Philippines: Structuring a Public-Private Earthquake Insurance Pool in the Philippines
Southeast Asia Department
Request for information
- Technical Assistance
|Project Name||Structuring a Public-Private Earthquake Insurance Pool in the Philippines|
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Governance and capacity development
Private sector development
|Sector / Subsector||
Finance / Insurance and contractual savings
|Gender Equity and Mainstreaming|
|Project Rationale and Linkage to Country/Regional Strategy|
|Description of Outcome|
|Progress Toward Outcome|
|Description of Project Outputs|
|Status of Implementation Progress (Outputs, Activities, and Issues)|
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design|
|During Project Implementation|
The implementation of the PPTA will require the services of a multidisciplinary team comprising international and national consultants (in the form of a firm or as individuals). Twelve (12) consultants (6 international and 6 national) will be recruited through an international firm and as individuals in accordance with the ADB's Guidelines on the Use of Consultants (2010, as amended from time to time). An international firm will be engaged on a QCBS basis to undertake the demand analysis of the new insurance product, lead the domestic consultants and coordinate with the individual international experts on overall project delivery. Individual international financial specialists will be hired on a lump-sum basis to undertake the tasks of (i) team leader, governance and funding structure, (ii) business plan, investment plan, reserve funding,. Individual international insurance and reinsurance expert (s) as well as an international legal expert will be hired on a lump-sum basis to provide specific inputs to the risk modeller and the international consulting team. Catalytics, the open platform risk modelling firm, will be engaged on a single source selection and lump-sum contract basis, to run the model and provide related capacity building for the project management unit.
The qualifications and outline terms of reference for the PPTA consultants are described below:
Financial Specialist/Team Leader. The international expert should have proven senior experience in managing a start-up financial company (insurance or commercial bank), including structuring the corporate investment prospectus and developing the corporate governance guidelines. As team leader this expert will be responsible for all TA outputs and liaison with Government, the private sector and the ADB project officer. The expert will seek and coordinate the inputs of all team members and ensure the quality of technical, financial, and implementation arrangements-related documents. Specifically, the expert will : (i) coordinate with Catalytics on the risk model that will support the structure of the EQ pool; (ii) coordinate with the international financial expert on the preparation of the EQ pool's supporting business plan, investment plan and reserve funding; (iii) develop the appropriate funding structure of the EQ pool to ensure its long term sustainability; (iv) develop the investment prospectus and (v) lead the investor roadshow to ensure appropriate capitalization / funding of the pool. The expert will also lead the recruitment of the Project Management Unit staff and coordinate with Catalytics on the appropriate training of the supporting staff members. The national finance expert will work closely with and support the international expert.
Financial Specialist/Business Plan, Investment Plan, Reserve Funding. The financial specialist will have proven expertise in developing commercially viable plans. The expert will (i) develop and undertake the stress testing of the EQ pool's business plan, investment plan and reserve funding requirements, (ii) assess and provide dedicated IT systems to monitor portfolio exposure database; (iii) develop the operational monitoring mechanisms related to premium collection, claims settlement, and loss assessment. The national finance expert will work closely with and support the international expert.
Finance and Economic Specialist/Team Leader of the national consultants. The finance and economic specialist will have expertise in undertaking market demand for new commercial financial products. The expert will have in-depth knowledge of survey methodologies and data sources, used internationally and in the Philippines. The expert will review the market conditions for non-life insurance product penetration in the Philippines and in coordination with the members of the Working Group, assess the demand for the new EQ insurance cover. The expert will also act as team leader of the national consultants.
|Responsible ADB Officer||Varkay, Madeleine|
|Responsible ADB Department||Southeast Asia Department|
|Responsible ADB Division||Public Management, Financial Sector and Trade Division, SERD|
1071 United Nations Avenue
PO Box 3589
|Approval||20 Dec 2012|
|Last Review Mission||-|
|Last PDS Update||21 Jan 2013|
|Approval||Signing Date||Effectivity Date||Closing|
|20 Dec 2012||24 Jan 2013||24 Jan 2013||31 Aug 2014||30 Nov 2015||-|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|500,000.00||0.00||0.00||0.00||0.00||0.00||500,000.00||07 Sep 2021||380,682.63|
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
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|Title||Document Type||Document Date|
|Structuring a Public-Private Earthquake Insurance Pool in the Philippines: Technical Assistance Completion Report||TA Completion Reports||Jun 2017|
|Structuring a Public-Private Earthquake Insurance Pool in the Philippines||Initial Poverty and Social Analysis||Jun 2013|
|Structuring a Public-Private Earthquake Insurance Pool in the Philippines||Technical Assistance Reports||Feb 2013|
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
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