Business NEWS

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.

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).

Two foreign-led insurers are set to enter the Philippine market, the Insurance Commission (IC) announced.

PhilHealth, PCIC accounting norms monitored

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.

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.

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.

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.

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.

The Insurance Commission (IC) has placed pre-need firm Himlayang Pilipino Plans, Inc. (HPPI) under conservatorship due to poor financial management.

The Insurance Commission (IC) has ordered the immediate processing of claims related to Typhoon Odette.

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.

The Insurance Commission (IC) has placed Forticare Health Systems International, Inc. under conservatorship for non-compliance with the mandatory net worth requirement.

State-run Philippine Crop Insurance Corp. (PCIC) is at risk of suffering heavy losses once major catastrophic events occur, which would eventually be shouldered by the taxpayers, an in-depth analysis by the Insurance Commission (IC) revealed.

The health maintenance organizations’ (HMO) net income nearly doubled in the first three months of the year owing to lower benefit and claim payments, the Insurance Commission (IC) said.

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.

The Council of Members of Asian Reinsurance Corp. (Asian Re) has reelected Insurance Commissioner Dennis B. Funa as chairperson for a fresh new two-year term.

Changes in spending habits amid the community lockdowns last year have boosted the premium income of life insurance companies, the government regulator said on Tuesday (April 20).