The Insurance Commission (IC) is planning to issue rules governing the mandatory insurance for overseas Filipino workers (OFWs).
Finance Secretary Ralph Recto has called on the life insurance industry to expand its reach to prevent Filipinos from falling into poverty.
Pan-Asian life insurer FWD was ranked number six in the 2024 Million Dollar Round Table (MDRT) top 10 multinational companies rankings, for the third consecutive year.
Pru Life UK won the International Life Insurer of the Year- Philippines award for the fourth consecutive year at the Insurance Asia Awards 2024.
Nat CATs are becoming frequent and severe because of climate change. The Philippines, having been identified as one of the most vulnerable countries to the effects of climate change, is at the forefront of facing these threats. The rising sea level and extreme weather events are just some of the challenges the country faces.
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.