Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Jul 2023

Market Profile


Philippines

Philippines reinsurance continues to post strong growth

The Philippines insurance market is undergoing massive changes as the regulator continues its efforts to improve the industry. These changes, while good for the industry’s long-term growth and stability, come at a time when economic and political turmoil are at a high.
 

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Market continues to struggle

The Philippines insurance industry continued to see a slight drop in net income as it struggles with new capital requirements and COVID-related pay-outs.
 

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Philippines Nat CAT cover sorely lacking

Given the country’s vulnerability to catastrophic disasters, a large proportion of the population in the Philippines still does not have Nat CAT insurance.
 

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Life insurers anticipate a difficult year in the Philippines

Life insurance is losing its appeal in the Philippines as the population deals with higher costs of living and other financial issues.
 

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