The National Reinsurance Corporation of the Philippines (Nat Re) has announced that it marked the 45th anniversary of its founding with record figures in 2023, posting a massive 862% increase in net profits driven by the corporation's underwriting and investment incomes.
The Philippines' general insurance industry is set to grow at a compound annual growth rate (CAGR) of 9.5% from PHP145.4bn ($2.6bn) in 2024 to PHP209.0bn ($3.8bn) in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a leading data and analytics company.
Senangdali, a Philippine subsidiary of the Malaysian InsurTech firm Senang.io, is working with GoodTech, a FinTech company linking farmers and homebuyers, merchants and gig workers, with rural financial institutions, to offer loan protection to rural banks.
Regional InsurTech Igloo, together with the Philippines' largest mobile network Smart, has announced phone protection plans for its growing 55m-strong subscriber base.
The high domestic interest rate environment in the Philippines will keep insurers' investment yields strong as companies reinvest their assets into higher yielding fixed-income instruments upon maturity, according to AM Best.
The insurance industry saw its net income soar by 45% to more than PHP14.29bn ($246m) in the first quarter of this year, compared to PHP9.86bn in the corresponding quarter in 2023, according to data from the Insurance Commission (IC).
Insurance industry doyen and a founding editor of Asia Insurance Review Reynaldo de Dios passed away on 5 May 2024. He was 96 and had played an integral role in the insurance sector for 75 years.
Triple P Capital, leading a group of investors, has completed the acquisition of an 85% stake in MAA General Assurance Philippines (MAAGAP) from MAA Group.
Microinsurance premium contributions grew by 17.35% to PHP13.54bn ($237m) in 2023, according to data released by the Insurance Commission.
The Insurance Commission (IC) and the Integrated Bar of the Philippines (IBP), the national organisation of lawyers, have signed an agreement to provide free legal assistance to the insuring public.