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...
Sun Life Philippines (Sun Life) paid about P6.5 billion in death and living benefits last year amid the prolonged pandemic. In a statement, Benedict Sison, Sun Life Philippines chief executive officer and country head said on Friday, May 13, that the payout of claims and maturities fulfilled the...
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...
Making insurance more relevant, accessible to Filipinos As Filipinos become more concerned about their health and well-being, the country’s life insurance industry has seen unprecedented growth due to the global pandemic. The ongoing health crisis has certainly brought life insurance to the top...
Pru Life UK and Prudential (Cambodia) Life Assurance PLC have teamed up in providing accessible protection to overseas Filipino workers (OFW) through a health and wealth management app in Cambodia. In a statement, Eng Teng Wong, Pru Life UK president and chief executive officer said on Friday, Nov....
The Insurance Commission reported that the premium income of insurers in the country jumped by double digits in the second-quarter, an indication of the country’s economic recovery from a prolonged pandemic. In a statement, Insurance Commissioner Dennis B. Funa said on Tuesday, Oct. 26, that the...
Amid some indications that the coronavirus is here to stay, the Insular Life (InLife) assured that the company has the financial strength to meet its obligations to policyholders. In an online briefing, Raoul E. Littaua, InLife president and chief executive officer said on Tuesday, Sept. 28, that...
Insurance payments related to the coronavirus pandemic hit more than P8 billion. IC Comm. Dennis B. Funa Since the pandemic began, Insurance Commissioner Dennis B. Funa reported that payouts made by life and non-life insurers, health maintenance organizations (HMOs), and mutual benefit associations...
Insular Life (InLife) has assured its policyholders that claims and benefits due will be adequately provided as the country continues to reel from the effects of the coronavirus pandemic. InLife President and CEO Raoul E. Littaua In a statement, Raoul E. Littaua, InLife president and chief...
The Insurance Commission (IC) wants to remove variable insurance products from the list of mutual fund schemes to avoid increasing costs for consumers and defeating the goal of financial inclusion for all Filipinos. Sec. Dominguez and Comm. Funa In a letter to Finance Secretary and Capital Market...
Malayan Insurance Co., Inc. remains ahead in the non-life business as global insurance ratings firm A.M. Best improved the local insurer’s credit rating outlook to “stable.” Despite the global pandemic and its effects on the Philippine economy, the Yuchengco-led insurance company said it...
Some 16 local and foreign business groups have strongly urged for the immediate enactment of the proposed Financial Consumer Protection (FCP) Act, which seeks to protect consumers amidst the growing complexity in financial services, especially digital services. In a statement the business group...
