Judges gathered online on the 6 May 2021 to deliberate and vote on worthy winners drawn from an impressive shortlist in the final round of judging for the 6th Asia Trusted Life Agents & Advisers Awards.
The National Reinsurance Corporation of the Philippines (Nat Re), the country's national reinsurer, has announced that it earned PHP120m ($2.5m) in net income in 2020, down 24% from PHP157m in 2019, as stronger underwriting results were weighed down by lower investment income.
The Philippine insurance industry posted an 8.6% fall in net income to PHP41.24bn ($858m) last year, compared to PHP45.12bn in 2019, due to the impact of the COVID-19 pandemic, according to the 2020 Industry Performance report released by the Insurance Commission.
The Insurance Commission (IC) has revealed that Sun Life Canada (Philippines) and Prudential Guarantee and Assurance Inc (PGAI) remained the highest-ranked life and non-life insurance company, respectively, in terms of premium income in 2020.
The non-life industry has been directed to implement sustainable catastrophe insurance premium rates and formally establish the Philippine Catastrophe Insurance Facility (PCIF), according to a circular issued by Insurance Commissioner Dennis Funa, dated 12 April.
A Bill seeking to introduce amendments to the insurance law and place the Insurance Commission (IC) under the supervision of the Bangko Sentral ng Pilipinas has been filed in the Senate.
The government should lower the tax rate, of 26-27%, on non-life insurance, including that for crop or agriculture insurance, to around the rate on life insurance, which is 2%, according to Mr Jaime Aristotle Alip, chairman emeritus and founder of the country's largest microfinance firm CARD MRI (Centre for Agriculture and Rural Development - Mutually Reinforcing Institutions).
AM Best has assigned a stable market segment outlook to the Philippine non-life insurance market, underpinned by long-term growth prospects and positive regulatory developments.
The local insurance market in the Philippines is modestly firm. Renewal rates are increasing as insurers are imposing restrictions on coverage terms and conditions, says Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions.
The Insurance Commission (IC) intends to roll out the first private sector-led catastrophe insurance facility within the first quarter of this year.