Four agencies to establish catastrophe model for the Philippines
PIRA chairman Emmanuell Que, UPD Chancellor Caesar Saloma, PHILVOLCS director Renato Solidum and IC commissioner Emmanuel Dooc (left to right) showing copies of MOU. At the back are officers and representatives of the four collaborating agencies.
(June 7) — The University of the Philippines Diliman (UPD) is collaborating with two government agencies and a private organization to establish a catastrophe (CAT) model for the Philippines, reportedly the first of its kind in the country.
A CAT model is a computer-assisted simulation showing the potential cost of damages to buildings due to disasters such as earthquakes. The model helps determine premiums for property insurance.
A memorandum of understanding (MOU) was entered into among UPD, the Insurance Commission (IC), the Philippine Institute of Volcanology and Seismology (PHIVOLCS), and the Philippine Insurers & Reinsurers Association (PIRA) on May 29 to establish a CAT model for the Philippines and a public-private insurance pool facility for the Philippines non-life insurance industry.
As stipulated in the MOU, the parties will conduct “research work and parallel studies on earthquake, fire, flood, severe wind and other hazards intended as inputs to the build-up of data for the government’s Risk Mitigation/Assessment and Risk Reduction Management Programs.”
At present, all buildings in UPD are insured under the Government Service Insurance System, a standard procedure for all government owned structures.
Chancellor Caesar A. Saloma represented UPD at the MOU signing, while Emmanuel F. Dooc, Dr. Renato Solidum and Emmanuel R. Que represented IC, PHILVOCS and PIRA, respectively.
Witnessing the event were Dr. Benito M. Pacheco, UPD Vice Chancellor for Research and Development; Dr. Aura Matias, dean of UPD CoE; and officials from IC and PIRA. — ACG