Insurance

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by Czeriza Valencia (The Philippine Star), 2 Nov 2020 MANILA, Philippines — Poverty alleviation programs for households near the poverty line should include the provision of affordable insurance and specialized access to credit to help them cope with economic shocks from extreme weather conditions, according to a report by the Ateneo de Manila University (ADMU).

by Doris Dumlao-Abadilla, Philippine Daily Inquirer, 14 Oct 2020 Insurer Manulife Philippines has unveiled a new life and health insurance solution touted to be the first in the market to offer flexibility for customers to select the most suitable critical illness protection and add-on benefits.

MANILA, Philippines – Roughly 27.96 million Filipinos had microinsurance coverage in 2013, among the highest in the East Asian region, according to the Insurance Commission (IC).

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

MANILA, Philippines – The Philippine insurance market remains the smallest among the five largest economies in the Association of Southeast Asian Nations (Asean-5) in terms of assets and premiums, based on a recent study of the United States Agency for International Development (USAID).

Filipinos tend to be conservative when it comes to investing, as most still prefer to keep their income in cash rather than take risks in different investment instruments.

MANILA, Philippines – Despite living in a country that is prone to typhoons, earthquakes, floods and volcanic eruptions, Filipinos have little awareness of the benefits of insurance, an insurance company in the Philippines said.

MANILA, Philippines – There are still 20 insurance companies whose certificate of authority (CA) had been withheld. The CA is an annual license to operate issued to life, non-life, and re-insurance companies, as well as mutual benefit association (MBA). The Insurance Commission (IC) is the issuing agency under the guidance of the Department of Finance…

MANILA, Philippines – Four insurance companies are still struggling to raise the mandated P125-million minimum paid up capital required by the Insurance Commission (IC) and the Department of Finance (DOF). The reportorial deadline expired last March.

PEOPLE SHOPPING for insurance policies are using different channels to do so, IBM said yesterday, and insurers must therefore “embrace multiple channel strategies” to stay on top of their game.

THE immediate passage of a measure implementing a comprehensive insurance scheme that will cover the damage caused by natural disasters has been sought in the House of Representatives. Rep. Teodorico Haresco Jr. of Ang Kasangga party-list was referring to his House Bill 2672, which states that no comprehensive motor vehicle insurance policy will be issued…

THE POOR may need microinsurance, but they will not buy just any product that’s presented to them. They need to clearly understand what they are paying for and what they are getting, said Craig Churchill, team leader of the International Labour Office’s (ILO) Microinsurance Innovation Facility.

MANILA, Philippines – The Philippine Insurers and Reinsurers Association (PIRA) is advocating for major amendments to the country’s 36-year-old Insurance Code, which could not only update and improve the performance of insurance industry.

REGULATORS want to introduce a “three-in-one” product to the fledgling microinsurance market, capitalizing on the Filipinos’ penchant for cheap, convenient products and to boost protection for the poor.

In last week’s column, we previewed the top 10 business risks culled across 14 industries globally by Ernst & Young and featured in its 2010 Business Risk Report.

Coop Life Insurance and Mutual Benefit Services (CLIMBS), a cooperative group comprising 1,501 local insurers, partnered with German reinsuirer Munich Re and with the Deutsche Gessellschaft fur Technische Zusammenarbeit GmbH (GTZ) to strengthen its reinsurance mechanism which will allow cooperatives in the Philippines offering microinsurance to survive post-disaster microinsurance claims.

IF their tax payments last year mean anything, the insurance industry may sustain its upward trek and post another banner year this year in terms of tax payments on insurance premium.

MANILA, Philippines – Insular Life Assurance Corp. said the growing optimism in the Philippine economy is boosting the sales forecast of the country’s life insurers. The country’s gross domestic product (GDP) grew by an impressive 7.9 percent in the first six months of 2010, with the life insurance industry posting strong growth.

MANILA, Philippines – The Supreme Court (SC) has issued a ruling that defines the relationship between a life insurance company and a contracted agent for an insurance company.

THE government said non-life insurance companies have paid up only a fraction of the total claims made by clients who were hard hit by typhoons Ondoy and Pepeng.

ANILA, Philippines – President Arroyo has signed into law a bill that reduces taxes on life insurance from five percent to two percent and provides staggered rates for documentary stamp tax.

MANILA, Philippines—The Department of Justice has created a task force of 41 prosecutors that would look into complaints of typhoon victims whose insurance claims on damaged homes and motor vehicles are being held off by their respective insurers.

Over the weekend, one of our friends, Pastor Manny Carlos shared a statement that his hair stylist made about flood victims.

Most Metro Manila households and commercial and industrial establishments affected by Ondoy’s wrath may slowly be getting back to shape, but not so for the insurance industry which is working overtime to process the deluge of claims.

MANILA, Philippines – The Philippine Insurers and Reinsurers Association (PIRA) revealed yesterday that initial claims for losses related to tropical storm “Ondoy” have reached P11 billion.

LOCAL insurers are likely to get hit with more than $236 million (nearly P10.8 billion) in non-life claims alone from the devastating floods caused by storm Ondoy, an industry association said yesterday.

Nine insurance companies have beefed up their capitalization to meet the government’s minimum requirement while one has been placed under voluntary receivership, the Insurance Commissioner Eduardo Malinis said yesterday.

MANILA, Philippines – Seven out of 24 pre-need firms with existing dealer’s licenses have incurred a trust fund deficiency as of Dec. 31 last year.

MANILA, Philippines – Around a third of the pre-need companies operating in the country are forecast to wind down operations and just focus on servicing existing clients rather than continue to compete for a shrinking base of customers, an industry source said.