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...
Over P13 billion worth of premiums were paid to microinsurance companies by the year-end 2023, increasing by 17.3 percent from P11 billion in 2002. The Insurance Commission said that the significant increase in premium collection could be attributed to the across-the-board increase in premium...
The Insurance Commission (IC) has reinstated the two-tiered minimum insurance premium rates for catastrophe insurance products. Based on IC Circular Letter No. 2024-11, premium rates for earthquake risks now back at 0.10 percent, while for typhoons and floods, they are set again at 0.05 percent....
Insurance policyholders will soon have access to free legal assistance when they need to file a claim or complaint related to insurance, pre-need plans, or health maintenance organization (HMO) services. The Insurance Commission (IC) and the Integrated Bar of the Philippines (IBP) signed a...
Health maintenance organization (HMO) Carehealth Plus Systems International has been placed under conservatorship by the Insurance Commission (IC) due to complaints of inability to provide claims. The IC said in a statement Monday, April 8 that Carehealth will be put under conservatorship to...
