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Philippines: Regulator urges insurers to offer terrorism cover

Source: Asia Insurance Review | Oct 2017

Philippines Specialty Terrorism

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 
 
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