The net income of the insurance market in the Philippines dipped by 2.25% to PHP46.68bn ($859m) in 2022 from PHP47.75bn, data released by the Insurance Commission (IC) show.
The Philippines' adoption of Own Risk and Solvency Assessment (ORSA) standards is a positive development that will elevate the country's regulations to a higher standard, one more in line with more advanced regimes, says AM Best.
Finance Secretary Benjamin Diokno has urged the Insurance Commission (IC) to explore new ways to promote trust and transparency, and encourage the public to invest in financial protection.
Pru Life UK, a leading life insurer in the Philippines, has released a policy paper titled "InsurTech: Driving Broader Insurance Access," giving a better understanding of how InsurTech, such as online shopping platforms, can be used to broaden Filipinos' access to life and health protection products.
The insurance regulator will conduct a study on the impact of the COVID-19 pandemic on mortality trends and life insurers' claims experience.
The Philippine Competition Commission (PCC) has given the AIA Philippines Life and General Insurance Company Inc (AIA) the green light to acquire MediCard Philippines Inc (MediCard).
Local insurers will officially be required to increase their capital to a minimum of PHP1.3bn ($23.3m) by the end of this year, as the government will no longer postpone the implementation of the requirement.
The 10th annual Regional Day of Service (RDS) was organised by insurer Chubb in early November across 10 markets in the Asia-Pacific region through outreach programmes that focused on meeting the essential needs of communities and increasing educational opportunities for underprivileged children.
More foreign companies are likely to enter the insurance market in the Philippines as the deadline looms for the final tranche of required capital increases -- a move that would impact small local insurers.
Local insurers are no longer optimistic about a possible extension of the final tranche of increases in capital requirements beyond the current deadline of 31 December 2022.