The Insurance Commission (IC) intends to roll out the first private sector-led catastrophe insurance facility within the first quarter of this year.
The number of lives covered by the microinsurance products of mutual benefit associations (MBAs) grew by 1.723m last year to 26.66m, but total premiums earned declined due to the COVID-19 pandemic, the Microinsurance MBA Association of the Philippines (MiMAP) has revealed.
Insurers have raised their plea for the government to forego implementing the next and final tranche of an increase in the industry's capital requirements by the end of 2022.
Marsh has announced the appointment of Paulo Garcia as Marsh Philippines CEO. He succeeds Ramon Zandueta who has been appointed Marsh Philippines chairman. Both Mr Garcia and Mr Zandueta, who took up their appointments on January 1, 2021, will be based in Manila and report to Marsh South Asia CEO James Addington-Smith.
Non-life insurers are bullish about business recovery prospects for this year as they expect an increase in the demand for insurance and protection products.
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).