Malayan Insurance, the largest non-life insurer in the Philippines, has been shifting its growth focus to highly retainable and more profitable segments such as motor, personal accident and general liability, while reducing net retained risks in the fire and engineering classes of business, to improve its underwriting performance, says AM Best.
In the face of the economic impact caused by the coronavirus pandemic, the Philippine financial system is said to remain stable according to a report from The Manilla Times citing the Financial Stability Coordination Council (FSCC).
Premiums generated by the microinsurance sector hit PHP9.12bn ($182m) last year, 12% higher than the PHP8.14bn chalked up in 2018, according to data compiled by the Insurance Commission (IC) from the unaudited reports of insurers.
The Insurance Commission (IC) has issued guidelines on the adoption of a regulatory sandbox framework for InsurTech innovations.
Prudential Guarantee and Assurance led the non-life insurance industry in terms of net premiums written while Malayan Insurance topped the industry in terms of gross premiums written in 2019, according to the Insurance Commission (IC).
InsurTech startup firm Kwik.insure plans to launch its digital platform by the fourth quarter of this year to let Filipinos avail of insurance products from different insurers in an online insurance marketplace.
Sun Life of Canada (Philippines) has retained its position as the leading life insurance company in the Philippines last year, said the Insurance Commission (IC).
Two big typhoons hit Asia in the space of a week - typhoon Vongfong made landfall in the Philippines and typhoon Amphan hit the South Asia region in early May.
Philippines-based digital financial services provider Ayannah, and India-based payments company Electronic Cash and Payment Solutions (ECAPS) yesterday announced a merger to create Ayannah Global, a Pan-Asian financial technology group that will provide affordable and accessible digital financial services to the growing middle class in South Asia and Southeast Asia.
Sun Life of Canada (Philippines) has retained its position as the leading life insurance company in the Philippines last year, according to the Insurance Commission (IC).