PIRA is part of an initiative that is working on conserving Mangroves and finding out how to value the protection it creates to possibly bring Nat Cat premiums down.

The COVID-19 pandemic has changed the world vastly, with many organisations’ having to overhaul their business models amid numerous restrictions. Leonard Tan, country manager for Singapore at Outsystems, was recently on the Insurance Business Talk podcast and shared how insurers can undergo accelerated digital transformation in the volatile pandemic environment. Tan (pictured), said the changes seen in the past year are larger in scale than the changes that happened in the past 10 to 15 years combined. For the insurance industry, one of the largest impacts was sales agents could no longer have face-to-face meetings with clients. This, he said, has forced insurers to “relook, rethink and re-strategize” their business models.

THE Philippine insurance industry saw its net income falling by 8.6 percent to P41.24 billion last year as the sector had to grapple with the impact of the Covid-19 pandemic. Based on the 2020 Industry Performance Report uploaded by the Insurance Commission, the insurance sector’s net income last year dropped from P45.12 billion in 2019. Premium income of the insurance industry in 2020 inched up by 1.18 percent to P308.25 billion from previous year’s P304.65 billion

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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.