Turning experience into evidence

The Manila Times 26 Aug Philippines

THE magnitude 7.8 Sarangani earthquake of June 8 reminded the country of a figure we have all learned to quote: roughly 98 percent of catastrophe losses in the Philippines are uninsured. Average annual disaster losses run in the order of $3.5 billion. Nonlife insurance penetration remains below 1 percent of gross domestic product. Those numbers describe a structural condition rather than a verdict

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