THE TOTAL PREMIUMS collected by microinsurance providers rose in the first quarter, the Insurance Commission (IC) reported on Wednesday. The IC said in a statement that data from mutual benefit associations (MBAs) and life and nonlife insurance companies showed that total contributions increased year on year by 14.87% to P2.65 billion in the January-to-March period. […]
Tag: insurers
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 […]
Russian cyber war seen to pose threat to insurers
RUSSIAN DIGITAL WARFARE against Ukraine and potentially other nations as part of its invasion is prodding cyber insurers to beef up language protecting them against losses, and has left policyholders uncertain about the extent of their coverage. Insurers, still dealing with the fallout from an infamous hack in 2017, have ramped up efforts to refine […]
Investing in innovation to help insurers expand faster, improve prospects
INSURERS THAT invest in innovation are able to expand faster and improve their operations, boosting their long-term prospects, an official from global insurance ratings agency AM Best Company said. Greg Carter, managing director of analytics for Asia Pacific at AM Best, said insurance companies that invest heavily in innovation see their businesses expand faster and […]
Nonlife insurers’ growth prospects remain bright
RATINGS AGENCY AM Best gave a stable outlook to the local nonlife insurance sector, citing robust long-term growth prospects, firms’ higher minimum net worth requirement and wider adoption of technology. AM Best said in a report released on Thursday that a stable outlook means the ratings body expects market trends will have a “neutral influence” […]