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...
The pre-need industry’s net income surged to P11.21 billion in the first half of the year amid an increase in the number of memorial plans sold, the Insurance Commission (IC) said. According to IC data, this was a 9.45 percent increase collected from January to June last year. The commission said...
Senator Sherwin Gatchalian on Sunday, November 5 urged state regulators to strengthen mechanisms for consumer protection amid the continuing proliferation of online fraudulent activities especially with the onset of the Christmas season. Gatchalian, in particular, urged the...
Micro-insurance companies collected over P6.7 billion worth of premiums in the second quarter this year, surging by 22.7 percent from P5.5 billion in the same period last year. Latest data released by the Insurance Commission (IC) showed that the number of lives insured under micro-insurance...
The health maintenance organization (HMO) industry recorded a net loss in the first half of the year, reversing the previous year's profit, data from the Insurance Commission (IC) showed. According to the recently released IC report, the HMO sector registered losses amounting to P1.186 billion from...
