THE Philippines has experienced the top 10 costliest typhoons in the past 15 years, with two super typhoons (STs) occurring just eight years apart: 'Haiyan' (2013), also known as 'Yolanda,' and 'Rai' (2021), also known as 'Odette.' Both were Category 5 typhoons with sustained winds of 252 kilometers per hour or higher, causing significant damage in the Visayas and Mindanao regions. The destruction of homes, infrastructure and agriculture resulting from these typhoons amounted to P95.5 billion (Haiyan) and P51.8 billion (Rai).

These two STs were highlighted during the 20th Asia Nat Cat and Climate Change Summit, organized by the Asia Insurance Review in Makati City, Philippines. With the theme 'Forging Resilience: Building a Future-Proof Insurance Industry in the Face of Nat Cat Threats,' speakers discussed the crucial role of the insurance industry in providing protection and securing the future against the growing threats of climate change and disastrous natural events. Parametric insurance was emphasized as a key strategic tool for disaster management.