Insurance

Toward an inclusive social insurance coverage in the Philippines: Examining gender disparities

Published by rudy Date posted on August 21, 2021

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Affordable insurance pushed for poor households

Published by rudy Date posted on November 2, 2020

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).

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Manulife unveils flexible life, health insurance

Published by rudy Date posted on October 14, 2020

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.

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Phl leads East Asia in microinsurance

Published by rudy Date posted on November 25, 2015

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).

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

Published by rudy Date posted on August 20, 2015

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

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Phl insurance market still smallest in Asean

Published by rudy Date posted on June 21, 2015

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).

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Most Filipinos still risk-averse

Published by rudy Date posted on July 8, 2014

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.

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Evolving insurance industry plays important role in country’s growth

Published by rudy Date posted on November 6, 2013

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.

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20 insurers still in hot water

Published by rudy Date posted on July 19, 2011

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…

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Insurers struggle to meet new capital requirement

Published by rudy Date posted on May 24, 2011

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.

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Consumers turn multi-modal

Published by rudy Date posted on January 20, 2011

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.

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‘Acts of God’ coverage in insurance eyed

Published by rudy Date posted on December 12, 2010

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…

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Poor need to understand microinsurance very well

Published by rudy Date posted on November 9, 2010

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.

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Industry seeks amendments to irrelevant insurance code

Published by rudy Date posted on November 9, 2010

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.

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‘Three-in-one’ microinsurance product planned

Published by rudy Date posted on November 8, 2010

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.

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Top business risks in the insurance industry

Published by rudy Date posted on October 11, 2010

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.

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Coop group, GTZ forge reinsurance compact

Published by rudy Date posted on October 11, 2010

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.

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Banner year for insurance industry seen in 2010

Published by rudy Date posted on October 4, 2010

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.

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Insurance sector upbeat on prospects

Published by rudy Date posted on September 12, 2010

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.

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Supreme Court landmark ruling differentiates insurance agent from plain employee

Published by rudy Date posted on July 13, 2010

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.

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Only a fraction of typhoon insurance claims paid up

Published by rudy Date posted on April 29, 2010

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.

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GMA signs law reducing taxes on life insurance

Published by rudy Date posted on March 18, 2010

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.

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Task force set up to go after delinquent insurers

Published by rudy Date posted on October 19, 2009

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.

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What are the real problems?

Published by rudy Date posted on October 19, 2009

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

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Acts of God

Published by rudy Date posted on October 19, 2009

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.

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Insurers face P11 billion claims

Published by rudy Date posted on October 10, 2009

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.

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Non-life insurance claims may reach P10.8b

Published by rudy Date posted on October 10, 2009

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.

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9 beat insurance deadline

Published by rudy Date posted on April 30, 2009

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.

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7 of 24 pre-need firms with dealer’s licenses had trust fund deficiencies

Published by rudy Date posted on March 18, 2009

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.

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1/3 of pre-need firms seen to wind down operations

Published by rudy Date posted on March 6, 2009

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.

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