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In the latest release of insurance industry unaudited figures, Insurance Commissioner Dennis Funa said that Malayan Insurance Co., Inc. was in first place for the Philippine non-life insurance industry, based on Gross Premiums Written, for the Year 2020. Malayan Insurance’s number one ranking was based on the compilation of quarterly reports on selected financial statistics of the insurance industry, submitted by companies to the Insurance Commission. Based on a compilation of unaudited reports submitted for the year 2020, Malayan Insurance’s gross premiums written amounted to P14.21 billion, the highest in the industry, despite the effects of the COVID-19 pandemic on the economy. Malayan’s net premiums written were at Php4.08 billion, putting it among the top non-life insurers in the country.

MANILA– The Insurance Commission (IC) has processed 100 percent of monetary claims as well as license and product applications last year to meet the growing needs of the insurance industry, which expanded to PHP1.79 trillion as of the third quarter of 2020 amid the pandemic. In its report to Finance Secretary Carlos Dominguez III, the IC said it also issued 114 circulars in 2020, the highest in the history of the commission, which were mostly on assisting the industry mitigate the economic impact of the Covid-19 pandemic on its clients as well as its workforce. IC commissioner Dennis Funa said that amid the challenges resulting from the pandemic, the insurance industry grew 2.83 percent year-on-year (YOY) as of end-September 2020, with assets increasing from PHP1.74 trillion in 2019 to PHP1.79 trillion last year.

The Philippines’ insurance industry has expanded to P1.79 trillion as of the third quarter of 2020, the Insurance Commission (IC) said Wednesday. In his report to Finance Secretary Carlos Dominguez III, IC Commissioner Dennis Funa said that despite the challenges resulting from the COVID-19 pandemic, the insurance industry grew 2.83% year-on-year (YOY) as of end-September 2020, with assets increasing from P1.74 trillion in 2019 to P1.79 trillion last year. In particular, the life insurance sector grew by 0.96% as of the third quarter of last year to P1.4 trillion, while the non-life sector expanded by 9.92% in the same period to P274.5 billion.

Feeling incomplete after the inspiring sessions of last month's module? We have exactly what you need right here! Back again with Mr. Edward Gooda, he will take you to the other side of the Art of Reinsurance, 'How Non-Proportional Reinsurance Treaty Business Is Conducted'. First session commences on 18 May, be sure to secure your place by clicking the following link: https://www.scicollege.org.sg/Course/GetCourseHtml?CSID=21RARP03&fbclid=IwAR2Pi_gGmfgXKl_RiiZco1X_d8SoGT68IZIPOdIUmdhhovXLKQTVovMxcuA

For most of us, over the past year the COVID-19 pandemic has understandably overshadowed all other concerns. But new research from Swiss Re Institute makes it clear climate change will be the fundamental economic challenge of our time - and measures just how high a price our region will face if we fail to address it. How all of us, re/insurers included, respond to this test will define Asia’s growth trajectory, and foster, or endanger, the prosperity of future generations.