The Foundation for the Advancement of Life & Insurance Around the world (FALIA), which conducts training programmes, essay competition, and other activities for the development of the life insurance industry in Asia and other countries, celebrated its 50th anniversary in 2020. Although it was postponed for one year due to the COVID-19 pandemic, to mark the occasion, a ceremony to commemorate the anniversary was held online on 9 November this year.
A new project to develop climate-smart insurance for micro, small and medium-sized enterprises (MSMEs) in the Philippines will be put in place with the support of Asian Development Bank (ADB). It will be administered through the Asia-Pacific Climate Finance Fund (ACliFF).
The Philippine insurance industry as a whole posted an aggregate net profit of PHP24.6bn ($490m) in the first half of 2021, an increase of 29.4% from PHP19.03bn in the corresponding half of 2020, according to data released by the Insurance Commission (IC).
A new cooperative insurance company shall be allowed to carry out insurance business and be licensed as such if it has a paid-up capital of at least 50% of what is required under the Amended lnsurance Code and subsequent amendments thereto, says the insurance regulator in a circular.
Non-life insurance companies shall be allowed to provide agriculture insurance. independently or in collaboration with the Philippine Crop lnsurance Corporation (PCIC), the government agency mandated by law to provide crop insurance to small farmers, says the Insurance Commission (IC) in a circular to general insurers and insurance intermediaries which takes effect immediately.
Mobile wallet company PayMaya Philippines has partnered with international InsurTech firm bolttech to offer "sachet-sized" insurance products and services tailored for the country's young and underserved market.
Today, October 18, marks "East Asian Insurance Day," which coincides with the historic first East Asian Insurance Congress held in Tokyo on October 18, 1962. Since then, each EAIC member city holds events on October 18 to generate awareness about the insurance business in the East Asian region.
Philippine Crop Insurance Corporation's (PCIC) weak risk management practices put it at risk of suffering large losses from major catastrophes, which would eventually be shouldered by taxpayers, according to the Philippines department of finance (DoF).
The National Reinsurance Corporation of the Philippines (Nat Re), the country's national reinsurer, was recently recognised by the country's Institute of Corporate Directors (ICD) with two Golden Arrows for its good corporate governance practices, based on the Association of South East Asian Nations (ASEAN) Corporate Governance Scorecard (ACGS).
The Department of Finance (DoF), which now oversees the government-owned Philippine Crop Insurance Corp (PCIC), has said that it aims to make the company provide broader coverage and become less reliant on subsidies.