Overview

The Philippines has the highest natural disaster risk of all the countries in the world. Its thousands of islands give it one of the world’s longest coastlines, and the country’s important marine and agricultural sectors are threatened by flooding, tsunamis and tropical cyclones, as well as earthquakes and volcanic eruptions caused by its location in the Pacific Ring of Fire. Insurance and risk finance can help create urgently needed resilience solutions.

Working with government and international partners, UNDP’s Insurance and Risk Finance Facility is helping to build coastal resilience in the Philippines through the development of innovative insurance products.

Main Natural Hazards

Earthquake, Tsunami, Cyclone, 

Flood

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1 Source:
https://drmkc.jrc.ec.europa.eu/inform-index/INFORM-Risk/Country-Risk-Profile
Insurance penetration

1.6% (2023)

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1 Source:
https://www.philstar.com/business/2024/03/23/2342530/insurance-penetration-rate-slips-further-16-percent
Number of insurance providers

25 life insurance companies, 49 non-life insurance companies, 5 composite insurance companies, 1 reinsurer and 5 servicing insurance companies

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1 Source:
https://www.insurance.gov.ph/wp-content/uploads/2022/07/List-of-Insurance-Companies-with-Valid-and-Existing-CA-as-of-30-June-2022.pdf
% Workforce engaged in agriculture

24% (2022)

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1 Source:
https://data.worldbank.org/indicator/SL.AGR.EMPL.ZS
Multidimensional poverty

5.6% (2017)

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1 Source:
https://hdr.undp.org/system/files/documents/hdp-document/2023mpireporten.pdf
% of population covered by inclusive insurance products

10%

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1 Source:

Source: The Microinsurance Network, Landscape of Microinsurance 2023, Based on target population estimate for the Philippines of 95,151,097 people

https://microinsurancenetwork.org/resources/the-landscape-of-microinsurance-2023
Biodiversity ranking

#22 out of 239 countries and territories (2023)

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1 Source:
https://worldrainforests.com/03highest_biodiversity.htm
Small business % contribution to workforce

63% of total employment (2020)

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1 Source:
https://www.undp.org/philippines/publications/msme-value-chain-rapid-response-survey

Our projects

School of fish