At the recent Climate and Disaster Risk Insurance Forum organized by the Asian Development Bank (ADB), Pioneer Insurance President and CEO Lorenzo Chan, Jr. reiterated the company’s initiatives to support the agriculture sector amid the growing impact of climate change. Speaking as a panelist for the “Managing Weather Risks for Crops and Agricultural Value Chains” session, Mr.
Chan emphasized why it is important to provide insurance support to the agricultural sector. “Almost 24%, or roughly over 25 million of the Philippine population are engaged in agriculture, and exposure to natural calamities is a constant threat that continues to cause devastating damage to their livelihood.” In 2022, with support from the ADB, CARD Pioneer Microinsurance, Inc.
(CPMI) partnered with the state-run Philippine Crop Insurance Corp. (PCIC) to pilot a risk-sharing insurance scheme for farmers, boosting their financial resilience against risks that threaten their source of income. CPMI is a joint venture between Pioneer Insurance, a significant player in the insurance industry, and CARD Mutually Reinforcing Institutions (CARD MRI), the country’s largest microfinance institution formed to specifically address the calamity, agriculture, and income-loss insurance needs of the marginalized market.
Mr. Chan, a staunch advocate for inclusivity, also emphasized the importance of quick claims settlement for this sector. “You need to pay claims right away because this market does not have.
