Insurance regulator, crop insurer bolster services
The Insurance Commission (IC) and the Philippine Crop Insurance Corp. (PCIC) are working together to enhance insurance services to the agriculture sector.
In particular, the two parties signed a memorandum of understanding to improve regulatory frameworks to expand the insurance coverage provided to farmers.
“The collaboration is designed to bolster resilience among Filipino farmers, expand access to insurance coverage, and promote a more stable and responsive agricultural insurance,” the PCIC said in a statement.
This partnership covers multiple areas of cooperation — information sharing, joint capacity building, regulatory support, product development and public advocacy.
Regulatory toolkits
Both agencies will create regulatory toolkits and conduct technical sessions on risk management.
They will also explore knowledge-sharing sessions on digital innovation, parametric insurance and risk-based supervision models.
“The agreement commits both agencies to jointly organize training programs, develop insurance products tailored to farmers’ needs, promote awareness campaigns, and launch digital platforms for greater accessibility and transparency,” the PCIC said.
As a government agency under the Department of Finance, the IC is mandated by various laws and regulations to oversee the insurance, pre-needs and health maintenance organization industries.
The PCIC, a corporation attached to the Department of Agriculture, provides insurance protection to the country’s farmers against crop losses due to natural calamities, pests and diseases.
These include insurance for rice and corn, high-value crops, non-crop agricultural assets, livestock, fisheries and credit and life term.
