By Michael F. Rellosa - Executive Director Christmas Day has passed, but the season remains—and perhaps this quiet stretch between the holidays and the New Year is where its meaning settles deepest. This is the time when families return to work, businesses prepare their next moves, and many Filipinos begin to think again about what the year has brought: the joys, the hardships, and the uncomfortable truth that no matter how hard we work, certain risks remain beyond our control. For the Philippines, that truth is not abstract. We live with typhoons, floods, earthquakes, fires, health threats, economic disruptions, and increasingly, digital risks. We experience uncertainty in ways that can undo years of progress in a matter of hours. Every year, the list of vulnerabilities grows, and the consequences become harder to ignore. That is why this moment is important for the Philippine insurance industry. Because insurance is not simply a business. It is a promise. A social mechanism. A stabilizing force. And in a country as exposed as ours, it should be one of the strongest pillars of resilience we can offer. Yet if we are honest with ourselves—as leaders, professionals, and stewards of this industry—we know there is still work to be done. The protection gap remains wide. Too many Filipinos remain uninsured or underinsured. Trust, while improving, remains fragile. And some who do have coverage still experience insurance as complicated, slow, or distant from their real needs. This is not a season for blaming. It is a season for reflection—and then for action. The Role We Were Built For Insurance exists because a society accepts a moral and practical truth: people should not face catastrophe alone. When done well, insurance enables families to recover with dignity. It allows businesses to rebuild and keep workers employed. It helps communities stand up again after disasters. And it reduces the long-term dependency that often follows emergencies, especially among those already struggling. If this is our mission, then our success cannot be measured only by premiums, profits, or market share. Those are important indicators—but incomplete. Our true scorecard is much larger: Did we expand access meaningfully? Did we strengthen trust in our systems? Did we pay claims fairly, clearly, and promptly? Did we make protection understandable, not intimidating? Did we help the country become more prepared—not merely more insured? These are the questions a New Year should ask of an industry like ours. A Word to Our Stakeholders To insurers and reinsurers: we are underwriting the future. Discipline and solvency must remain non-negotiable—but so must our willingness to design solutions that meet people where they are, not only where profitability is easiest. Sustainable growth and social relevance must no longer be treated as competing goals. To agents, brokers, and intermediaries: you remain the human face of this industry. You do not simply sell policies—you shape belief. When you educate ethically and recommend responsibly, you protect not only customers but the credibility of the entire sector. To claims teams and front-line service leaders: you carry the moment of truth. A claim is not a transaction—it is a policyholder’s crisis. In those moments, insurance becomes either a lifeline or a disappointment. How we show up then will determine whether people trust us again. To boards and investors: our long-term stability rests on public confidence. Every decision that prioritizes short-term gain over policyholder experience risks weakening the foundation that keeps this business viable. To regulators and association leaders: the public expects protection ecosystems, not fragmented processes. Collaboration, modernization, and consistent enforcement are not luxuries—they are expectations. To our technology and innovation partners: digital transformation must do more than speed up processes. It must widen the door. Innovation must make protection more accessible, more understandable, and more inclusive—especially to those who need it most. And to every professional across the industry—underwriters, actuaries, compliance teams, operations, finance, customer care—I want to say this plainly: You are part of one of the most consequential missions in Philippine society. Your work determines whether a family rebuilds—or breaks—after loss. Trust Is Our Greatest Asset Many industries compete for customers. The insurance industry must first earn belief. Trust is not built through marketing. It is built through clarity, consistency, and lived experience—especially at claim time. It is built through transparency in what is covered and what is not. It is built by rejecting unethical practices wherever they exist. It is built by making insurance simple enough for people to understand, and fair enough for people to embrace. If we want to spur a healthier insurance culture in the Philippines, we must treat trust as our most important asset—because without it, insurance is only paper. The Opportunity of the New Year The Philippines will not suddenly become less exposed to risk. If anything, exposure will grow. But we can decide that the nation will not remain equally vulnerable. The coming year can be the year our industry deepens its purpose: becoming more transparent, more responsive, more inclusive, and more essential to national resilience. And if we do that—if we move beyond merely selling policies toward building real protection—then perhaps years from now we will look back and say: This was the season we stepped into the role we were meant to play. Not only as an industry, but as a pillar of national recovery and preparedness. That would be a worthy legacy for a New Year. Happy New Year everyone!

THE appointment of Markus Lacanilao as the new chief of the Land Transportation Office (LTO) in October 2025 has been met with cautious optimism from many quarters. The LTO, an institution essential to the daily movement of millions of Filipinos, has long faced challenges relating to operational bottlenecks, legacy systems and public trust. Lacanilao’s entry into the agency brings with it not just new leadership but an opportunity to recalibrate priorities and strengthen long-standing processes. Coming from a career as ambassador and special envoy for transnational crime, Lacanilao arrives with experience in cross-border coordination, policy implementation and system integrity — skills that naturally translate into the complex regulatory environment of the LTO. His background suggests a leader accustomed to navigating sensitive issues requiring both firmness and diplomacy. This may explain why, in just his first weeks, he has managed to take decisive steps while still maintaining constructive relationships with stakeholders. One of his earliest actions — placing four regional directors from National Capital Region, Regions 2, 4B and 12 on administrative removal due to allegations of irregularities — was a clear signal of his intent to strengthen internal accountability. Yet, what stands out is that these developments did not lead to public discord within the organization. Instead, they were accompanied by supportive statements from several industry groups, suggesting that the reforms were broadly viewed as part of a sincere effort to reinforce professionalism within the LTO. Focus on systems strengthening Lacanilao’s first 45 days indicate a management style that emphasizes systems improvement and interagency collaboration. His signing of a MOA with the Bureau of Customs to create an automated and integrated framework for monitoring the importation of high-end and luxury vehicles is a forward-looking step. Such initiatives, if effectively implemented, can reduce administrative burdens while helping ensure that only properly documented vehicles reach Philippine roads. Similarly, his efforts to address “no-shows” in licensing and registration processes, and to minimize informal “payola” practices, demonstrate a consistent alignment with ensuring transparency and predictability in agency transactions. The reported reduction in extortion affecting colorum public utility vehicles is another positive development that aligns with broader government efforts to level the playing field for legitimate operators. These actions, taken together, suggest an early reform direction focused not on dramatic overhauls but on strengthening foundational processes — an approach that tends to create more sustainable impacts. A good example of Lacanilao’s balanced approach is his decision to delay the impounding of e-bikes and e-trikes on major roads until Jan. 2, 2026. With growing public concern and confusion around the enforcement of this policy, the temporary deferment gave regulators, local government units and the public more time to clarify rules and ensure that implementation would be both fair and well understood. This gesture reflects a willingness to listen and adapt — an important quality for any leader in a highly visible agency like the LTO. Constructive partnership: CTPL and nonlife insurance industry Among the sectors closely watching Lacanilao’s administration is the nonlife insurance industry, which plays an integral role in the system of compulsory third party liability (CTPL) insurance required for motor vehicle registration. Over the years, insurers have expressed a desire to collaborate more closely with the LTO to address operational gaps relating to CTPL issuance, monitoring and data integration. Challenges such as fake policies, inconsistent verification systems and duplicative issuance have persisted largely because technology and processes have not evolved at the same pace as the needs of motorists and insurers. The industry is hopeful that under Lacanilao’s leadership, the LTO might prioritize system modernization, digital integration and stronger safeguards — changes that would benefit not just insurers but also vehicle owners who rely on valid CTPL protection. Importantly, the tone coming from insurance stakeholders is collaborative rather than critical. Many believe that Lacanilao’s early emphasis on transparency and modernization creates a conducive environment for constructive engagement. The opportunity now is for the LTO and the insurance sector to jointly explore reforms that improve efficiency, discourage fraud and provide motorists with a smoother, clearer CTPL experience. Chance to build long-term institutional confidence While it is still early in his tenure, Markus Lacanilao’s leadership so far has shown a blend of decisiveness and diplomacy. His actions signal a desire to strengthen systems rather than merely disrupt them, and to engage stakeholders rather than sideline them. These qualities are particularly important in a regulatory agency whose success relies heavily on coordination with industry groups, local governments and law enforcement partners. If he continues to pursue reforms in a manner that is consultative, transparent and data-driven, Lacanilao has the potential to lead the LTO into a period of renewed credibility and institutional stability. For sectors like nonlife insurance that have been eager for modernization and clearer regulatory alignment, his early days in office provide a promising foundation for meaningful collaboration. As with any new leader, the real test will be in the long-term consistency of reforms. But for now, the path appears constructive, and the hope for continued positive engagement remains strong. Source: www.manilatimes.net

Industry News 28th ASEAN Insurance Regulators' Meeting & 51st ASEAN Insurance Council Meeting in Siem Reap, Cambodia 25-28 November 2025 Industry and IC combined Delegation Nov 27 Out-of-pocket expenses continue to be high even as health insurance grows A new study in the Philippines has revealed that the total health spending in the country had reached PHP1.4tn ($23.81bn) in 2024, which translates to about 5% of the country's GDP. According to a news report published in the Philippine daily Inquirer, the study conducted by the Philippine Institute for Development Studies (PIDS) found that the public spending drove most of this growth through the Department of Health, the Philippine Health Insurance Corporation and local gov Nov 24 Regulator issues circular implementing measures to follow with state of calamity 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 Nov 21 Philippine insurance industry grows 13% in total premiums The Philippine insurance industry recorded a 13.25% increase in total premiums as of the third quarter of 2025, according to data from the Insurance Commission (IC). Total industry premiums reached PHP372.08bn ($6.41bn) by the end of September, almost PHP50bn higher than the same period last year. Life insurance premiums climbed 13.77% to PHP299.45bn from PHP263.21bn a year earlier, while the non-life segment rose 13.07% from PHP53.13bn in Q3 2024 to PHP60.07bn in Q3 2025. Co Nov 17 Letter of Sympathy from GIIJ and GIAJ Nov 12 Philippines leads push for regional disaster insurance scheme in Southeast Asia Southeast Asia may soon have an insurance programme for rebuilding damaged infrastructure following natural catastrophes. This was announced by the Philippine Department of Finance (DOF) after the 8th Technical Meeting of the Southeast Asia Disaster Risk Insurance Facility (SEADRIF) held in Kyoto, Japan, in October. The DOF said member countries at the meeting agreed to explore the creation of the SEA|DRIF Sovereign Asset and Fiscal Empowerment (SEADRIF-SAFE) facility. The in Nov 6 1 2 3 4 5 November 2025 (9) 9 posts October 2025 (14) 14 posts September 2025 (7) 7 posts August 2025 (16) 16 posts July 2025 (23) 23 posts June 2025 (18) 18 posts May 2025 (17) 17 posts April 2025 (22) 22 posts March 2025 (30) 30 posts February 2025 (15) 15 posts January 2025 (23) 23 posts December 2024 (17) 17 posts

The Philippine Insurers and Reinsurers Association (PIRA) is committed to working and making all aspects of non-life insurance easier for consumers, intermediaries, and insurance companies in the Philippines. Established in 1954, PIRA early on was tasked to provide the prescribed rates for insurance companies and was aptly named the Philippine Insurance Rating Association. Four decades after its founding, the company merged with the Insurance and Surety Association of the Philippines (ISAP), with PIRA retaining its acronym but renamed the Philippine Insurers and Reinsurers Association. ABOUT US ASSOCIATION PROFILE The Philippine Insurers and Reinsurers Association (PIRA) is the non-profit trade association established to serve the general interests of the domestic non-life insurance and reinsurance companies. PIRA is committed to working and making all aspects of non-life insurance easier for consumers, intermediaries, and insurance companies in the Philippines. Established in 1954, PIRA early on was tasked to provide the prescribed rates for insurance companies and was aptly named the Philippine Insurance Rating Association. Four decades after its founding, the company merged with the Insurance and Surety Association of the Philippines (ISAP), with PIRA retaining its acronym but renamed the Philippine Insurers and Reinsurers Association. PIRA today, seeks to promote the overall growth and development of the non-life insurance sector and represents its member companies by: acting as an advocate for the industry; handling issues and developing industry positions through government lobby, public affairs, industry forums conducting technical research and pooling resources to achieve common objectives identifying emerging trends and responding to issues affecting the industry collaborating with government and the private sector on initiatives and projects for the benefit of the industry and community As of January 2023, PIRA’s 55 member companies provide 100 percent of the domestic non-life insurance services sold in the country. PIRA members also account for a substantial investment in the Philippine stock market. OUR VISION PIRA is the Institutional Leader - cohesive, trusted, and self-regulated in a growing non-life insurance industry in the Philippines. OUR MISSION To promote the general welfare and common interests of non-life insurance, surety and professional reinsurance companies doing business in the Philippines and the general public, through ways and means consistent with law; To provide leadership, guidance and direction to the non-life insurance industry; To propagate and spread the concept, principles and benefits of non-life insurance and surety business and to this end conduct educational campaigns, training seminars, workshops, conferences and lectures; To create a positive image of the non-life insurance industry in the country and in the region; To serve as a forum for the exchange of information on matters involving or affecting the non-life insurance, surety and reinsurance industries both local and international; To make PIRA a reliable source of insurance-related statistics, forms and information; To foster unity, goodwill and cooperation among its members in order that collective actions or pursuits in all matters of common interest to them may be facilitated; To promote a harmonious environment where members voluntarily comply. OUR CORE VALUES Trustworthiness Accountability Professionalism Integrity Compassion OUR MEMBERS 1 COOPERATIVE INSURANCE SYSTEM OF THE PHILIPPINES LIFE AND GENERAL INSURANCE AIG PHILIPPINES INSURANCE, INC. ALLIEDBANKERS INSURANCE CORPORATION ALPHA INSURANCE AND SURETY COMPANY, INC. ASIA INSURANCE (PHILIPPINES) CORPORATION ASIA UNITED INSURANCE, INC. AXA PHILIPPINES LIFE AND GENERAL INSURANCE CORPORATION BETHEL GENERAL INSURANCE & SURETY CORPORATION BPI/MS INSURANCE CORPORATION CARD PIONEER MICROINSURANCE INC. CIBELES INSURANCE CORPORATION CLIMBS LIFE AND GENERAL INSURANCE COOPERATIVE COCOGEN INSURANCE, INC. COMMONWEALTH INSURANCE COMPANY CORPORATE GUARANTEE AND INSURANCE COMPANY, INC. COUNTRY BANKERS INSURANCE CORPORATION ETIQA LIFE and GENERAL ASSURANCE PHILIPPINES FPG INSURANCE CO., INC. FORTUNE GENERAL INSURANCE CORPORATION GOVERNMENT SERVICE INSURANCE SYSTEM INSURANCE COMPANY OF NORTH AMERICA (A CHUBB Company) INTRASTRATA ASSURANCE CORPORATION LIBERTY INSURANCE CORPORATION M PIONEER INSURANCE INC. MAAGAP INSURANCE, INC. MALAYAN INSURANCE COMPANY, INC. MANILA BANKERS LIFE AND GENERAL ASSURANCE CORPORATION METROPOLITAN INSURANCE COMPANY, INC. MILESTONE GUARANTY AND ASSURANCE CORPORATION NATIONAL REINSURANCE CORPORATION OF THE PHILS. OONA INSULAR INSURANCE CORPORATION PACIFIC CROSS INSURANCE, INC. PACIFIC UNION INSURANCE COMPANY PARAMOUNT LIFE & GENERAL INSURANCE CORPORATION PEOPLE’S GENERAL INSURANCE CORPORATION PERLA COMPAÑIA DE SEGUROS, INC. PETROGEN INSURANCE CORPORATION PGA SOMPO INSURANCE CORPORATION PHILIPPINE BRITISH ASSURANCE COMPANY, INC. PHILIPPINES FIRST INSURANCE COMPANY, INC. PIONEER INSURANCE AND SURETY CORPORATION PIONEER INTERCONTINENTAL INSURANCE CORPORATION PRUDENTIAL GUARANTEE AND ASSURANCE, INC. SEAINSURE GENERAL INSURANCE COMPANY, INC. SGI PHILIPPINES GENERAL INSURANCE COMPANY, INC. STANDARD INSURANCE COMPANY, INC. STARR INTERNATIONAL INSURANCE PHILIPPINES BRANCH STERLING INSURANCE COMPANY, INC. STRONGHOLD INSURANCE COMPANY, INC. THE MERCANTILE INSURANCE COMPANY, INC. THE PREMIER LIFE AND GENERAL ASSURANCE CORPORATION TRAVELLERS INSURANCE & SURETY CORPORATION VISAYAN SURETY AND INSURANCE CORPORATION WESTERN GUARANTY CORPORATION

PIRA is the umbrella organization representing the collective interests of the non-life insurance industry in the Philippines since 1954. Promoting the growth and development of the non-life industry for 70 years Promoting the growth and development of the non-life industry for 70 years Promoting the growth and development of the non-life industry for 70 years Promoting the growth and development of the non-life industry for 70 years As the principal voice of the non-life insurance industry, PIRA works to advocate for policies and advance proposals that improve the ability of its members to conduct and grow business in the Philippines and increase the industry's effectiveness. 1/3 PIRA Updates 2025 CSR Conference and Expo Fostering Resilience: Engaging the Private Sector in Agriculture Insurance Insurance Hybrid Capital Assessment in the Philippines Our Member Companies To play, press and hold the enter key. To stop, release the enter key. Full list of members, click here .