AGRI Party-list Rep. Wilbert Lee wants the House of Representatives to probe the impending abrupt and unreasonable increase of "catastrophe insurance" premium rates, which he claimed will greatly affect the prices of basic commodities. AGRI Party-list Rep. Wilbert T. Lee (Ellson Quismorio/ MANILA...
An affiliate of e-commerce platform Shopee has secured its license to sell life insurance products in the Philippines, the Insurance Commission announced. In a statement Wednesday, Aug. 10, Insurance Commissioner Dennis B. Funa said that SeaInsure Life Insurance Co., Inc. (SeaLife) was granted a...
The Insurance Commission (IC) approved the life insurance business application of Maxicare Life Insurance Corp. (MaxiLife), a joint venture firm between the Gokongwei-led investment company and an health maintenance organization (HMO) provider. In a statement on Thursday, July 28, Insurance...
The Insurance Commission (IC) reported on Wednesday, June 15, that local insurers have paid about P2.93 billion for claims related to Covid-19 in the first three-months of the year. In a statement, Insurance Commissioner Dennis B. Funa said the claim payouts were made by life and non-life insurers,...
The Insurance Commission (IC) has issued a new license to AIA Philippines Life and General Insurance Co., Inc. following its merger with Philam Equitable Life Assurance Co., Inc. (PELAC). In a statement, Insurance Commissioner Dennis B. Funa said on Thursday, April 28, that the IC needed to issue a...
Two foreign-led insurers are set to enter the Philippine market, the Insurance Commission (IC) announced. Without naming names, Insurance Commissioner Dennis B. Funa said they are now processing the applications of the two new entrants coming from a Southeast Asian conglomerate. “We will announce...
PhilHealth, PCIC accounting norms monitored By Chino S. Leyco The Insurance Commission (IC) is closely monitoring the compliance of the Philippine Health Insurance Corp. (PhilHealth) and the Philippine Crop Insurance Corp. (PCIC) with the directive of the Department of Finance (DOF) to adopt...
Healthcare benefits and claims rose by 25 percent from October to December last year amid the prolonged pandemic, the Insurance Commission reported on Friday, March 25. In a statement, Insurance Commissioner Dennis B. Funa said health maintenance organizations (HMOs) paid P32.72 billion in benefits...
The Life Underwriters Association of the Philippines (LUAP) launched its first-ever national awards program for the country’s top life insurance advisors and companies. In partnership with the Insurance Commission (IC), LUAP unveiled the Philippine Life Insurance Agents Awards (PhilLIAA). A...
Insurance claims related to the pandemic reached P16.71 billion in the past two years, with life coverages accounting for more than half of the payouts, the Department of Finance (DOF) said. In a report to Finance Secretary Carlos G. Dominguez III, the Insurance Commission said 23 percent or P3.89...
The Insurance Commission (IC) lauded the state-owned Philippine Crop Insurance Corp. (PCIC) and CARD Pioneer Microinsurance, Inc. (CPMI) for an agreement on agriculture insurance. In a statement, Insurance Commissioner Dennis B. Funa said the co-insurance agreement between PCIC and CPMI would help...
As the number of COVID-19 cases in the country increased, insurance claim payouts due to the pandemic hit P8.2 billion in the first nine months of last year, a survey conducted by the Insurance Commission revealed. In a statement, Insurance Commissioner Dennis B. Funa said on Monday, Jan. 31 that...
