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Philippines tag returned 137 results

  • Philippines: Regulator revives wound down insurer

    The Philippines' Insurance Commission (IC) has lifted its conservatorship order against Metropolitan Insurance after the insurer secured investments by Hong Kong-based FinTech, Streetcorner E-Commerce. This has enabled the insurer to comply with the current PHP550m ($10.8m) capital requirement for insurance companies and undergo rehabilitation, reported The Philippine Star citing an advisory posted on the IC website.

    Asia | 19 Jul 2019
  • Philippines: State insurer considers automating processes to limit corruption

    The Philippine Health Insurance Corporation (PhilHealth) is considering automating its processing system completely in order to prevent corruption in the agency's transactions, reported the Manila Bulletin. Earlier last month, the agency's former president and CEO Roy Ferrer and six other PhilHealth officials resigned after allegations of fraudulent claims paid by the agency highlighted underlying corruption and revealed insurance fraud.

    Asia | 10 Jul 2019
  • Chinese-European partnership to boost InsurTech development globally

    ZhongAn Online P&C Insurance has collaborated with Digital Insurance Agenda (DIA) to advance the development of InsurTech globally, reported the Shanghai Daily. While Zhong An is dubbed China's first digital-only insurer, DIA is a InsurTech conference organiser headquartered in Barcelona

    Asia | 05 Jul 2019
  • Philippines: Regulator allows private health insurers to limit coverage of HIV patients

    Health maintenance organisations (HMOs) are allowed to suspend or decline applications from HIV patients with co-occurring medical conditions or other risk factors temporarily, according to the Insurance Commission's latest circular letter no. 2019-30. This directive has been passed despite the recent 'Philippine HIV and AIDS Policy Act' which came into effect in December last year.

    Asia | 05 Jul 2019
  • Philam Life CEO on narrowing the protection gap in the Philippines

    With 21 years of service in AIA, Mr Kelvin Ang has held various leadership roles, including Chief Agency Officer of China, where he played a key role in the success of AIA China's agency transformation, and Regional Chief Agency Officer, with AIA Hong Kong, China, and Vietnam in his portfolio, with the mission to future proof the business through digitalisation and new market expansion. He assumed the role of Chief Executive Officer at Philam Life, AIA's business unit in the Philippines, effective 1 March 2019.

    Agents | 05 Jul 2019
  • Association of Insurers and Reinsurers of Developing Countries appoints new secretary general

    Association of Insurers and Reinsurers of Developing Countries (AIRDC) has appointed Mr Januario Aliwalas as its new secretary general, effective 1 July 2019. Mr Aliwas replaces Ms Ming Jacinto who had been the secretary general for the last four years. AIRDC, an international insurance body, was established in 1977 as Third World Insurance Congress in Manila where its secretariat and Mr Aliwas is currently based.

    Asia | 04 Jul 2019
  • Philippines: Regulator wants insurers to hit the ground running on REITS

    The Insurance Commission (IC) is now allowing insurance firms and pre-need companies to invest in real estate investment trusts (REIT), widening their investment channels in a bid to increase returns.

    Asia | 01 Jul 2019
  • Philippines' national reinsurer augments income by 80%

    Riding on an underwriting profit of PHP153m ($2.98m), National Reinsurance Corporation of the Philippines (Nat Re) posted PHP149m in net income in 2018. This marks the reinsurer's fourth straight year of positive underwriting profits and PHP389m in realised investment income. The reinsurer has attributed its profitability to an improvement in its bottom life as well as top line.

    Asia | 28 Jun 2019
  • Philippines: New claims adjusters need endorsement from industry associations

    All applications for new loss adjusting licences must be endorsed by either the Association of Philippine Adjustment Companies (APAC) or Philippine Institute of Loss Adjusters (PILA), the Insurance Commission has said.

    Asia | 24 Jun 2019
  • Mutual microinsurance helps vulnerable communities: Study

    Mutual microinsurance has the potential to build financially literate, insurable and resilient communities, according a new study from the University of Cambridge Institute for Sustainability Leadership (CISL). For the first time, the study analysed how mutual microinsurance, a community-owned model of insurance, contributes to the recovery outcomes of low income households following a natural disaster. The CISL report was launched on 21 June 2019 at the Insurance Development Forum (IDF) in Singapore.

    Asia | 21 Jun 2019

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