CLIMBS Life and General Insurance Cooperative Welcomes Mr. Bill Spindle, Senior Global Correspondent of CIPHER News

CAGAYAN DE ORO—CLIMBS Life and General Insurance Cooperative wholeheartedly welcomes Mr. Bill Spindle, a senior global respondent of CIPHER News, at its head office in Bulua, Cagayan de Oro City this May 8, 2024. As one of the leading parametric insurance providers in the country, CLIMBS aims for collaboration and partnerships among credible experts and prime movers of climate action in every field.

Throughout the years, the Philippines has considered its agriculture to be the backbone of its economy. Agriculture goods and commodities have paved the way for the country to thrive and gain global recognition in its field by being the top producers and exporters of its agricultural crops such as rice, corn, coconut, sugarcane, cassava, pineapple, and vegetables according to the Philippines’ Department of Agriculture (DA).

Mr. Bill Spindle was introduced by Mr. Arup Chatterjee the Principal Financial Sector Specialist at the Asian Development Bank. He started his cooperative visits, first off with Carmen Samahang Nayon Multipurpose Cooperative in Tagbilaran City last May 6, 2024 to lay the groundwork and interview farmers and cooperative officers in the area. He also visited Pangantucan Bukidnon Multipurpose Cooperative in Pangantucan, Bukidnon on May 9, 2024, to get to know more about the way of life of countryside farmers and how climate-induced risks are able to affect their day-to-day livelihood.

These visits aim to equip Mr. Bill Spindle, immerse himself at the grassroots level, and learn the significance of parametric insurance in a country that primarily relies on agricultural products and services to boost its economic growth and development.

As of May 2024, the Philippines dry season has reached an all-time high of 42 degrees Celsius to 48°C, being categorized as one of the most dangerous heat levels by the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (PAGASA), most commonly known as an extreme case of La Niña or Drought Season in the country.

Thus, CLIMBS Life and General Insurance Cooperative has newly incorporated its

 drought product, one of the main components of Weather Protect Insurance. Encapsulating a whole new approach to parametric insurance, Mr. Bill Spindle’s visit will propel an exchange of insights and facilitate newfound learning for both CLIMBS and CIPHER as a climate technology news organization.

In order to combat the disastrous effects of climate change, the Weather Protect Insurance ensures that every farmer and agricultural worker may recover and can get compensation based on the severity of the trigger. The initiative is designed to help farmer-members get back on their feet since the insurance product is not designed to cover the entirety or the cost of damage.

The spread of smart farming is inextricably linked with the development of modern technology, with the support of the Insuresilience Solutions Fund (ISF) and satellite solutions like IBISA Network, using advanced satellite platforms for monitoring, data is collected and then processed to help make better and informed decisions that would affect the solution-based information process.