MICRO, small and medium enterprises (MSMEs) in Davao Region are urged to avail Micro Disaster Risk Insurance (MicroDRI) product to secure investments and risk financing options.
The MicroDRI project is a public-private partnership project of the Department of Trade and Industry (DTI), Cebuana Lhuillier Insurance Solutions (CLIS), AXA Charter Ping, and the GIZ Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia). It launched its insurance product called MicroBiz Protect Wednesday, June 26.
“We are already starting in encouraging [entrepreneurs] and we hope to have better understanding on the risks of the enterprises as we study the risk-mapping with the Disaster Risk Reduction Management (DRRM). We want to promote insurance for MSMEs against natural calamities like typhoons and floods,” GIZ RFPI Asia program director Antonis Malagardis said in an interview Thursday.
He said an average of P900 per year payment will cover an P100,000 up to P500,000 insurance for all the natural catastrophes an MSME will encounter given the effort also to minimize the losses like proper drainage before flooding.
Depending on the risk classification, Microbiz Protect Product covers property insurance, fire and lightning, earthquake, typhoon, flood. Extended coverage includes riot strike, vehicle impact, falling aircraft, smoke, explosion, and robbery.
“Some enterprises are not cleaning properly their drainage system so when rain comes, it will flood their buildings easily. Some are not taking care of their tools and instruments to a higher level of the building, others are not even taking care of their roof,” Malagardis said, adding that there will be assessment to measure the risk level.
Interested entrepreneurs may connect with their local Go Negosyo centers and Cebuana Lhuillier to further know about the insurance product and sign the policy.
Malagardis said they target a total of 15,000 MSMEs around the country for the next two years. Around 2,000 to 3,000 will be allotted for Davao City. (LHC)