FWD Life Insurance Corp. (FWD Philippines) plans to simplify policy contracts and introduce new traditional products next year, as it looks to solidify its standing in the country’s fast-growing but still underpenetrated insurance market. “We want to make insurance easy to understand. Today,...
The Insurance Commission (IC) reported on Wednesday, May 21, that the local life insurance industry’s total premium income surged 13.9 percent to ₱99.9 billion in the first quarter of the year, boosted largely by a massive jump in single premiums under variable life insurance. By volume, the...
Senatorial candidate Ben Tulfo seeks to provide life insurance for barangay volunteers in a bid to prioritize their welfare. Tulfo said this as he addressed the municipalities in Nueva Ecija specifically the towns of Talavera and Rizal, where he was invited as a guest speaker. “What happens to...
Increasing frequency and intensity of climate-related disasters are driving up reinsurance costs and impacting insurance premiums in the Philippines Worsening climate change could drive up the cost of insuring personal assets, creating a domino effect from rising reinsurance costs, according...
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...
Security Bank Corporation has assumed management of three FWD Life Insurance Variable Life (VL) funds to offer customers integrated financial solutions that blend life insurance benefits with professionally managed investments. Security Bank, in a Dec. 20 statement, reported that the three VL...
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...
Insular Life (InLife) announced that customers of Aboitiz-led Union Bank of the Philippines and UnionBank Financial Services and Insurance Brokerage Inc. (UFSI) may now avail of its critical insurance plan called Resilience. Resilience is a traditional whole-life plan that provides 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 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....
With an expanding portfolio of insured properties from government agencies, the Government Service Insurance System (GSIS) has emerged as the largest non-life insurer in the country. Wick Veloso, GSIS president and general manager, said the pension fund's gross premiums written (GPW) for its...
