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
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
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to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
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Accept the National Unity Government (NUG)
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Women’s Role in History Month
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Women’s Week
Week 3: Philippine Industry and “
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Last Week: Protection and Gender-Fair Treatment
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March 18: Global Recycling Day
March 21: International Day for the Elimination
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March 25: International Day of Remembrance of the
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