Insurance takes up record 2.3% of GDP
MANILA, Philippines — The pandemic has compelled Filipinos to acquire private savings which they can tap in times of emergency, pushing insurance penetration in the Philippines to a record 2.3 percent of gross domestic product (GDP) in the first quarter. Insurance Commissioner Dennis Funa told The STAR the growth can be attributed not only to […]
Insurance industry pays out P3.89 billion in COVID-19 claims
MANILA, Philippines — The insurance industry was able to pay out a total of P3.89 billion in COVID-19-related claims in 2020, most of which were forked out by health maintenance organizations (HMOs), the Insurance Commission said yesterday. This comprises payouts made by 111 regulated life and non-life insurers, mutual benefit associations (MBAs), and HMOs and […]
Insurer profit down 8.6 percent in 2020 as pandemic hammers markets
MANILA, Philippines—The pandemic-induced recession that battered financial markets everywhere led to a drop in life insurers’ investment incomes and pulled down the entire domestic insurance industry’s bottom line by 8.6 percent to P41.2 billion in 2020. The latest Insurance Commission (IC) data showed that the total net income of 126 life and non-life insurance firms, […]
Life insurance sales grow in 2020 amid pandemic
MANILA, Philippiines—Despite the pandemic-induced recession, life insurers’ sales grew by 5.9 percent to P247.7 billion in 2020, according to the Insurance Commission (IC) on Tuesday (April 20). In a statement, the regulator said the life insurance sector’s premium income in 2020 rose from P233.9 billion in 2019. “Of this increase, changes to variable life insurance […]
Fewer Filipinos covered by micro-insurance; sales down 33.2% in end-Sept 2020
MANILA, Philippines — Even as microinsurance was cheaper than most insurance coverage, sales during the first nine months of last year fell by a third to P4.39 billion amid the harder times wrought by the COVID-19 pandemic. The latest Insurance Commission (IC) data showed that microinsurance contributions and premium production across the life, non-life and mutual […]
Insurers post lower premium income in 2020
MANILA, Philippines — The local insurance industry recorded a lower premium income from January to September 2020 as the non-life insurance sector continued to see a slowdown in premium generation, according to a report from the Insurance Commission (IC). Based on the IC’s 2020 Accomplishment Report obtained by The STAR, the insurance industry generated P216.5 […]
PLIA INDUCTS 2021 COMMITTEE CHAIRPERSONS
PLIA held its virtual induction of 2021 Committee Chairpersons last 26 January 2021. Insurance Commissioner Dennis Funa administered the Oath of Office to the inducted PLIA leaders. Leading the PLIA committees this year are, namely PLIA Committee Director-in-Charge Chairperson Bancassurance Rahul Hora Atty. Calvin Kochet-Chua Education Kelvin Ang Lois Dalida Ethics and Compliance Peter Coyiuto […]
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 […]
