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 […]
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 […]
Number of Filipinos covered by microinsurance drops to 46.97 million in Q1
MANILA, Philippines — Overall sales of microinsurance grew 16.3 percent year-on-year to P2.31 billion in the first quarter, but a decline in the non-life sector’s premiums amid harder times due to the pandemic reduced the number of Filipinos covered by these affordable products to 46.97 million. Insurance Commission (IC) data on Friday showed that total […]
Insurance premiums rise 37% to P187 billion
MANILA, Philippines — Insurance premiums grew more than 37 percent to P187 billion in the second quarter as the economic reopening heightened demand for both life and non-life policies. According to the Insurance Commission (IC), insurers in the Philippines posted a combined profit of P24.63 billion during the period, swelling by over 29 percent from […]
COVID-19 insurance claims reach P4.35 billion in H1
MANILA, Philippines — The insurance industry paid P4.35 billion in COVID claims in the first semester due to a resurgence in virus infections last summer that forced Metro Manila and adjacent provinces to revert to strict lockdown. The Insurance Commission (IC) reported that about half of the payout at P2.06 billion was given by health […]
