Double-digit growth in both life and non-life premiums fueled the insurance industry’s expansion as of end-September, driven by Filipinos’ rising awareness and demand for financial protection. Data from the Insurance Commission (IC) showed that total premiums for the insurance...
Sun Life of Canada (Philippines), Inc. maintained its lead in the domestic life insurance industry, posting ₱28.9 billion in premium income in the second quarter of the year. In a statement, the local unit of Sun Life of Canada, Inc. reported that premium earnings were nearly double the...
The Philippine insurance industry posted a double-digit growth in terms of premium collections in the first six months of 2025, according to the Insurance Commission (IC). Latest data from the IC showed that combined premiums for both life and non-life insurance products reached ₱242.8 billion as...
The Insurance Commission (IC) is proposing to increase premium rates for motor vehicle insurance while also expanding the maximum coverage for policyholders. A draft circular dated June 27, intended for review by non-life insurance companies, proposed an increase in certain basic premium rates for...
The Philippines’ non-life insurance sector’s total premiums posted a 19.2 percent increase to ₱18.8 billion in the first quarter from ₱15.8 billion last year on the back of continued strong demand for motor car and fire insurance, data from the Insurance Commission (IC) revealed. By...
Sun Life Philippines, the local unit of Sun Life of Canada, Inc., led the life insurance industry in the first quarter of 2025 by posting a premium income of ₱15.1 billion — the highest total premium recorded across the sector during this period, the company announced Tuesday. “This...
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...
The Insurance Commission (IC) reported that the health maintenance organization (HMO) industry’s total net income surged by 84.4 times—or by over half a billion pesos—in the first quarter of 2025 compared to the same period last year, driven by a sharp increase in membership fee income. The...
Large companies' heavy reliance on bank loans, particularly from major local banks, could amplify vulnerabilities within the Philippine financial sector, according to the 2024 Financial Stability Report (FSR). "Corporates’ heavy reliance on bank funding could amplify credit risks to the financial...
Pru Life UK, a London-based international life insurance company, is set to be the first Takaful operator in the Philippines, as the insurer’s executives confirmed it will launch the product next month, April 2025. Speaking to reporters during a roundtable discussion on Monday, March 24, Pru Life...
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...
Consumers of insurance products may expect a more robust protection as the Insurance Commission (IC) has entered into an agreement with National Privacy Commission (NPC) to advance the use of Privacy-Enhancing Technologies (PETs) in the industry. Other sectors covered in this enhanced protection...
