The central Philippines is counting the human and economic cost of one of its most destructive earthquakes in recent years, after a tremor late on Tuesday night killed at least 26 people and injured more than 140.
The 6.9-magnitude quake struck off the coast near Bogo City, in Cebu province, just before 10pm local time. The Philippine Institute of Volcanology and Seismology said the quake’s depth was about 10 kilometres, triggering more than a dozen aftershocks, one of them as strong as magnitude 6.
Officials confirmed widespread power outages, structural damage to buildings, and the collapse of bridges and other infrastructure across the northern part of Cebu Island. The National Disaster Risk Reduction and Management Council said the death toll had risen to 26 by Wednesday evening, with 147 people injured.
Alfie Reynes, vice mayor of San Remigio, one of the hardest-hit towns, confirmed the early tally of fatalities in an interview with DZMM radio. “The concerned public is advised to be on alert for unusual waves,” the agency said in an advisory, though the warning was lifted several hours later.
In Bogo, where the epicentre was located 17 kilometres northeast of the city, patients were treated outside a hospital as staff feared aftershocks could compromise the building. Images showed paramedics carrying injured residents and dozens of people gathered in open spaces to avoid further harm.
Cebu’s provincial governor Pamela Baricuatro has set up an operations centre to co-ordinate relief, promising food, medicines and equipment for affected towns. Local governments have suspended classes and work until further notice.
For insurers, the disaster highlights once again the exposure of the Philippines to seismic activity. The country sits on the Pacific “Ring of Fire,” where earthquakes and volcanic eruptions are frequent. It endured two significant quakes in January, and in 2023 a 6.7-magnitude offshore tremor killed eight people.
While property catastrophe cover in the Philippines is still relatively limited, the scale of damage in Cebu raises the likelihood of new claims from both domestic and international carriers active in the market. Insurers and reinsurers will also be watching for business interruption claims, given the economic significance of Cebu City, home to nearly one million people, an international airport and key shipping facilities.
The disaster also underscores the persistent protection gap. Despite repeated reminders of seismic risk, penetration of catastrophe insurance remains low among households and small businesses. For global insurers and brokers, the event may prompt renewed debate about product innovation, microinsurance solutions, and public-private catastrophe pools that can improve resilience in high-risk regions.
This year marks a decade since Typhoon Haiyan, one of the deadliest storms on record, struck the Philippines and left more than 6,000 dead. That disaster prompted calls for greater risk transfer mechanisms and regional co-operation, but progress has been uneven.
Tuesday’s earthquake is a reminder that natural catastrophe risk in the Philippines is multi-peril, combining storms, quakes and volcanic eruptions. For insurers, the challenge is not only in pricing and underwriting these risks but also in expanding access to cover in a country where many still view insurance as unaffordable or unnecessary—until disaster strikes.
