Singapore-based FinTech startup firm GoBear, which began operations as platform for comparing insurance plans of different insurers, has announced that it will cease operations and close its business.
The Philippine government aims to have 50m Filipinos covered by microinsurance by 2022, according to the head of the Insurance Commission (IC).
The Singapore FinTech Association (SFA) and the Life Insurance Association Singapore (LIA Singapore) yesterday signed a Memorandum of Understanding on the sidelines of the Singapore FinTech Festival 2020. The MOU reaffirms the commitment of both associations to work for the progress of the InsurTech and FinTech industry in Singapore.
The Philam Group, comprising AIA Philam Life and BPI-Philam, announced at a recent online media briefing that it had achieved 61% of its target in terms of basic sum assured coverage amid the COVID-19 pandemic.
Life and non-life insurance companies are now permanently allowed to sell their products remotely, according to the Insurance Commission (IC).
Premiums generated by insurance brokers in the Philippines increased in 2019, according to data from the Insurance Commission (IC).
The Philippine Insurance Commission's (IC) recent withdrawal of a proposal to hold the minimum net worth requirement of local insurance companies' at PHP 900 million (USD 18.6 million) is expected to have a mixed impact on the overall insurance industry over the short to medium term, according to AM Best.
Local insurers in the Philippines will still face significant pressure on underwriting growth and profitability amid the ongoing COVID-19 pandemic with the recent rejection of a proposal to relax minimum capital requirements, says AM Best.
Typhoon Rolly, declared as the world's strongest tropical cyclone so far for this year, has incurred damage and losses totalling almost PHP2bn ($40m) to the country's agriculture sector.
The government has scrapped a proposal to cap the minimum net worth requirement of local insurance players at PHP900m ($18.6m), instead of aiming for a prospective ceiling of PHP1.3bn ($26.9m), according to the Insurance Commission (IC).