THE Philippine Institute of Volcanology and Seismology on Thursday raised Alert Level 3 over Taal volcano after its main crater spewed a 'short-lived dark phreato-magmatic plume one kilometer-high with no accompanying volcanic earthquake'. 'This means that there is magmatic intrusion at the main crater that may further drive succeeding eruptions,' Phivolcs chief Renato Solidum told The Manila Times. Phivolcs recommended the evacuation of those living near Taal Volcano Island (TVI) and in the high-risk villages of Agoncillo and Laurel, Batangas due to possible hazards of pyroclastic density currents and volcanic tsunami.

The sulfur dioxide (SO2) gas produced by Taal Volcano has reached Metro Manila and some neighboring provinces, according to PHIVOLCS. READ: https://bit.ly/3w8o1rL ′′ The pollution that we see in Kamaynilaan is really worsened because of the temperature inversion... but because of the arrival of sulfur dioxide gas over Metro Manila, the view of our countrymen around Metro Manila became more hazy," explained by PHIVOLCS Officer-in-Charge and Science and Technology Undersecretary Renato Solidum Jr.

The Insurance Commission (IC) said it is working on a program of incentives to encourage non-life insurance companies to participate in the upcoming Philippine Catastrophe Insurance Facility (PCIF), including tax breaks. Deputy Insurance Commissioner Erickson H. Balmes said in a forum Tuesday that the World Bank proposed the study of possible tax incentives the government can offer associated with the PCIF to make it more attractive and sustainable. “Last month in our last meeting, the World Bank announced that they are going to be engaging a tax expert to look into how to create tax incentives for the pool so that in lean years, (tax) will be collected, and in good years, the tax incentive will be applied,” Mr. Balmes said during the roundtable arranged by the Asian Development Bank Institute (ADBI) and the Organization for Economic Cooperation and Development (OECD). He said the IC aims to promote participation in the catastrophe pool by offering tax breaks. He did not elaborate, saying only that the details of the proposal are under review.

GREATER demand for financial reinsurance, coupled with higher health-related insurance coverage amid the ongoing pandemic, are expected to support the growth trajectory of the National Reinsurance Corporation of the Philippines (Nat Re) in 2021. “We continue to identify pockets of growth such as opportunities resulting from the need for capital relief reinsurance solutions and higher health insurance covers, as well as partnerships with foreign reinsurers,” Allan R. Santos, Nat Re President and Chief Executive Officer, told company shareholders at the 2021 Nat Re Annual Stockholders’ Meeting last June 23.

THE National Reinsurance Corporation of the Philippines (Nat Re) expects slower creation of new business among its clients this year as the economy is still struggling to recover, its top official said, but noted the company could post “profitable growth” despite this. “With intermittent surges in COVID-19 infections and delays in the arrival of the vaccines, the country’s economic recovery could be slower than initially expected. It is still too early to give any definitive statement, but we can expect a slowdown in the new business generation of our clients,” Nat Re President and CEO Allan R. Santos said during their annual stockholders meeting on Wednesday.

Greater demand for reinsurance, coupled with higher health-related insurance coverage amid the ongoing COVID-19 pandemic are expected to support the growth trajectory in 2021 of the National Reinsurance Corporation of the Philippines (Nat Re), the country's national reinsurer. “We continue to identify pockets of growth such as opportunities resulting from the need for capital relief reinsurance solutions and higher health insurance covers, as well as partnerships with foreign reinsurers,” Mr Allan R Santos, Nat Re president and CEO, told company shareholders at the 2021 Nat Re Annual Stockholders’ Meeting yesterday.

The National Reinsurance Corp. of the Philippines (Nat Re) is aiming to generate enough profits and net assets which will allow it to declare dividends again for the stockholders. Nat Re President and CEO Allan R. Santos said during an annual stockholder meeting on Wednesday that the company has to meet the requirements set by the Securities and Exchange Commission (SEC) and the Insurance Commission (IC) prior to dividend declaration.

Mr Dennis B Funa, head of the Philippines Insurance Commission, has been re-elected unanimously as the chairman of Bangkok-based Asian Reinsurance Corporation (Asian Re). This is his second term as chairman following the successful completion of his first two-year term which spanned 2019-2021.