Insurers’ Q2 COVID-19 payouts hit P1.18 billion
TOTAL PAYOUTS made by insurance providers for claims related to the coronavirus disease 2019 (COVID-19) pandemic reached P1.18 billion in the second quarter, the Insurance Commission (IC) reported on Thursday. Results of a survey by the IC for the April-to-June period showed life insurers made COVID-19-related payouts worth P877.3 million, which made up 74% of […]
Insurance industry books higher assets, net worth and payouts in the 1st quarter
THE INSURANCE SECTOR’S total assets, net worth, and benefit payouts grew in the first quarter, the Insurance Commission (IC) reported on Thursday. The IC said in a statement that data from 129 out of 135 licensed life and nonlife insurers and mutual benefit associations (MBAs) showed their total assets increased by 12.21% year on year, […]
PH insurers’ investments seen benefiting from high-interest regime
MANILA, Philippines—Insurers in the Philippines see an investment windfall from the current high-interest rate environment given their hefty holdings of government debt securities. In a June 21 report, Swiss Re Institute said that “the most significant central bank tightening cycle in decades has begun and we expect much more policy tightening to come this year […]
Insurers urge IC to postpone hike in capital requirement
INDUSTRY LEADERS urged the Insurance Commission (IC) anew to postpone the mandated increase in their minimum capital set for this year’s end, saying many companies are still far from meeting the higher requirement. Philippine Insurers and Reinsurers Association (PIRA) Chairman Edgardo D. Rosario and Etiqa Philippines Chief Executive Officer (CEO) and Philippine Life Insurers Association […]
Insurance payments for COVID-19 hit P20 billion
MANILA, Philippines — The insurance industry raised its total COVID payouts to P20 billion after releasing P3 billion in benefits to policyholders who contracted the virus in the first quarter. The Insurance Commission (IC) reported yesterday that insurers issued a total of P19.64 billion in COVID benefits between March 2020 and March 2022. IC Commissioner […]
Market Profile – Philippines Life insurance boosted by pandemic – Asia Insurance Review, April 2022 by Anoop Khanna
As the Philippines life insurance industry moves into a new phase after a turbulent pandemic, Asia Insurance Review spoke with Philippine Life Insurance Association’s Mr Rico Bautista about how the industry fared and current changes. Mobility, in-person interactions and mass gatherings, the crucial enablers for the life insurance industry, were greatly impacted during the pandemic-induced […]
FALIA – PLIA Essay Writing Contest Year 4
FALIA-PLIA Recognizes High School Essay Competition Winners in Virtual Awarding Ceremony The 16 winners of the 2019-2020 Essay Competition held among high school students in Batangas Province and Batangas City were recognized in an e-Awarding Ceremony on February 25, 2022. The competition was held among 12 schools nominated by the Department of Education-Division of Batangas Province […]
Insurance payouts during pandemic hit nearly P17 billion
MANILA, Philippines — Insurance firms released almost P17 billion in benefits to their clients during the pandemic in their sustained efforts to shoulder the medical needs of policyholders. The Insurance Commission (IC) yesterday said the industry released P16.71 billion in payouts from the start of the pandemic to the end of 2021. IC commissioner Dennis […]
Insurers hike share to economic output
MANILA, Philippines — Insurers hiked their contribution to economic output last year as Filipinos spent more for policies amid the pandemic. The Insurance Commission (IC) said the insurance industry increased its contribution to gross domestic product (GDP) as the pandemic compelled Filipinos to be more aware and conscious of their health and financial wellness. “The […]
Insurers post improved performance in Q3
MANILA, Philippines — The insurance industry grew both its premiums sold and profit earned by double digits in the third quarter, gaining from the economy’s recovery with the resumption to near full capacity in many sectors. Based on data from the Insurance Commission (IC), the industry increased its premiums sold by 29 percent to P278.66 […]
