THE magnitude 7.8 Sarangani earthquake of June 8 reminded the country of a figure we have all learned to quote: roughly 98 percent of catastrophe losses in the Philippines are uninsured. Average annual disaster losses run in the order of $3.5 billion. Nonlife insurance penetration remains below 1 percent of gross domestic product. Those numbers describe a structural condition rather than a verdict. We are one of the most hazard-exposed economies on earth, growing quickly, wit

To All Members, Registered Representative and/or Accredited Alternate Representative/s, The ASEAN Insurance Council (AIC), a supporting partner of the Labuan International Insurance Association (LIIA) and Labuan IBFC Inc., sends an invitation for the 8th Asian Captive Conference (ACC) 2026. Details are as follows: DATE : 10 September 2026 VENUE : Sime Darby Convention Centre in Kuala Lumpur, Malaysia As a supporting partner, the AIC offers its members the following exc

Only 10 of 51 nonlife insurers belong to the disaster risk pool. A private-sector insurance pool for major disasters in the Philippines faced its first major earthquake in June, but limited reported claims left questions over whether it can absorb a large-scale loss. The Philippine Catastrophe Insurance Facility (PCIF), which pools earthquake risk amongst insurers, was tested by the magnitude 7.8 earthquake that struck Sarangani province in the nation’s south in June. "With t

The finalists for the 30th Asia Insurance Industry Awards have been revealed, with 49 of the region's top insurers, reinsurers, brokers, risk managers and service providers making the shortlist. The awards are well known for their stringent criteria and transparent selection process, overseen by a panel of expert judges from across the insurance industry. This year, the awards attracted almost 185 entries in 16 categories. For the first round of remote selection, judges went

A co-insurance pool launching next year is designed to address it Catastrophe & Flood By Roxanne Libatique of INSURANCE BUSINESS The P135.3 million in agricultural losses triggered by typhoons “Luis” and “Maymay” and an enhanced southwest monsoon is not, by recent Philippine typhoon season benchmarks, an outsized event. Its significance for insurance professionals lies elsewhere: it arrives as the Philippines prepares to launch its first agricultural co-insurance pool in Janu