The country's non-life insurers are gearing up to make cyber security a priority in their journey to full digitalization. More than 200 executives from the Philippine Insurers and Reinsurers Association (PIRA) attended a two-day webinar on the topic, "Closing the Gap -- Cybersecurity and the Insurance Industry" organized by PIRA in partnership with the Insurance Institute for Asia and the Pacific (IIAP) and IPV Network, a local cyber security company with ties from global specialists in this field. Mr. Ramon Dimacali, former chairman of PIRA and former president of IIAP, said insurance companies have much catching up to do when it comes to cyber security. "The banking sector embraced cyber security much ahead of us," he said. "I have talked with presidents of insurance companies and their main concern is they do not understand it. Hence this webinar." Mr. Miguel Ramos, president of IPV Network, said he is honored to bring the best cybersecurity companies from other countries to the Philippines and offer their services to industries such as insurance. IPV Network particularly mentioned CyberInt, a world-cybersecurity company that offers cutting-edge cyber security solutions. As the head cyber consultant to the Bank of Israel, CyberInt is the only company of its kind that offers a holistic approach to protection beyond the perimeter. A senior cyber threat analyst of CyberInt based in the United Kingdom presented an intelligence report on the state of cyber threats in the Philippines. The analyst, who requested anonymity for security reasons, said insurance companies are the next best target of cyberattacks after healthcare and finance. "You are a slow-moving target," the cyber threat analyst said. "In recent months, insurance companies in the US have experienced major breaches in cyber security and we expect such incidents to become more frequent as more and more people transition their business online." Meanwhile, Mr. Ivan Ivan Jude Busgano, Product Marketing Manager of IPV Network, noted that most companies in the Philippines seldom take cybersecurity seriously. "They leave it completely to their IT department and they think it is just for compliance. Oftentimes, the Cyber Security Team is a one-man team. This has to change. You cannot protect what you don't know. You cannot manage what you don't understand," he said. Mr. Nir Greenberg, Senior Engineer of Illusive Networks, another Israeli company, talked about "Evaluating Risks and Implementing Controls," noted that companies are now more vulnerable because their employees are working from home. "Servers are now being accessed via computers from employees' homes. Your vulnerability increases as you consider that even your supply chain is being accessed by people outside of your company. You can't know for sure where the attack will come from," he said. Mr. Greenberg pointed out that 60 percent of attacks in companies that he has seen so far are internal. "This kind of attack is actually the most devastating because they involve people you know and trust," he said. He went on to explain that the usual insider attacks are perpetrated by disgruntled employees, or those who do not fit the organization's culture and refuse to be managed. And the work-from-home setup has made it easier for such employees to mount an attack on their company's systems. "When people are at home with their computer, no one is watching their back. Now they can do whatever they want," Greenberg said. How to Avoid Insider Attacks CyberInt offered the following tips to insurance companies to prevent insider attacks: 1. Assume that there can be serious insider threats inside your organization, not just elsewhere. 2. Do not assume that background checks will catch all insider threats. 3. Accept that we will not catch all red flags. 4. Consider that insider conspiracies are possible, i.e. multiple insiders conniving to achieve a joint goal. 5. Establish multi-layered protection measures. 6. Recognize the role of organizational culture and employee disgruntlement. 7. Assume that insiders know about your security policies and how to work around them. 8. Know that your established security protocols are sometimes bent. 9. Focus on non-malicious sources of insecurity as well as malicious. 10. Don't just focus on prevention, and strengthen mitigation steps as well IIAP President Ms. Herminia Jacinto stressed that the insurance industry does not have a choice but to confront the cyber security challenge in front of them. "We have to face up to the challenge. The problems are already here," she said. For more information, visit www.ipvnetwork.com.

About ASEAN Reinsurance Programme (ARP) The ASEAN Reinsurance Programme (ARP) aims to enhance reinsurance education and talent development in the region. It is an initiative under the ASEAN Insurance Education Committee and the ASEAN Reinsurance Working Committee and managed by the Insurance Institute of the Asia-Pacific (IIAP) in collaboration with the Singapore College of Insurance (SCI), the Malaysian Insurance Institute (MII), the Thailand Insurance Institute (TII) and the Dewan Asuransi Indonesia (DAI). The ARP is a first of its kind, multi-pronged holistic talent and professional development initiative that combines technical training programmes with internships in time to come. The Programme is slated for February 2021 kicking off with a 2-hour webinar organized by the IIAP, focusing on reinsurance developments in the ASEAN marketplace. Participants who are interested in the technical training programmes will be encouraged to go through a Reinsurance Primer course and assessment, sponsored by SCI. This Primer covers the basic concepts of reinsurance. Participants can register for the various technical training programmes on a stand-alone basis. For a start, only one intake will be offered in 2021 and we will limit the number of participants to no more than 30 per class. Participants are expected to have a minimum of three years of experience in reinsurance.

The Insurance Institute for Asia and the Pacific (IIAP) is officially launching this month (February) its ASEAN Reinsurance Programme (ARP) which aims to enhance the reinsurance education and talent development in the Southeast Asian Region. IIAP Executive Director Francis Papa announced that an Intermediate Level Webinar on ASEAN Reinsurance Market Developments will be held on February 19 starting 1:00 pm. This webinar will serve as the kickoff for the ARP which was jointly developed by the IIAP with the guidance of the ASEAN Insurance Education Committee and the ASEAN Reinsurance Working Committee and the help of the Singapore College of Insurance, the Malaysian Insurance Institute, the Thai Insurance Institute, and DAI Indonesia. "We are inviting insurance executives from all ASEAN countries to attend this webinar to get an overview of the reinsurance market, with special focus on our region. We will look at key parties in the market -- the broker, the reinsurer, the buyer, and even the regulator, and examine their respective roles and how they interact," he said. The resource speaker for the webinar is Mr. Gabriel Manoughian, founder and director of inuRE Reinsurance Training and Solutions, with 25 years of experience in client management, collaborative working, risk analysis, negotiation, product design, business production, and learning support. Among the things he will discuss are: · Examination of market dynamics to show how the reinsurance market works and its day-to-day operations. · Historical developments and how they have shaped the reinsurance industry. · Insights on market trends and what they mean to the ASEAN region. · Review and discussion of key challenges facing the market and how the region can better face these challenges. "We want to provide attendees with a rounded view of the reinsurance market and how it is evolving so they can understand how the market is relevant to their business," said Mr. Papa. Admission to the webinar will be limited to allow maximum interaction among participants. To reserve a slot, please contact the IIAP and look for Ms. Pao Laviña or Ms. AC Rodriguez at telephone numbers 8887-7444 to 46 or via email at education@iiap.com.ph. Registration fee is US$80.

Two insurance industry leaders were recently elected as new members of the Board of Trustees of the Philippine Insurers and Reinsurers Association (PIRA). ​ Ms. Generosa "Gigi" Pio de Roda and Mr. Daniel "Danny" C. Go are the two additions to the PIRA Board replacing Shankar Sinha and Andrew Dee Co who have served their terms of office. ​ Ms. Pio de Roda is the President and CEO of FPG Insurance and the former Chief Operating Officer of Philamlife. She is expected to contribute important insights in business operations transformation with focus on customer experience. She will serve as Trustee and Corporate Secretary of PIRA for this year. ​ Meanwhile, Mr. Go is the President and CEO of MAA General Assurance and former Vice President for Marketing of Prudential Guarantee. He is an authority in motor car insurance and once headed the Association of Insurance Claimsmen. He will serve PIRA both as Trustee and Deputy Chairman for 2021. ​ Mr. Allan R. Santos, President and CEO of National Reinsurance Corporation of the Philippines has been reelected Chairman for the third year and he expressed his gratitude to the PIRA members for their trust in his leadership. He exhorted the 58 member companies of the country's non-life insurance industry group to continue working together to weather the Covid-19 pandemic and the economic recession that the world is experiencing. ​ "We have proven time and again that we are indeed stronger and better when we work together," he said. ​ Other elected Trustees of PIRA for 2021 are Ms. Joli Co Wu, President, CEO and Chief Underwriting Officer of Paramount Life and General Insurance Corp. as Trustee and Treasurer; Mr. Alberto C. Santos, Jr., Business Director of BPI/MS Insurance Corporation; Ms. Eden R. Tesoro, Chief Underwriting Officer of Malayan Insurance Company; Mr. Edgardo D. Rosario, Senior Vice President of UCPB General Insurance Company; Mr. Armand M. Pesigan, Senior Vice President of Pioneer Insurance and Surety Corporation; Mr. Arturo B. Reyes, President and CEO of Sterling Insurance Company, Inc. as Trustees. ​ Retired banker Carmela Leticia "Carlet" A. Pama and former Ateneo Dean and now Ateneo Vice President Rodolfo "Rudy" P. Ang will again be serving PIRA as Independent Directors, while Mr. Michael "Mitch" F. Rellosa and Mr. Rogelio "Roger" J. Concepcion will again serve as Executive Director and General Manager of the Association, respectively. Ms. Generosa "Gigi" Pio de Roda Mr. Daniel "Danny" Go

Website: https://insurtechsummit.wixsite.com/insurtechsummit Facebook Page: https://www.facebook.com/INSURTECHSUMMITPH Facebook Event Page: https://fb.me/e/VlW2ONJ4 LinkedIn Page: https://www.linkedin.com/company/insurtech-summit-ph Eventbrite: https://www.eventbrite.com/.../insurtech-summit-2021... Twitter: https://mobile.twitter.com/Insurtech_Ph INSURTECH SUMMIT 2021 #InsurtechSummit2021 is the Philippines’ first major Insurtech Summit gathering speakers and audiences from around the globe. Happening this January 25 -27, 2021, we are launching the event with the theme: Winning the Digital Wave, giving focus on how the pandemic has been a defining moment to the insurance sector as the challenges it brought pushed for a pivot towards digital innovation and transformation. This 3-day virtual conference will showcase talks from a diverse set of speakers aiming to provide the insurance sector a playbook on how to survive and thrive in these unprecedented times. Get your tickets now at https://bit.ly/34dqGVV Insurtech Summit 2021 is organized by Microinsurance Intermediaries & Practitioners Association of the Philippines (MIPAP) and Impact Advisory Services (IAS) with the support of the Philippines Insurance Commission, Philippine Insurers and Reinsurers Association, Inc. (PIRA, Inc.), Philippine Life Insurance Association Inc. (PLIA), Association of Insurers and Reinsurers of Developing Countries (AIRDC), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), and Mutual Exchange Forum on Inclusive Insurance (MEFIN).

Despite the difficulties brought by the surge in insurance claims and limited mobility due to the pandemic, member companies of the Philippine Insurers and Reinsurers Association (PIRA) were still able to help in various forms the thousands of Filipino families affected by recent typhoons. PIRA Executive Director Michael Rellosa said these companies readily responded to the needs of those displaced by typhoons Rolly, Ulysses, and Quinta that ravaged many parts of Luzon, including Metro Manila in the last two months of 2020. Leading these companies were the two mutual insurers, namely 1Cooperative Insurance System of the Philippines and General Insurance (1CISP) and CLIMBS Life and General Insurance Cooperative and (1CISP), shelling out at least P1.65 million and P1 million in cash and relief goods to the typhoon victims. The 1CISP partnered with the Cooperative Development Authority (CDA) and the Philippine Navy to bring relief goods to families in Marikina, San Mateo and Rodriguez, Rizal who were displaced by flooding from typhoon Ulysses. It also gave cash assistance to Caritas Manila, the Office of the Vice President, and cooperatives and communities in Marikina, Catanduanes and Isabela. CLIMBS, for its part, responded to the needs of close to hundreds of cooperatives affected by the typhoons through its CLIMBS Community Action Response to Emergency Services (CARES) Other PIRA member companies were equally as generous and ready to provide help to our countrymen. The UCPB General Insurance Company. Inc. (COCOGEN) employees donated close to P300,000 for victims of typhoons Rolly and Ulysses. They chose the Bicol region as beneficiary, extending help first to the employees of their Legazpi and Naga branches, and then providing relief goods to 200 families in six barangays in Albay. The Malayan Insurance Corporation, through the Alfonso Yuchengco Foundation and the Yuchengco Group of Companies, distributed relief goods to 1,000 families in Cainta, Rizal, and 400 families in Rodriguez, Rizal, who were displaced by the flooding from typhoon Ulysses. After this, Malayan extended food, and hygiene kits to 3,000 families in at least 12 barangays in Enrile, Baggao, and Alcala, Cagayan that were also displaced by the flooding. It also donated medicines to groups of doctors that conducted medical missions in these areas. On top of these, the company is looking at proposed rehabilitation efforts for families in Catanduanes whose houses were destroyed by the typhoons. Pacific Union, meanwhile, donated relief goods amounting to 215,000, benefitting 4,000 families in Marikina, Daraitan in Rizal and in Tuguegarao. Stronghold Insurance provided 5,000 hygiene kits containing face masks, alcohol, and bath soaps to residents of 5 barangays in Camarines Norte, Camarines Sur, Albay and Cagayan. Aside from these, the company provided relief food packs to 2,000 families in Isabela. FPG Insurance, meanwhile, donated Christmas gift baskets to 50 families in Tondo, Manila that were displaced by the typhoons. It also donated pet grooming and care supplies and vitamins to Animal Kingdom Foundation for 70 to 100 dogs affected by flooding in San Mateo, Rizal. The company followed this up by donating school supplies and toys to children residing in railway tracks through the Smile For A Reason group. It is now working to provide gifts to 500 more families in Rizal province in time for the holidays. Pacific Cross Insurance distributed food and hygiene kits to families in Marikina whose homes have been deeply submerged in flood yet were not getting help from donors due to their inaccessible location. The company reached the said families in coordination with a local Christian fellowship. Employees of Philippines First Insurance Company, meanwhile, donated relief goods to the typhoon victims. The company is now looking to donate construction materials to those whose homes were destroyed by the typhoons. For Sterling Insurance, the company and its employees provided relief goods to 1,500 families in Kasiglahan Village, San Jose, Rodriguez, Rizal. Travelers Insurance and Surety Corporation conducted a gift-giving activity focused on children in typhoon ravaged areas to cheer them up in time for Christmas. The company engaged its different branches and service offices across the country for this activity. Meanwhile, the owners and officers of Western Guaranty Corporation donated cash and relief goods to affected communities, preferring to do it in private. The company, however, expressed willingness to support PIRA in any charitable activity that the industry might want to pursue.

Dear participants of the 2020 ISJ Advanced course, (CC: Dear ISJ liaison officers in East Asia,) After careful deliberations, we have decided to give up on holding the second half of the ISJ Advanced Course in Tokyo in February 2021. Whilst we have explored the possibility of holding it in June instead, the chances of us actually being able to do so, with securing participants’ safety, are low. As such, there is a high possibility that the second half will be held online in March. Accordingly, it would be highly appreciated if you could clear your schedule between March 8 - 12. We will contact you again as soon as a final decision has been reached. Thank you for your kind understanding and cooperation. Yours sincerely, Hiroyasu Miyazaki International Business Planning Dept. General Insurance Association of Japan From: SHMBR-国際部-ISJ Sent: Friday, December 18, 2020 3:11 PM Cc: 宮崎 裕安 Subject: ISJ Advanced Course (Second Half) Dear participants of the 2020 ISJ Advanced course, (CC: Dear ISJ liaison officers in East Asia,) Dear 2020 ISJ Advanced Course participants, It is a great pleasure for me to see that you have all completed the First Half successfully after engaging in active discussions. Despite promising to do so on the last day of the First Half, I am sorry to report that we will not be able to provide you with a concrete schedule for the Second Half today. The committee in charge of the ISJ at our association is now deliberating the schedule. It would be highly appreciated if you could wait until early next week. Thank you for your kind understanding. Yours sincerely, Hiroyasu Miyazaki International Business Planning Department The General Insurance Association of Japan (GIAJ) TEL +81-3-3255-1439 FAX +81-3-3255-1234 e-mail: isj@sonpo.or.jp

Dear PSI signatory companies and supporting institutions, Following our PSI Board elections and our PSI Board Chair and Vice-Chair elections, it is with great pleasure that we would like to announce the results and structure of the new PSI Board. Outcome of the PSI Board Chair and Vice-Chair election process Following the Secretariat’s call for self-nominations for the positions of PSI Board Chair and PSI Board Vice-Chair, we are pleased to inform you that the new elected PSI Board Chair and Vice Chair are: PSI Chair: Karin Greve-Isdahl, Storebrand (Norway) PSI Vice-Chair: Moira Gill, TD Insurance (Canada) PSI Board members and corresponding tenures The PSI Board is currently composed of 15 members—14 members from PSI signatory companies and 1 member appointed by UNEP, which has a permanent seat. The names, organizations, countries and tenures of the newly established PSI Board are summarized in the table below: The first PSI Board meeting was held on 15 December 2020 with participation of all 15 members of the PSI Board and the PSI Secretariat. This was an opportunity for the Board to have an initial discussion on their shared vision and individual contributions to advancing sustainable insurance thinking and practices worldwide.