Insurance premium income dips as pandemic batters businesses
THE local insurance industry’s total premium income slipped in the first six months of 2020 as the pandemic-induced economic recession hits all sectors, data from the Insurance Commission (IC) showed. The IC reported total premiums generated by the industry fell by 4.2% to P136.097 billion as of end-June from the P142 billion earned in the same period last […]
IC withdraws temporary relief given to insurers
MANILA, Philippines — The Insurance Commission has withdrawn the temporary regulatory relief it earlier granted to insurance companies to ease their quarterly net worth requirements amid the coronavirus pandemic. Insurance Commissioner Dennis Funa has issued IC Circular Letter 2020-103, amending CL 2020-60 and removing the provisions relieving the net worth requirement of insurers and reinsurers […]
Proposed cap on insurance firms’ capital needs scrapped
MANILA, Philippines — The government has scrapped a proposal to cap the minimum net worth requirement of local insurance players at P900 million to ensure the financial strength of the industry, according to the Insurance Commission (IC). In a text message to The STAR, Insurance Commissioner Dennis Funa said the IC has dropped the proposed […]
Insurance premiums rise 10.5% in Q1
MANILA, Philippines — Insurers generated 10.5 percent more premiums in the first quarter as both the life and non-life sectors enjoyed higher collections before the imposition of community quarantine, the Insurance Commission (IC) reported yesterday. Premiums generated by the local insurance industry rose to P78.15 billion in the first three months from P70.71 billion in […]
IC issues rules to protect PWDs from discrimination
MANILA, Philippines — The Insurance Commission (IC) has instructed all regulated entities selling various insurance products not to discriminate against persons with disabilities (PWDs). Insurance Commissioner Dennis Funa issued circular 2020-86, laying down the guidelines to protect PWDs from any form of discrimination in the insurance industry. Funa said Sections 35 and 36 of Republic […]
60-day debt moratorium backed
MANILA, Philippines — Business groups lauded the compromise both houses of Congress reached on the moratorium on debt payments to ease the difficulties of Filipinos during the COVID-19 quarantine in many parts of the country. Francis Lim, president of the influential Management Association of the Philiplines (MAP), said over the weekend that the 60-day freeze […]
IC sees ‘financial danger’ in 1-yr freeze in payments
The Insurance Commission (IC) thumbed down the proposed yearlong grace period on life insurance and pre-need premium payments under the Bayanihan 2 bill, saying this may spell “financial danger to life insurance and pre-need companies.” In a letter dated August 12 addressed to members of the Bicameral Conference Committee of Congress, IC Commissioner Dennis B. […]
Covid-19 insurance claims hit P326.95 million
Total Covid-19 related claims paid by the insurance industry amounted to P326.95 million, with medical benefits comprising the bulk of the amount at P258.8 million, according to results of a survey by the Insurance Commission (IC). The survey was conducted from April 16 to May 8 across four insurance s ectors: life insurance industry, non-life […]
Growth expected, but challenges ahead
Asia Insurance Review, Country Profile-Philippines, Feb 2020
Microinsurance premiums, coverage expand in 2019
PERSONS COVERED and premiums of the microinsurance industry increased in 2019, data from the Insurance Commission (IC) showed. The IC said on Tuesday unaudited reports submitted by the companies showed premiums produced by the microinsurance sector hit P9.12 billion last year, up from the P8.14 billion in 2018. Total individuals covered also rose 16{a20c0f6131f19ee46edebaa430c8602c2125b89207ecd0ebdc894e5bda57d350} to […]
