Chubb, the world’s largest publicly traded property and casualty insurer, has announced the development of its “Pay As You Roam” (PAYR) travel insurance proposition.

More than a quarter of respondents in Asia Pacific (APAC) remain concerned about how they will recover financially from the COVID-19 pandemic, while the topic of mental health rises to the top of consumers' health concerns, as shown in Swiss Re's 2021 APAC COVID-19 consumer survey.

REINSURANCE brokers generated a total of P2.36 billion in premiums and earned P144.81 million in commissions in 2019, the Insurance Commission (IC) said.

The world's top 20 insurance broking groups accounted for just over a half of global insurance broking revenues in 2020, according to rankings and analyses released yesterday by Insuramore, a provider of marketing services and related consultancy with a primary focus on the insurance sector. The rankings indicate that the world’s top 20 broking groups as measured by total insurance broking revenues in 2020 accounted for a combined 52.3% of fees and commissions earned (and the top 250 groups for 78%).

Welcome to our feature update on Natural Catastrophes and Climate Risks. Climate change is one of the biggest challenges of our time, which requires us to take urgent and decisive action. Swiss Re Institute's expertise report The economics of climate change: no action not an option ranks 48 of the world's economies by their susceptibility to climate risk. The results show that the global economy could lose up to 18% of GDP by mid-century if no action is taken, and Asia is among the world's most vulnerable regions, with 26.5% of GDP at risk when faced with climate change. The effects of climate change are evident, most notably in secondary perils. Many of us have experienced it – higher average temperatures, prolonged heatwaves, more extreme wildfire and more severe rainfall and flooding. This year's sigma report on Natural catastrophes in 2020 shows that among the USD 81bn insured losses inflicted by natural disasters last year, more than 70% resulted from secondary perils. In this update, we look back at lessons learned from disastrous events ten years ago, examine the impact of climate change in the years to come and discuss how our industry can help change the risk equation. We believe that together, APAC can lead the way in climate change mitigation, and our industry will play a pivotal role in strengthening the region's resilience. To learn more about Swiss Re's research findings and Property & Casualty solutions, please reach us at PC_Asia@swissre.com or contact your Swiss Re client manager. I look forward to hearing from you. Best regards, Victor Kuk Head P&C Reinsurance Southeast Asia, India, Korea, Hong Kong and Taiwan Mark Senkevics Head P&C Underwriting Asia & ANZ

The insurance Commission (IC) said it has now been cleared to take a unit of College Assurance Plans Philippines, Inc. (CAPPI) into conservatorship, after the Supreme Court (SC) barred the pre-need firm from selling the subsidiary to support its rehabilitation. “With this ruling of the Honorable Supreme Court, the IC can proudly state that it was able to protect the rights and interests of the planholders of CAP Pension (Comprehensive Annuity Plans and Pension), consistent with our mandate under the Pre-Need Code of the Philippines,” Insurance Commissioner Dennis B. Funa said. “The Insurance Commission will now proceed with the conservatorship of the company. But first we will examine the financial condition of CAP Pension as of today to see what assets of the company remain; we will then appoint a conservator to recommend the direction that we will take,” Mr. Funa added.

Over the Past Year and a quarter, most of PIRA members missed the traditional ways of networking, a critical tool in the Non-Life Insurance Industry. We used to have numerous face to face meetings from Committee meetings, to caucuses, fora , the GMM not to leave out the fun part the Golf Tourneys and the cocktails and dinners so on and so forth. However as in most changes, Technology still plays a major role in allowing us to network albeit in novel ways. Here are a few tips on how to do it from the experts. https://www.forbes.com/.../14-professional-tips-for.../... Source: forbes.com

To All Members Attention: Registered Representative and/or Accredited Alternates SUBJECT: ASEAN REINSURANCE PROGRAMME'S (ARP) - "THE ART OF REINSURANCE-HOW PROPORTIONAL REINSURANCE TREATY BUSINESS IS CONDUCTED" Please find below an invitation from the ASEAN Insurance Council (AIC) to the ARP's Series of Modules on the topic "THE ART OF REINSURANCE-HOW PROPORTIONAL REINSURANCE TREATY BUSINESS IS CONDUCTED". https://event.tiins.com/

The House of Representatives has approved the final reading of a Bill requiring environmental insurance coverage for environmentally-critical projects (ECP) in order to protect the country's ecology and natural resources. To be known as the Mandatory Environmental Insurance Coverage Act, the Bill has been transmitted to the Senate following its passage in the lower chamber on 1 June. The Bill was authored by Deputy Speaker Rodante D Marcoleta.