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...
Financial woes of health maintenance organizations (HMOs) in the country deepened last year amid surging benefits and claims, the Insurance Commission (IC) reported. According to the IC, the HMO industry reported a net loss of P4.27 billion over the period of January to December 2023, nearly...
The Insurance Commission (IC) announced that car owners can now claim twice the benefits in their mandatory motor insurance without any increase in premiums. In a statement on Tuesday, March 12, IC said that the regulator has updated the compulsory motor vehicle liability insurance (CMVLI) scheme...
As the Philippines grapples with increasing healthcare costs, the government is gearing up to conduct a morbidity study aimed at determining reasonable premium rates for insurance companies. The Insurance Commission (IC) and the Actuarial Society of the Philippines (ASP) have joined forces to...
The Department of Finance (DOF) has urged the Insurance Commission (IC) to develop new products aimed at addressing emerging challenges, notably climate change. Finance Secretary Ralph G. Recto said there is the need to develop new products, implement innovative solutions, and utilize new...
The Insurance Commission (IC) reported that premiums from insurance products tailored to meet the requirements of low-income Filipinos surpassed the P10 billion mark in the first nine months of last year. Based on the IC data, the total premiums gathered from microinsurance policies hit P10.16...
The Insurance Commission (IC) raked in more than half-a-billion-pesos from registration and supervision fees last year, largely fueled by examination fees paid by insurance agents. The IC's data revealed that the agency collected over P518 million from January to December 2023, a 3.83 percent...
The Insurance Commission (IC) reported on Wednesday, Dec. 13, that pre-need companies bounced back from the high benefit claims the industry experienced last year. In a statement, IC said that the pre-need industry reported a net income of P1.79 billion from January to September this year, marking...
The insurance industry in the country experienced an increase of 9.38 percent to P38.28 billion during the third quarter on the back of a surge in life and non-life segments. The latest data released by the Insurance Commission (IC) showed that the industry's net income increased from July to...
