Philippine life insurance industry one of ASEAN’s two most open markets, says study

MANILA – The Philippine life insurance industry ranked second in ASEAN in terms of how closely aligned local regulations are with international standards.

The Milliman ASEAN Liberalization Index measures the level of development of insurance markets in the region, assessing each in terms of product development, distribution, investment, sophistication of capital regime, policyholder protection, foreign ownership, new licenses and talent mobility.

The Philippines ranked second only to Singapore.

“This is a clear indication that our life insurance industry regulatory regime is robust and that the industry is very much capable to go head to head with other life industries in ASEAN,” Insurance Commissioner Emmanuel Dooc said.

“We are better prepared than most of our neighbors and ready to face the challenges of the approaching ASEAN Economic Community integration,” he added.

Life insurance penetration in the Philippines stood at 1.2 percent last year.

“We are pleased to find our life insurance industry’s placement in the ASEAN rankings. This affirms that our rapidly growing sectors are underpinned by sound regulatory regimes and enabling environments,” Finance Secretary Cesar Purisima said. –Rain Castro, InterAksyon.com