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Every year the Philippines experiences about 20 tropical storms and 5 of which are very destructive. Many Filipinos are affected including the livelihoods of farmers and agripreneurs who are totally vulnerable and at risk when it comes to natural calamities. This kind of situation should prompt the insurance industry to take action. Thus, the Philippine Insurance Commission has allowed non-life insurance companies to provide agricultural insurance, independently or in collaboration with any national or international public and private insurers (Insurance Philippines, 2021, p24). The need for an effective insurance program for the agricultural sector has become essential.
CLIMBS Life and General Insurance Cooperative (CLIMBS) is aware that there is a need for cooperatives to heed the call of contributing resources and effort to combat climate change, apparently one of the most severe challenges of our time, but one which is not outside the realm of possibility. CLIMBS has introduced the enhanced Weather Protect Insurance, to help those affected by natural disasters cope and to assist cooperatives manage possible losses brought on by such events. This Agri Insurance is in partnership with like-minded cooperatives and organizations; from the international sector: The International Cooperative and Mutual Insurance Federation (ICMIF), IBISA Network, Alliance of Bioversity International and CIAT (International Center for Tropical Agriculture), and Global Parametrics. From the domestic sector are the 5 pioneering cooperatives who have remained steadfast since day one: Oro Integrated Cooperative (OIC), Mindanao Consolidated Cooperative Bank (MCCB), Paglaum Multi-Purpose Cooperative (PMPC), Metro Ormoc Community Multi-Purpose Cooperative (OCCCI), and The Philippine Family Farmers Agriculture-Fishery-Forestry Cooperatives Federation (AgriCOOPh). This enhanced Weather Protect Insurance is an innovative solution using blockchain technology with a unique feature on smart agriculture to help build resilience and sustainability among our farmers and agripreneurs. This product is in compliance with the Philippine Development Plan (PDP) supported by Insurance Commission (IC) circular 2015-53 to promote an agriculture microinsurance product, increase sector resilience to climate change risk, and introduce innovative risk-transfer mechanisms such as weather-based or index parametric insurance systems.
Last year, December 16, 2021, Typhoon Odette devastated many parts of Visayas and Mindanao, including the livelihoods of our farmers and agripreneurs, CLIMBS Life and General Insurance Cooperative, remaining faithful to its promise of “Helping Cooperatives and Agripreneurs Build Resilient & Sustainable Communities and Climate Action through Digital Solutions”, offered assistance by way of its enhanced Weather Protect Insurance product, and paid almost 3-Million Pesos to its member-cooperatives and its farmer-members particularly to Mindanao Consolidated Cooperative Bank and Samahang Nayon Multi-Purpose Cooperative.
In year 1 (2021): CLIMBS insured 3,600 farmers from the five (5) pilot cooperatives from 15 different provinces. For year 2, CLIMBS aims to insure 36,000 farmers from 42 provinces; For year 3: to insure 72,000 farmers from 62 provinces; and for year 4: to insure 144,000 farmers nationwide. This is part of CLIMBS’s commitment: “To Insure 20 Million Lives by 2024 and Embody the Cooperative Values and Principles”.
This initiative is CLIMBS’s, together with its global partners and pioneering cooperatives, collective contribution to #Coops2030 in addressing the United Nations’ Sustainable Development Goals (SDGs) nos. 1: No Poverty, 2: Zero Hunger, 9: Industry, Innovation and Infrastructure, 12: Responsible Consumption and Production, 13: Climate Action and 17: Partnership for the Goals.
For more information, please visit our website at www.climbs.coop or follow our social media accounts: Facebook and LinkedIn at CLIMBSOfficial. You can also email us at email@example.com or contact us at (+63) 917 701 0062.
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