Philippines: Regulator urges insurers to offer terrorism cover
Source: Asia Insurance Review | Oct 2017
The Insurance Commission urged insurance companies to develop products that will afford protection against losses and damages as a result of acts of terrorism.
“Considering that the Philippines is viewed as a ‘high risk’ country in terms of likelihood of terrorism attacks, we encourage insurance companies to develop life and non-life insurance products which specifically cover losses and damages resulting from acts of terrorism,” Mr Dennis Funa, Insurance Commissioner, said in a statement.
In the Philippines, it was only recently that a product was approved to cover losses as a direct result of a terrorist act.
Currently, the only company offering terrorism insurance cover is FWD Life Insurance. “While existing insurance products specifically exclude death and disability claims arising from terrorist attacks, FWD developed a product which specifically covers this risk,” he said. A