop and distribute crop insurance.
Nat Re also received the support of the Insurance Commission and PIRA on its proposal to implement a Philippine Catastrophe Insurance Facility, an initiative that will increase the country’s financial resilience against natural disasters. The facility will also help boost insurers’ capacity to take in more catastrophe risks and encourage insurers to more actively promote catastrophe insurance.
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