LOW pressure areas, or tropical depressions, in mid-April seem to be turning into the norm (we were just visited by Tropical Depression "Amang" a few days ago). If I remember right, state weather bureau Pagasa did mention that the "La Niña" has ended and we are now expecting the "El Niño" phenomenon characterized by the likelihood of increased above-normal rainfall, which in turn could lead to the destruction of crops and hamper production of other agricultural commodities, not to mention floods in major population centers. I have said it before and am saying it again — the Philippines is now considered the most vulnerable nation to catastrophic events and a significant way of protecting ourselves against the loss or damage that can occur due to such events is to insure ourselves.
Here comes the rub — the international reinsurance market has hardened to such an extent that local insurers are giving a long hard think about whether or not it would be economically feasible for them to continue to offer such coverages. In other words, at a time when the country needs access to catastrophic insurance covers, the supply may be dwindling.
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