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...
Car owners with comprehensive insurance for their motor vehicles are not required to buy compulsory third-party liability (CTPL) coverage when registering with the Land Transportation Office (LTO). Insurance Commissioner Reynaldo A. Regalado said comprehensive insurance coverage should meet the...
The combined premiums of the insurance industry registered a decline in the first six months of the year, data from the Insurance Commission (IC) revealed. Based on reports provided by 128 out of 136 licensed life and nonlife insurers, as well as mutual benefit associations (MBAs), the total...
Senator Christopher “Bong” Go is pushing for a bill seeking to amend the country’s Insurance Code in order to enhance the services of Health Maintenance Organizations (HMOs). Sen. Christopher “Bong” Go (MB file photo) Go, chairman of the Senate Committee on...
Malacañang on Thursday, March 30, announced the latest appointees of President Ferdinand “Bongbong” Marcos Jr. to three government agencies and offices—Philippine Postal Corp., Insurance Commission of the Department of Finance (DOF), and the National Task Force to End Local Armed Conflict...
The Insurance Commission’s (IC) move to increase the minimum catastrophe insurance rates is an anti-competitive policy that will just incentivize cartels and pass on additional burdens to consumers in the form of price hikes. AGRI Party-list Rep. Wilbert Lee Thus, underscored AGRI Party-list Rep....
The Insurance Commission should consider allowing online shopping platforms to sell insurance products, a policy paper released life insurer Pru Life UK stated. Based on the policy paper called “InsurTech: Driving Broader Insurance Access” authored by law firm Romulo Mabanta Buenaventura Sayoc...
