Insurers urge IC to postpone hike in capital requirement

INDUSTRY LEADERS urged the Insurance Commission (IC) anew to postpone the mandated increase in their minimum capital set for this year’s end, saying many companies are still far from meeting the higher requirement. Philippine Insurers and Reinsurers Association (PIRA) Chairman Edgardo D. Rosario and Etiqa Philippines Chief Executive Officer (CEO) and Philippine Life Insurers Association […]

Fujitsu and Salesforce Japan start collaboration on healthcare solutions for the Japan market

TOKYO, Jun 21, 2022 – (JCN Newswire via SEAPRWire.com) – Fujitsu and Salesforce Japan Co., Ltd. (hereinafter Salesforce Japan) today announced the start of a collaboration to create new digital solutions for the healthcare sector in the Japan market. The two companies will promote this initiative by leveraging Fujitsu’s expertise in the trusted handling of […]

Insurtech seen to help improve insurance penetration in the Philippines

FINANCIAL TECHNOLOGY (fintech) firms target to help increase insurance penetration in the country through microinsurance products offered through online channels or insurtech. Insurtech firm Igloo Country Manager Mario Berta said in a webinar on Wednesday that they primarily offer granular insurance coverage through its distribution platform partners, including GCash, Etiqa Life and General Assurance Philippines, […]

Worst COVID outbreak leaves Taiwan insurers bracing for more than $1 billion in claims

TAIWAN’S worst coronavirus disease 2019 (COVID-19) outbreak has left the island’s insurers bracing for more than $1 billion in claims that the financial regulator is urging them to honor. The head of the Financial Supervisory Commission (FSC), Huang Tien-mu, has ordered insurers to pay out on valid COVID-related insurance policies after they faced criticism from […]

Pandemic boosts insurance, investment awareness among Filipinos

FILIPINOS are becoming more aware of and committed to increasing their insurance coverage and investments as the pandemic brought to light the importance of preparing for the unexpected, industry experts said. In a BusinessWorld Insights session titled “Growing Your Money and Finding the Best Insurance for You,” experts said younger Filipinos as well as overseas […]

PDIC resolves more deposit claims, loan accounts in 2021 as process goes online

PHILIPPINE Deposit Insurance Corp. (PDIC) settled 19,184 deposit insurance claims and resolved over 30,000 loan accounts of closed banks in 2021, the Department of Finance (DoF) said in a statement on Tuesday. PDIC President and Chief Executive Officer Roberto B. Tan said in a report to Finance Secretary and PDIC Board Chairman Carlos G. Dominguez […]

IC monitoring PhilHealth, PCIC’s shift to new accounting standard

THE Insurance Commission (IC) is monitoring government-run health and crop insurance agencies as they adopt the Philippine Financial Reporting Standards 4 (PFRS 4) accounting standard, the Department of Finance (DoF) said. The commission is keeping an eye on both the Philippine Health Insurance Corp. (PhilHealth) and the Philippine Crop Insurance Corp. (PCIC), the DoF said […]

ZhongAn Online Released 2021 Annual Report

HONG KONG, Mar 25, 2022 – (ACN Newswire via SEAPRWire.com) – ZhongAn Online P & C Insurance Co. Ltd. (“ZhongAn Online” or “ZhongAn” or the “Company”, HKEx: 6060) released its audited annual report for the year ended December 31, 2021 (“the reporting period”). The Company leveraged its strengths in insurance technology and rich resources connected […]

Insurance industry posts growth in premiums, net income in 2021

THE INSURANCE SECTOR posted “significant” growth in various performance metrics in 2021, reflecting its recovery from the adverse effect of the coronavirus pandemic. THE INSURANCE INDUSTRY posted growth in premiums, income and benefits paid in 2021, data from the regulator showed. The Insurance Commission (IC) said in a statement on Thursday that life and nonlife […]

Commonwealth Insurance tops nonlife companies in terms of bond performance

COMMONWEALTH INSURANCE Co. (CIC) topped nonlife insurers in terms of bond performance in 2020, the Insurance Commission (IC) reported on Wednesday. The list ranks nonlife insurance companies on premiums on direct or bond business or premiums for bonds received by insurers before considering reinsurance ceded. CIC had the highest bond earnings in 2020 at P447.45 […]

Lomotos is the new Ronda king

1 of 2 TEAM NAVY Standard Insurance — ERNIE PENAREDONDO RONDA winner Ronald Lomotos of Navy Standard Insurance — ERNIE PENAREDONDO Navy Standard Insurance reigns supreme as team champs By Joey Villar BAGUIO CITY — Four years ago, it’s hard to imagine Ronald Lomotos winning the LBC Ronda Pilipinas title after he was disqualified due […]

Pru Life UK offers health management solutions to CIMB clients through app

PRU LIFE UK on Tuesday launched a distribution agreement with CIMB Bank Philippines, Inc. for the insurance company’s first digital bank insurance partnership in the country. Through its app Pulse, Pru Life will extend its health management solutions to CIMB customers, while Pulse app users can access CIMB’s deposit, savings and credit products. The partnership […]