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CLIS discusses microinsurance at APEC Summit

Bacolod City – Cebuana Lhuillier Insurance Solutions (CLIS) General Manager Jonathan Batangan was invited by the Department of Finance to be a resource speaker and panelist at the Asia-Pacific Economic Cooperation (APEC) Conference on Disaster Risk Finance in Bacolod City on April 29-30.

During the forum, CLIS underscored the role of microinsurance as an effective climate change and disaster risk management tool especially for the low-income and marginalized sectors. This was proven during Super typhoon Yolanda where the microinsurance industry settled approximately Php500 million in claims, benefitting over 100,000 households.

With the Philippine government hosting this year’s summit, the delegates from APEC’s 21-member economies tackled various proposals to be included in the Cebu Action Plan (CAP), a finance-related development roadmap for APEC. This particular roadmap will be approved by the Heads of Member-States when they come to the Philippines in September.

The Bacolod leg of the APEC forum was attended by almost 100 finance experts from the Philippines, United States, Australia, Canada, Mexico, Russia, New Zealand, Papua New Guinea, Peru, Chile, China, Hong Kong, Taiwan, Japan, Malaysia, Brunei, Indonesia, Singapore, Korea, Thailand and Vietnam.