Michael Rellosa, Executive Director of the Philippines Insurance and Reinsurance Association (PIRA) says the use of fixed tariffs has hampered attempts to launch the PCIF.
The insurance product compensates outdoor workers with small payouts or anti-heatwave kits when summer temperatures surpass 36°C for three days straight.
The parametric product, underwritten by Swiss Re and provided locally by ICICI Lombard, was triggered by 40°C heatwaves in May, paying out to 46,242 low-income women in India.
