The Philippines is a country highly susceptible to natural hazards, including tropical cyclones, earthquakes, and volcanic risks. With a staggering 74% of the population exposed to multiple natural hazards and an annual average of $3.5 billion in assets losses from typhoons and earthquakes alone, the nation faces significant challenges in managing and mitigating the impact of these disasters.
Living in a disaster-prone country like the Philippines, safety and security are paramount concerns for homeowners, lessors, and homeowners’ associations (HOAs). The Philippines has shown remarkable preparedness and resilience in managing climate and disaster risks, making them a valuable source of inspiration for others.
One key takeaway is the importance of investing in disaster risk insurance to mitigate the financial impact of natural disasters and ensure the continuous functioning of homes and communities. Proactive risk management is crucial, as waiting until after a flood or other risks occur can lead to higher premiums or rates. The increasing price of reinsurance in the Philippines due to climate change highlights the need for early risk mitigation.
The Philippines' focus on building resilience through comprehensive disaster risk reduction and management programs can also serve as a model. Prioritizing measures such as early warning systems, infrastructure resilience, and community preparedness can minimize the potential impact of natural disasters on their safety and security. Putting people’s safety and well-being at the forefront of any disaster preparedness plan is essential.
By adopting some of their best practices, homeowners, lessors and HOAs can better safeguard their properties and communities.
Robust Construction Techniques: Prioritize resilient construction techniques and materials, such as high-performance reinforced concrete, impact-resistant windows, and reinforced roofing materials, to withstand natural hazards like strong winds, earthquakes, or floods.
Backup Power Supplies: Maintain backup power supplies, such as generators, solar panels with battery storage, or power banks. These measures guarantee critical systems like lighting, refrigeration, and communication devices, enhancing occupants’ comfort and safety.
Landscaping and Drainage: Implement proper landscaping and drainage systems to mitigate the impact of flooding and water damage. Design landscapes to channel water away from the house, install rainwater harvesting systems, and consider the use of permeable surfaces to reduce the risk of flooding.
Comprehensive Insurance Coverage: Review insurance policies to ensure adequate coverage for natural disasters, including property damage, contents, and additional living expenses in case of displacement. Understanding the policy terms, exclusions, and deductibles is crucial for making informed decisions and ensuring appropriate protection.
Community Preparedness: Engage in community preparedness initiatives, such as neighborhood emergency response teams or local disaster preparedness programs. Collaborating with neighbors and local authorities allows property owners to share resources, information, and support during emergencies.
Parametric Insurance: Explore parametric insurance options tailored to the risks faced in respective areas or countries, especially in high-risk areas. Parametric insurance offers swift and efficient payouts based on predetermined triggers, helping property owners recover quickly after a disaster.
It is crucial to continually reassess and enhance protective measures to ensure adequate coverage and protection. As risks evolve, persistent efforts are required to stay prepared. Seeking guidance from local experts, such as architects, engineers, or disaster management agencies, can provide valuable insights tailored to the specific risks faced in different regions.
By adopting these practices, homeowners, lessors, and HOAs in the Philippines can enhance the resilience of their properties and protect their families from the potential impacts of natural disasters. It is important to note that specific measures may vary depending on geographical location and prevalent hazards. Seeking guidance from local experts and staying informed about evolving risks is essential in maintaining preparedness and safeguarding communities.
For further information, please feel free to reach out to us for a free risk assessment:
info.philippines@lockton.com (opens a new window)
