Insurance industry hikes contribution to economy
MANILA, Philippines — The insurance industry saw its net income increase to P22 billion in the first semester of the year amid improvements in both life and non-life segments, with its contribution to the overall economy also inching up to 1.63 percent. Data from the Insurance Commission showed that net income of the sector went […]
Lives covered by microinsurance go up by 15.39% in Q1
MICROINSURANCE coverage went up by 15.39% year on year in the first quarter, driven mainly by the mutual benefit association (MBA) sector, the Insurance Commission (IC) said in a statement on Tuesday. A total of 51.71 million lives were covered by microinsurance policies issued by insurance companies and MBAs as of end-March, up from 44.81 […]
Insurance industry books higher premiums, assets in Q1
THE INSURANCE INDUSTRY’S combined premiums, assets and net worth rose in the first quarter, data from the Insurance Commission (IC) showed. Data based on submissions made by 130 out of 136 licensed life and nonlife insurers, as well as mutual benefit associations (MBAs), showed their combined premiums rose by 0.15% to P97.9 billion in the […]
New technology needed to widen insurance coverage
MANILA, Philippines — The insurance industry should tap new technologies to ensure that more Filipinos get access to needed protection and coverage. Insurance Commission chief Reynaldo Regalado called on life and non-life insurance firms to take advantage of new technologies to make coverage more accessible to Filipino consumers. Regalado said the insurance sector plays an […]
Insuretech Connect Asia
Looking for the latest trends and insights in the insurtech industry? Look no further than ITC Asia! ITC Asia is the region’s largest insurtech event – offering unparalleled access to the most comprehensive and global gathering of tech entrepreneurs, investors, and insurance industry incumbents. Over the course of three days, the industry will […]
Ex POEA chief takes helm at Insurance Commission
MANILA, Philippines — The government has named Reynaldo Regalado as the new head of the Insurance Commission. Regalado took his oath of office before Department of Finance Secretary Benjamin Diokno last Thursday. He will replace Dennis Funa who served for six years. Regalado, who is a lawyer, previously served as the head of the Philippine […]
Insurance sector posts growth in premiums, assets, and net worth in 2022
THE INSURANCE INDUSTRY’S combined assets, net worth, and premiums rose in 2022, data from the Insurance Commission showed (IC). Data posted on the IC’s website based on submissions made by 128 out of 134 licensed life and nonlife insurers and mutual benefit associations (MBAs) showed their combined assets went up by 2.14% year on year, […]
Life insurers eyeing fixed-income market for infrastructure financing
MEMBERS of the Philippine Life Insurance Association, Inc. (PLIA) are looking to tap the fixed-income securities market to participate in infrastructure financing, the group’s president said. PLIA President Rico T. Bautista, who is the president and chief executive officer of Etiqa Life and General Assurance Philippines, Inc., said in a speech on Tuesday that the […]
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, […]
