The Philippine Insurance Commission (IC) has issued a licence to SeaInsure Life Insurance Company, which is owned by SeaInsure PG (SeaPG), a Singaporean insurance company under tech conglomerate Sea Limited that is the holding company for Shopee, an e-retail platform.
Non-life insurers say that they welcome revised rating schedules for earthquake, typhoon and flood risks that will apply to new and renewed insurance policies from 1 November 2022. The rates had previously not been reviewed for the past 30 years.
Malayan Insurance, the biggest non-life insurer in the Philippines, has a five-year average combined ratio and return-on-equity ratio of 101.4% and 4.1% (2017-2021), respectively, notes AM Best.
The Insurance Commission (IC) has granted Maxicare Healthcare Corp a licence to operate as a life insurance company in the Philippines.
A Singaporean insurance firm affiliated with the regional e-retailer Shopee has entered the Philippine insurance market after it acquired two licensed Philippine non-life insurance companies.
Manulife has launched a new learning platform for its 60,000 insurance advisers in Vietnam and will soon launch the platform in four other markets in Asia.
More insurance companies are now geared toward complying with the PHP1.3bn ($23.6m) net-worth requirement under the Insurance Code as 31 December 2022 fast approaches, says Insurance Commissioner Dennis Funa.
The National Reinsurance Corporation of the Philippines (Nat Re) is looking forward to new gains in 2022 on the back of improved economic prospects at home, brought about by the relaxation of COVID-related restrictions and a more robust life reinsurance segment.
Allianz Asia Pacific (Allianz) and The Hongkong and Shanghai Banking Corporation (HSBC) yesterday announced a 15-year extension of the bancassurance distribution agreement covering six markets in Asia.
The insurance industry is urging the Insurance Commission (IC) anew to postpone the mandated increase in their minimum capital set for this yearend, saying many companies are still far from meeting the higher requirement.