Insurers’ premium income rises
THE INSURANCE industry’s premium income grew in 2019 as all sectors reported increases in premiums written, according to the Insurance Commission (IC). IC documents showed the industry’s overall premium income increased 4.99{a20c0f6131f19ee46edebaa430c8602c2125b89207ecd0ebdc894e5bda57d350} to P304.639 billion in 2019 from P290.151 billion in 2018, based on the unaudited financial reports submitted by life and nonlife insurance […]
Life sector spurs 20% growth in insurance industry’s 2019 income
THE INSURANCE INDUSTRY’S total net income booked double-digit growth in 2019 buoyed by a spike in the life insurance sector’s net profit. In a statement on Tuesday, Insurance Commissioner Dennis B. Funa said net income of the insurance industry jumped 20.38% to P45.12 billion last year from P37.48 billion in 2018. Mr. Funa said the […]
IC outlines regulatory relief for insurers
THE Insurance Commission (IC) eased rules on insurance firms’ quarterly compliance with the minimum net worth requirement and also announced other relief measures to help companies stay afloat amid the coronavirus crisis. The IC issued Circular Letter No. 2020-60 on Friday relieving insurance companies from quarterly compliance with the P900 million minimum net worth requirement. […]
Insurance sector ‘well-capitalized’ to weather risks
THE INSURANCE SECTOR can weather the impact of the coronavirus pandemic on their businesses, according to the Insurance Commission (IC), even as investments and sales face difficulties. Insurance Commissioner Dennis B. Funa said insurance companies have been “well-capitalized” even before the pandemic hit and assured no company will go bankrupt. “Insurers are well-capitalized. I don’t […]
FALIA-PLIA Essay Writing Contest Year 3
The FALIA-PLIA Essay Writing Competition for senior high school students on the value of life insurance has completed its 3rd run. After Metro Manila and Central Luzon in the first two years, the campaign was implemented in the three DepEd divisions of the cities of Cebu, Mandaue and Talisay. Eighteen public and private schools participated. […]
IC relaxes identification requirements for insurers’ clients
THE INSURANCE Commission (IC) has relaxed the requirements for customer identification documents until June 30 amid the lockdown in various places due to the coronavirus disease 2019 (COVID-19) pandemic. The IC issued Circular Letter (CL) 2020-37 stating that “the requirements on valid identification documents under Section 24 D of CL 2018-48 as amended shall be […]
Life insurers extend grace period due to COVID-19
LIFE INSURANCE FIRMS extended the grace period for premium payments to up to 91 days to give relief to clients amid the coronavirus disease 2019 (COVID-19) outbreak. In separate press releases yesterday, Insular Life Assurance Co, Ltd. (InLife), Sun Life of Canada (Philippines), Inc. and Manulife Philippines said they are extending the grace period for […]
PH life insurance industry assures responsiveness amid Covid-19 outbreak
TOPICS: Philippine Life Insurance Associaton PLIA President Benedict Sison (also Country Head and CEO of Sun Life PH).Photo from Sunlife PH website POSTED BY: JAMES HUMARANG MARCH 24, 2020 The Philippine Life Insurance Association, Inc. (PLIA) is assuring all Filipino policyholders that the country’s life insurance industry is prepared […]
PLIA INDUCTS 2020 BOARD OF DIRECTORS AND COMMITTEE CHAIRPERSONS
PLIA held the induction of its 2020 Board of Directors and Committee Chairpersons last 30 January 2020 at the Mayuree Ballroom, Dusit Thani Manila, Ayala Center, Makati. Insurance Commissioner Dennis Funa administered the Oath of Office to the inducted PLIA leaders. Mr. Michael Ricafort, Chief Economist of the Rizal Commercial Banking Corporation, gave a talk […]
INSURANCE COMMISSION CELEBRATES 71st ANNIVERSARY
The Insurance Commission commemorated its 71st Anniversary with a luncheon event on 28 January 2020 at the Philippine International Convention Center, Cultural Center of the Philippines Complex, Pasay City. Guest of Honor and Speaker was Executive Secretary to the President of the Philippines, Hon. Salvador Medialdea. Officers of insurance associations were recognized and presented during […]
