Large companies' heavy reliance on bank loans, particularly from major local banks, could amplify vulnerabilities within the Philippine financial sector, according to the 2024 Financial Stability Report (FSR). "Corporates’ heavy reliance on bank funding could amplify credit risks to the financial...
Pru Life UK, a London-based international life insurance company, is set to be the first Takaful operator in the Philippines, as the insurer’s executives confirmed it will launch the product next month, April 2025. Speaking to reporters during a roundtable discussion on Monday, March 24, Pru Life...
Electric vehicle (EV) owners planning to avail of auto insurance can expect more expensive premiums, as guide rates will be published by midyear or earlier, according to a senior official of the Philippine Insurers and Reinsurers Association (PIRA). The non-life insurance industry group's motor...
Consumers of insurance products may expect a more robust protection as the Insurance Commission (IC) has entered into an agreement with National Privacy Commission (NPC) to advance the use of Privacy-Enhancing Technologies (PETs) in the industry. Other sectors covered in this enhanced protection...
Pru Life UK continued its reign as the leading life insurer in the country in the third quarter of the year, driven by strong sales and premium income, data from the Insurance Commission (IC) showed. IC report showed that Pru Life UK achieved a total new business annual premium equivalent (NBAPE)...
Pru Life UK launched the country’s first Islamic insurance lto provide financial inclusivity to many Muslim Filipinos and support the government’s goals to develop Islamic financing. Takaful, which means joint guarantee, is a Shari’ah-compliant insurance recently approved by the Insurance...
The Insurance Commission (IC) reported on Friday, Aug. 16, that healthcare benefits paid out by health maintenance organizations (HMOs) rose by 15.7 percent from January to June this year while their net income also increased. In a statement, the IC said HMOs paid P30.33 billion in benefits in the...
The Insurance Commission is considering offering insurance products for overseas Filipino workers (OFWs) in three regions worldwide. IC Commissioner Reynaldo Regalado told reporters that they are already coordinating with the Department of Migrant Workers on the proper circular to execute this...
Finance Secretary Ralph G. Recto called on the life insurance industry to redefine how people perceive life insurance, noting that it is not mere expenses but protection for a better future for Filipino families. “It is not a mere transaction but a selfless act of love that they can bestow upon...
The Insurance Commission stated that most health maintenance organization (HMO) providers are expected to meet the planned increase of P100 million in minimum capital requirements, but seven others will be affected. On the sidelines of the 74th anniversary of the Philippine Life Insurance...
The life insurance industry registered robust growth in premium collections and financial performance in the first three months of the year, the Insurance Commission (IC) reported. Total premiums collected by life insurance companies increased by 12 percent from January to March 2024 to P87.66...
The health maintenance organization (HMO) industry has returned to profitability for the first time in the post-pandemic era, the Insurance Commission (IC) said. In a statement, the IC reported that the HMO sector posted a net income of P6.8 million from January to March 2024, a reversal of the...
