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The Insurance Commission urged insurance companies to develop products that will afford protection against losses and damages as a result of acts of terrorism.
“Considering that the Philippines is viewed as ‘high risk’ country in terms of likelihood of terrorism attack, we encourage insurance companies to develop life and non-life insurance products which specifically cover losses and damages resulting from acts of terrorism,” Dennis Funa, insurance commissioner, said.
“Available financial products to address the economic damage that may result after such attack, if and when it occurs, should supplement the strong condemnation and fight against terrorist attack,” he added.
Funa said since the 9/11 attack, the terrorism insurance industry has grown exponentially.
In the Philippine setting, however, it was only recently that a product has been approved to covers losses as a direct result of a terrorist act.
Currently, the only company offering terrorism insurance cover is FWD Life Insurance Company.
“While existing insurance products specifically exclude death and disability claims arising from terrorist attacks, FWD developed a product which specifically covers this risk,” Funa said.
As the first insurance product of its kind in the country, it provides financial protection in the event of death or serious disability.
“Terrorism is one of the major social issues in our country. Considering that terrorism is an indiscriminate attack, any person is exposed to the risk of incurring loss to life, limbs and property,” Funa said.
“This leaves a significant gap between the likelihood of terrorist attack and the risk we are exposed to upon the happening of such attack,” he added.