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The insurance industry is continuously improving risk management by installing appropriate systems and tools for the hazard assessment of perils such as earthquake, typhoon and flood for insurance cover.
In the Philippines, considered as one of the most disaster-prone countries in the world, extensive assessment of the natural disasters becomes essential to risk managers.
Through the Geographic Information System (GIS) and the Global Positioning System (GPS), risk assessment techniques are developed to determine the degree of geohazards involved in each risk (property to be insured).
Standard Insurance Company, Inc. has its own study of local natural hazards, which GIS graphically represents in maps. The company's GIS is utilized to provide risk accumulation analysis. Through this, the company is able to acquire catastrophe cover from international reinsurance companies at a high coverage against total accumulation.