The insurance industry needs to approach the opportunities and challenges facing the segment from different perspectives, as well as different responsibilities and priorities. And, according to International Association of Insurance Supervisors (IAIS) Secretary General Gerry Cross, in his welcome remarks, opportunities and challenges the industry faces “have always had a significant international dimension”. “Insurance is, the end of the day, a business of risk diversificatio

Insurance companies and other entities regulated by the Insurance Commission (IC) have been ordered to expedite the settlement of claims in areas declared under a state of calamity following the magnitude 7.8 earthquake that struck Mindanao. The directive from the Philippine insurance regulator requires regulated entities to accelerate the evaluation, approval and payment of claims whenever national or local authorities place an area under a state of calamity. To help affecte

The Philippines' finance chief is being sued over the alleged diversion of funds from the country's state insurance institutions to the national treasury. The charges were filed by health reform advocate and former adviser to the Department of Health, Dr Tony Leachon. He filed plunder and technical malversation cases before the Office of the Ombudsman against Finance Secretary Ralph Recto over the PHP60bn ($1bn) diversion of funds from PhilHealth reserve funds and PHP107bn fr

The Philippines and the United Arab Emirates are working toward establishing a formal health insurance arrangement that would extend coverage to Filipino workers in the Gulf state, according to the Department of Health. It is said that the initiative marks a significant step in enhancing protection for one of the Philippines’ largest overseas worker populations. The talks are part of the Philippines President Marcos Jr. administration’s broader push to strengthen the welfare

The Philippines' Insurance Commission (IC) recorded a near 90% increase in its fines and penalties collection in 2025, with the agency attributing the rise to intensified efforts to enforce compliance and strengthen oversight of regulated entities. The IC collected a total of PHP87.72m ($1.47m) in fines and penalties last year, representing an 86.21% increase from 2024. Despite stricter enforcement, the Philippine insurance industry sustained its expansion, with total assets

In a circular letter, the Insurance Commission (IC), the regulator of the Philippines, ordered all insurance companies and related entities to undertake the following measures whenever a state of calamity is declared in the country: Expedite the processing approval, and payment of claims for damage attributable to said disasters, including relaxation of company procedures and documentary requirements. Extend the period for submitting claim notices and other required documents

The Asian Development Bank (ADB) has approved a $400m policy-based loan to support reforms aimed at raising the efficiency of the Philippines' insurance industry, creating an enabling environment for broader participation in the sector, and helping stimulate stronger economic growth. The Insurance Reform Program, Subprogram 1 supports broader financial sector development reforms in regulation and supervision, including greater intermediation of long-term credit for governme

As part of its initiative to ensure that only approved products are offered to the public, the Filippino insurance regulator, the...