Manila: Insurance Commissioner Reynaldo Regalado has called for stronger climate resilience and innovative risk financing. Regalado made the call during the 22nd Asia Nat CAT and Climate Change Conference held on Thursday, according to a news release from the commission on Friday. According to Philippines News Agency, Regalado highlighted the increasing frequency and severity of natural catastrophes and their growing impact on economies, communities, and the insurance sector. He cited the recent magnitude 7.8 earthquake that struck General Santos City and neighboring areas in Sarangani, South Cotabato, Soccsksargen, and Davao Oriental, displacing thousands of residents and damaging critical infrastructure. "These events remind us that the most catastrophic disasters are no longer rare, once-in-a-generation occurrences. As risks continue to evolve, so too must our efforts to strengthen financial resilience and ensure that people, businesses, and communities can withstand shocks and recover more quickly from their impacts," Regalado said. Regalado emphasized the need for insurers to adopt forward-looking approaches in underwriting, pricing, reserving, and capital management, noting that historical loss experience alone may no longer adequately reflect future climate-related risks. Despite the challenges posed by climate change, Regalado expressed optimism about the opportunities for innovation and collaboration within the industry. "What matters most is that we are prepared-because risks become far less intimidating when we are ready for them. I hope this forum will be a chance not just to exchange ideas and experiences, but also to identify practical solutions that will strengthen the resilience of our industry and the communities we serve," he said. Organized by the Asia Insurance Review, the conference brings together representatives from the insurance industry, regulatory authorities, and climate experts to discuss the growing impact of climate-related risks and natural catastrophes, as well as strategies to narrow the protection gap while ensuring the continued resilience of the insurance sector.
