The fora, which served as a platform for education, discussion, and collaboration, aimed to equip cooperatives with the knowledge and tools necessary to address and mitigate the impacts of climate change. This initiative underscores CLIMBS’ commitment to fostering sustainability and resilience within these sectors.
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n a significant stride towards fortifying the cooperative against the adverse effects of climate change, CLIMBS Life and General Insurance Cooperative has successfully conducted 16 Climate Insurance Regional Fora. These events, spanning various regions, brought together 1,072 participants representing 439 cooperatives from across the nation.
Empowering Cooperatives Through Knowledge and Collaboration
At the heart of these regional fora was the objective to empower cooperatives by enhancing their understanding of climate insurance and its critical role in safeguarding their cooperative and their farmer-members. Participants engaged in in-depth sessions that covered a range of topics, including climate risk assessment, insurance solutions—specifically the Weather Protect Insurance, Drought Product, and other insurance products tailored to the cooperative and their members—and strategies for building long-term resilience.
Weather Protect Insurance is the first parametric insurance product in the Philippines. It is an advanced weather protection insurance designed specifically for cooperatives and their farmer-members, integrating smart-farming techniques. This innovative insurance product represents a major advancement in agricultural insurance within the country.
Its introduction highlights a commitment to leveraging modern technology and data-driven solutions to address the evolving needs of cooperative farmer-members. As more cooperatives and farmers adopt this cutting-edge insurance, it is expected to play a crucial role in enhancing the overall stability and sustainability of the agricultural industry in the Philippines.
Weather Protect Insurance not only provides essential coverage against weather-related risks but also supports the broader goal of fostering resilience and sustainability within the agricultural community. Its pioneering approach to parametric insurance signifies a new era in agricultural risk management in the Philippines.
Global Partnerships Driving Local Impact
The success of the Climate Insurance Regional Fora was bolstered by the support of CLIMBS’ global partners: Insuresilience Solutions Fund (ISF), Frankfurt School of Finance and Management, IBISA Network and Alliance Bioversity-CIAT. These partnerships have been instrumental in providing the resources and expertise needed to conduct comprehensive and impactful sessions, represented by Ms. Julieta Guanlao from IBISA Network and Mr. Elwyn James Leyte from Alliance Bioversity-CIAT.
A Commitment to Sustainability and Resilience
As climate change continues to pose significant risks to the cooperative and agricultural sectors, initiatives like these fora are essential. By focusing on education and proactive measures, CLIMBS is helping cooperatives build a foundation of sustainability and resilience. This aligns with CLIMBS’ contribution to the United Nations Sustainable Development Goals: No. 1 – No Poverty, No. 2 – Zero Hunger, No. 9 – Industry, Innovation, and Infrastructure, No. 12 – Responsible Consumption and Production, No. 13 – Climate Action, and No. 17 – Partnerships for the Goals.
Looking Ahead
The successful conclusion of the 16 Climate Insurance Regional Fora marks a milestone in CLIMBS’ ongoing efforts to support the cooperative sector. Moving forward, CLIMBS remains dedicated to its mission, with plans to expand its initiatives and continue fostering resilience within communities nationwide.
As cooperatives nationwide implement the knowledge and strategies gained from these fora, the positive impact on their sustainability and resilience will undoubtedly contribute to a more secure and prosperous future for all.
