The year 2019 is shaping up to be a banner year for our industry. Figures released by the Insurance Commission (IC) in August showed that for the first half of the year, the non-life insurance sector already registered a 12-percent increase in gross premiums. The IC expects this growth to hold up for the remainder of the year as all economic indicators point to an upward trajectory. The fourth quarter though was hit by several large loss events such as the Star City fire, the Mindanao earthquakes and the recent Typhoon Tisoy. I have been reflecting on the challenges that we face in the industry, and I observed that many of them have been present for many years already. They seem to be like giant jigsaw puzzles that take a long time to solve. And when we think that we are already about to solve a puzzle, we realize that there are still some missing pieces. One thing is clear, however. These puzzles can be solved. We will find the missing parts one piece at a time and complete these puzzles eventually. The important thing is we’re getting closer to solving them. I identified six main puzzles that we’ve been working on all these years, and in this report, I will give updates on what we have accomplished in 2019 towards solving them. (PUZZLE 1) The first puzzle that we’ve been trying to solve is how to influence regulation and taxation to support our industry and our customers. In 2019, we worked on several initiatives that fall under this puzzle, namely, 1) Insurance tax reduction; 2) Non-admitted Assets; 3) IFRS17; 4) Allowed investments by insurance companies; 5) Insurance Code amendments; and 6) Participation in regulatory reviews and industry groups such as the ASEAN Insurance Council Meetings. We all know that insurance did not make it to the Tax Reform for Acceleration or Inclusion or simply TRAIN law. Nevertheless, we continued our bid for lower taxes on non-life insurance products in the next phases of this TRAIN law. So far, the proposal to reduce documentary stamp taxes by 1% each year for the next five years is now in both the upper and lower house versions of the TRAIN Law Package 4 bill. On Non-Admitted Assets, we’ve achieved several concessions from the IC on admissible assets. The remaining ones in discussion are the admissibility of installment premiums and prepaid taxes. The IC also heeded our call to defer the implementation of IFRS 17 to January 2023 in view of the complexity of this new accounting standard. On top of this, our Finance Committee has also convinced the IC to expand the list of investments of insurance companies. Our Finance Committee plans to meet and partner with banks to develop a scope of possible investment for insurance companies. Together with the IC and the Philippine Life Insurance Association (PLIA), we are working on fresh amendments to the Insurance Code, including keeping the minimum capital requirement at 900 million pesos, which the IC is supportive of. Also included in this puzzle of influencing regulation is our participation in regulatory review activities of the World Bank and the Development Academy of the Philippines. Both agencies are doing reviews of the regulations affecting the insurance industry, looking into ways to make regulation more effective, efficient and inclusive. We also regularly provide inputs to lawmakers particularly in the area of environmental protection. For example, we gave input to the Senate on their proposed bill to introduce a Mandatory Environment Insurance to protect our natural resources. And lastly, we actively participate in the ASEAN Insurance Council (AIC), which is composed of all the insurance associations in the ASEAN countries. The AIC promotes the development of insurance in the region and helps regulators to harmonize insurance regulation within ASEAN. In this regard, we are proud to note that we have been elected to chair two of the four committees of the AIC. The Reinsurance Working Committee is chaired by myself while the Education Committee is chaired by our PIRA Executive Director, Mr. Michael Rellosa. You may also be excited to know that the annual AIC and regulators meetings will be held here in the Philippines next year. The event will be jointly organized by PIRA, PLIA and the IC. (PUZZLE 2) The second puzzle we’re trying to piece together in PIRA is supporting the healthy development of our industry and our member companies. As industry leaders, our members look to us for direction and guidance. This is the reason why we have different committees in PIRA that work on specific concerns. Allow me to acknowledge some of their efforts. Our Finance Committee has been working tirelessly to help our members transition to IFRS 17. They have collaborated with Price Waterhouse Cooper for a series of seminars and for an industry-wide impact assessment. Our Motor Car and IT Committees, meanwhile, have worked hard in improving our COCAF system or the Certificate of Cover Authenticating Facility. The system’s linkages with those of the Insurance Commission and the Land Transportation Office have been enhanced. These Committees also organized a system penetration testing to ensure that our COCAF system is secure. The Motor Car Committee also reviewed the industry’s Motor Car Premium Rates to address the changing times. Rate increases that go with certain benefit increases have been proposed to the Insurance Commission. Our Legal Committee and the technical working group on Standard Wordings and Clauses have been introducing and revising standard clauses for various lines. In addition, the Standard Broker’s Agreement, which was drafted as early as last year, is close to finalization with the IC. The Legal Committee also led the discussions on the landmark RCTPL case which has been appealed to the Supreme Court already. There is also a growing clamor from our members for PIRA to step up in its role as a Rating Organization to address predatory pricing that leads to cut-throat competition in the industry. We have discussed this with the Insurance Commission, and the IC has made our Technical Committee a part of its Technical Working Group on Risk Evaluation, Pricing and Rating. This TWG reviews the rates and pricing for Motor, Fire and Surety, and it has already issued a circular outlining the revised rules and regulations for the issuance of bonds and is now reviewing the revised premium rates schedule for Motor Car. These are some of the tangible benefits of being a member of PIRA. The agreements we forge with other industries shorten our learning curve when it comes to technical matters. The systems, the rates and the wordings and clauses – they all reduce the guess work and add certainty to our everyday dealings. PIRA therefore helps minimize the headaches that we will have if we do all the tasks on our own. (PUZZLE 3) The third puzzle is about promoting insurance awareness and education to the general public. We all know that insurance is not as sexy as banking or investments, and whenever we talk about insurance, people get bored or avoid the topic. This puzzle, therefore, is not easy and the bulk of the work in solving it is borne by our Education and Public Relations Committees. For this year, we came up with our initial season of PIRA TV, an Internet TV show discussing the benefits of insurance and giving tips on how to make the most of them. We hope to continue this initiative in 2020 and potentially expand it to include a podcast that we can listen to in Spotify while we drive to and from work. This year, we also continued reaching out to universities to promote insurance as a career. We were able to go to New Era University and to De La Salle University where we also promoted the SUITS or the Select Universities Insurance Training Scholarship Program of the IIAP. I am proud to say that the SUITS Program just graduated its fifth batch – this time with seven management trainees all hired on the spot by several insurance companies or brokers. Another very promising initiative is our discussions with the Department of Education to include Risk Management and Insurance in the Senior High School curriculum. Our Executive Director Mitch Rellosa and our Trustee Butch Rosario met with the DepEd officials on this and they received assurance that this move is aligned with the DepEd’s thrust to promote resiliency to its teachers and students. This will be pursued as a priority in 2020. Meanwhile, our annual observance of the Insurance Consciousness Week in October had a fresh element – the awarding of free accident insurance to traffic enforcers of the Metro Manila Development Authority or MMDA. The event also featured the signing of a Memorandum of Understanding between PIRA and FinTech Philippines to help our industry leverage the use of technology. PIRA also once again supported the annual Philippine Insurance Summit last April and mounted a very successful Philippine InsurTech Conference in September. Through these events, we provide our members access to new insights from both local and foreign participants. And finally, this year saw the launch of three books. Our former Chairman Dr. Jun Benedicto launched his second book “The Business Insurance and Risk Management” as an official PIRA publication. Our Surety Committee also launched the “Surety Case Digest” which contains landmark court rulings related to bonds. And thirdly, PIRA released its Code of Ethics booklet that lists up all the things required of us as insurance professionals and members of PIRA. (PUZZLE 4) Now we go to the fourth puzzle: Advocating disaster resiliency and financial inclusion through government and industry cooperation. PIRA’s Technical Committee is very much involved in ongoing discussions to develop the Philippine Catastrophe Insurance Pool or Facility. The IC has created a Technical Working Group for this as it sees the importance of a mechanism that will increase our country’s resilience against the impact of natural disasters. Initial talks are focusing on the proposal for cessions of a specified proportion of all catastrophe risks to the CAT Pool which will distribute the risks to subscribing authorized insurers by way of reinsurance in accordance with their risk appetites. On crop insurance, our technical experts are also very much involved in the agriculture insurance pilot project of the Philippine Crop Insurance Corporation with assistance from the Asian Development Bank. Lastly, PIRA is also collaborating with the German International Cooperation or GIZ-funded initiative to promote Climate Risk Insurance for the poor. The project is participated by various government agencies and the national task force, where PIRA is a member, is chaired by the Philippines’ national treasurer. (PUZZLE 5) The fifth puzzle involves strengthening PIRA’s role and governance, thereby creating a positive image for the non-life insurance industry. In 2019, we continued to address this by revising PIRA’s bylaws, developing and publishing an industry Code of Ethics, overhauling our website, and conducting a Trust Survey among our members. Our new bylaws have been formally approved by the Securities and Exchange Commission, and I believe that in 2020, we can take our discussions further to establish our direction on whether or not to become an SRO. As a precursor to this, we have commissioned a professor from La Salle to do a Trust Survey on our members since we know that if we agree to pursue becoming an SRO, we need to have the full trust and confidence of our members. The objective of this Trust Survey is to hear our members’ thoughts about our association – if they think PIRA fulfills its roles and how it can further improve. This Trust Survey has already started this month, so I guess some of you have been approached already for interviews. We will greatly appreciate your support and utmost cooperation on this. We expect the results to be presented by the second quarter of next year. (PUZZLE 6) And finally, our sixth and final puzzle is about fostering unity, goodwill and camaraderie among our members. For this we organized the 6th PIRA Networking Golf Tournament at The Riviera. The feedback we received from players and sponsors were overwhelming. Many are already asking us if we could organize this tournament more than once a year. But fostering unity, goodwill and camaraderie will not be achieved through a mere golf tournament. We must come up with ways to communicate better and work together as one industry association, with a genuine concern for the common good not for just for our own. For me, this sixth puzzle serves as a prerequisite in solving the other ones. Without unity, goodwill and camaraderie, our efforts in solving the other five puzzles would be futile. But by solving this puzzle, all the other puzzles would be easier to solve. Because by then, we will be thinking and working as one. On behalf of the PIRA Board of Trustees, I’d like to thank you for your continued efforts and support to PIRA and the industry. Congratulations to your achievements in 2019 and I wish you even greater success in 2020! by Allan R. Santos, Chairman, Philippine Insurers and Reinsurers Association (PIRA) View the full report here.

PIRA Executive Director Michael Rellosa and Insurance Commission Deputy Commissioner Ferdinand Florendo participate in the workshop on Agriculture Insurance conducted by the Philippine Crop Insurance Corporation.

Current Status and Outlook: Typhoon KAMMURI (TISOY) has maintained its strength and movement as it moves closer to Bicol Region. This typhoon is expected to make landfall over Eastern Bicol by early tomorrow morning (Tue).  Its rainbands now spreading across Bicol Region and Eastern Visayas. 24-hr Outlook: TY KAMMURI (TISOY) is forecast to slow down slightly while moving westward at a decreased forward speed of 18 km/hr and could become a Category 3 Typhoon with winds of 170 km/hr later this afternoon…and shall be in the vicinity of Northern Albay and Camarines Sur by early tomorrow morning. Meanwhile, this typhoon will enhance the Northeast Monsoon (Amihan) and bring breezy conditions with some chances of passing “on-&-off” rain showers and thunderstorms across most parts of Luzon today through Tuesday (Dec 03). The seas will be rough and dangerous to sea crafts. Where is TY KAMMURI (TISOY)? As of 5:00 AM PhT today, December 02 2100 GMT. The ragged eye was located over the western part of the Central Philippine Sea (near 13.1°N 127.1°E), about 319 km east of Virac, Catanduanes or 426 km east of Naga City, Camarines Sur. How strong is it? Maximum Sustained Winds (10-min avg): 140 kph near the center…Gustiness: 170 kph. Past Movement (06 hrs)West @ 25 kph, towards the Bicol Region. Potential Philippine Landfall Area(s) :: Landfall 1 – Along Tiwi, Albay, between 2 to 3 AM Tuesday local time  (Dec 03) – with High Strike Probability of 95%. :: Landfall 2 – Along San Narciso-Mulanay-Catanauan Area (Southern Quezon), between 7 to 9 AM local time on Tuesday (Dec 03) – with High Strike Probability of 90%. :: Landfall 3 – Along Alobo-Sta. Cruz-Mogpog Area (Marinduque), between 10 to 11 AM local time on Tuesday (Dec 03) – with High Strike Probability of 90%. :: Landfall 4 – Southern Coastal Barangays of Batangas City (Batangas), between 1 to 4 PM local time on Tuesday (Dec 03) – with High Strike Probability of 90%. What Philippine areas will be directly affected? Heavy to Extreme Rains (50 mm to >100 mm expected): >> Bicol Region & Samar Provinces – beginning Today (Monday) through Tuesday (Dec 03). >>Eastern and Central Luzon, Metro Manila, CaLaBaRZon, Mindoro, Marinduque, Romblon – beginning late this Afternoon (Monday) through Tuesday (Dec 03). Damaging Winds (gusts of more than 100 km/hr expected): >> Catanduanes, Albay, Sorsogon, and Camarines Provinces – beginning this Afternoon or Evening (Dec 02) through Tuesday Noontime (Dec 03). Potential Storm Surge/Coastal Flooding Areas+:: Coastal Areas of Quezon, Bicol and Samar Provinces – beginning Today (Monday). +Waves of 3 meters in height is expected in storm surge-prone areas, particularly in coastal areas on where the Tropical Cyclone is headed. Kindly visit the PAGASA Storm Surge Updates  for more details. 3-Day Forecast Outlook Summary** TUESDAY EARLY MORNING Makes landfall over Tiwi, Albay as it weakens to Category 2, begins to traverse Camarines Sur on a westward track…about 12 km SE of Sagñay, Camarines Sur [2AM Dec 03: 13.5°N 123.6°E @ 165kph].  Confidence Level: HIGH. WEDNESDAY EARLY MORNING: Over the West Philippine Sea as it weakens into a Category 1 Typhoon after traversing Southernmost Batangas and Lubang Island…about 131 km WSW of Olongapo City, Zambales [2AM Dec 04: 14.3°N 119.2°E @ 120kph].  Confidence Level: MEDIUM. THURSDAY EARLY MORNING: Weakens into a Tropical Storm (TS) as it is about to exit the western border of the Philippine Area of Responsibility (PAR)…about 405 km W of Alaminos City, Pangasinan [2AM Dec 05: 16.0°N 116.2°E @ 85kph].  Confidence Level: MEDIUM. **Important Note: Please be reminded that the Forecast Outlook changes every 6 hours, and the Day 2 and 3 Forecast Track have an average error of 100 and 250 km respectively… while the wind speed forecast error, averages 35 km/hr per day. Therefore, a turn to the left or right of its future track and changes in its wind speed must be anticipated from time to time. Other Storm Info> 24 hr. Rain Accumulation (across its circulation): 25 to 450 mm [Light to Extreme] > Minimum Central Pressure: 970 millibars (hPa) > Size of Circulation [Convective Cloud-Based, in diameter]: 720 km (Medium) > Area of Damaging Winds (100 kph or more wind gusts): 125 km from the center Additional InformationTime/Date: 5:00 AM PhT Mon December 02, 2019 Location of Center/Eye: Near 13.1°N Lat 127.1°E Lon Distance 1: 368 km E of Legazpi City, Albay Distance 2: 402 km E of Iriga City, Camarines Sur Distance 3: 334 km E of Sorsogon City, Sorsogon Distance 4: 360 km ESE of Caramoan, Camarines Sur Distance 5: 672 km ESE of Metro Manila 24 hr. Forecast Coordinates (Class): 13.5°N 123.6°E (TY) 48 hr. Forecast Coordinates (Class): 14.3°N 119.2°E (TY) 72 hr. Forecast Coordinates (Class): 16.0°N 116.2°E (TS) Information based on data collected by WeatherPhilippines Foundation, Inc. shall not be taken as official data. Weather information broadcasted and distributed by PAGASA remains as official data. WeatherPhilippines shall not be responsible for the private use and reliance of its weather information. Issued by: David Michael V. Padua for WeatherPhilippines

Some 62 non-life insurance executives drove all the way to Silang, Cavite on June 14, 2019 to bond together for the 6th PIRA Networking Golf Tournament organized by the Philippine Insurers and Reinsurers Association (PIRA). The non-life insurance executives included several company presidents, vice presidents and officers/stakeholders, mostly decision makers from non-life insurance companies took time off from their busy schedules to enjoy the fun and camaraderie that the PIRA Networking Golf offered, in celebration of the 65thanniversary of the Association. PIRA Chairman Allan Santos said the tournament was a "huge success" considering the number of participants and sponsors, and the overall feel it gave to everyone who played. He congratulated the PIRA Team for organizing the event and for making it truly special and memorable. PIRA Networking Golf Tournament Director Joel Libo-on thanked everybody who joined and promised to even make the event better next year. "We're already getting good at it in terms of organizing. We'd like to make it even better next year," he promised. For his part, PIRA General Manager Roger Concepcion thanked all the companies that supported the tournament led by Major Sponsors MERIMEN Technologies Philippines, Inc., Maxicare Healthcare Corp., National Reinsurance Corporation of the Philippines (NatRe), Personal Accident Managers Inc., (PAMI) and Stradcom. He also thanked the Hole Sponsors Asia Reinsurance Brokers (ARB), Computer Professionals Inc. (CPI), Grupo Ceguro Insurance Agency, Inc., Malayan Insurance Company, Inc., The New India Assurance Co., Ltd., NTT Data Philippines, Inc., Pacific Cross Insurance, Inc., Stronghold Insurance Co., Inc., UCPB General Insurance Co., Inc. and 3i Infotech Sdn Bhd. Single-handicapper Jun Villar of Auto Home Motor Works played an almost flawless game, carding 13 pars and 1 birdie to register the lowest gross score of 75 and emerge as overall champion of the tournament. Jimmy Reyes of GBG, meanwhile, hit 3 birdies and six pars to register the lowest net of 69 in the System 36 event. He won over Class A champion BJ Cebero who also finished with a net of 69, with 3 birdies but with only 4 pars. Cebero of Philippines First Insurance ruled the Class A, beating Longest Drive winner Werhner Parrel who logged a net of 71 with 1 birdie and 7 pars. Parrel edged 3rd placer Arturo dela Paz who also finished with a net 71, with 1 birdie but with only 4 pars. Class B was dominated by Kenichi Nakagawa of BPI/MS Insurance Corp. who made 2 birdies and 2 pars to finish with a net of 71 from a gross of 93. He was followed by David Mercado Jr. with his net 72 from his birdieless, 4-par round. Third placer for Class B went to Mandy Malabanan who finished with 73 despite scoring a birdie on hole 2. “PIRA@65: Working Together, Getting Stronger” For the Class C, the championship was a toss-up between Vir Cruz and Jhun Benedicto who carded identical gross scores of 101 and net cores of 76. A countback showed that Cruz of Milestone Guaranty edged Benedicto in the back nine, earning him the title. The Class C third place trophy went to Mon Roco who had a gross of 105 and net of 76. For the Ladies, Joy Bunda was awarded the Champion trophy with a gross of 89 and net of 73. The tournament also awarded prizes to Fun Holes winners, namely, Longest Putt (Joel Libo-on), Longest Drive (Werhner Parrel), Most Accurate Drive (Nino Lojo), and Nearest to the Pin (Lito Bantayan).

2,500+ leading industry experts to assemble to assess the future of road transportation and infrastructure in the Philippines 24 September – On 1 & 2 October at SMX Convention Center, Manila, the Philippine Insurers and Reinsurers Association (PIRA) supports the inaugural Roads & Traffic Expo Philippines, which will bring together the entire road transportation and infrastructure ecosystem to discuss new strategies and innovations to get the Philippines moving. The Philippines’ government has already unveiled one of the world’s most significant infrastructure development programmes with its “Build, Build, Build” initiative, which is setting the stage for two exciting days of networking and debate. Mark Richmund de Leon, OIC-Undersecretary for Road Transportation and Infrastructure from Philippines Department of Transport commented, “The Roads & Traffic Expo Philippines is a great opportunity for the Department of Transportation to highlights its initiatives and projects such as the Public Utility Vehicle (PUV) Modernization Program and the Motor Inspection Systems (MVIS)." "Through these efforts to improve our road transportation, we are addressing the worsening traffic conditions while we are putting emphasis on the safety of every Filipino as it is our major responsibility”. Opening the event with an international perspective on 1 October, Matthew Schultz, Chief Digital Officer of Ipswich City Council, one of Australia’s smartest cities and President of the Australian Smart Communities Association will be sharing his expertise in “Smart cities & digital connectivity”. Then we’ll be bringing the focus back to the Philippines as Roderick M. Planta, Assistant Secretary, Infrastructure, National Economic Development Authority addresses how the Philippine government plans to propel economic development through the ‘Build, Build, Build’ program. Building further on that theme, Danilo Lim, Chairman, Metropolitan Manila Development Authority will share more on the government’s plan in battling congestion in Metro Manila. On 2 October, the keynote plenary focuses on the future of road transportation. Mark Richmund de Leon, OIC-Undersecretary for Road Transport & Infrastructure, Philippines Department of Transport will kickstart the session looking at the role of transportation in the new mobility paradigm. Joining him is mobility expert Angeline Tham, Chief Executive Officer, Angkas who brings her expertise on the importance of safe and inclusive mobility options in building more sustainable cities. In the afternoon, join Ghia Yuson, Project Manager, Business Sweden who will be moderating a panel discussion on bus rapid transit and what it means for Philippines in the future. Joining her panel are experts H.E. Harald Fries, Swedish Ambassador to the Philippines, Ulf Wennblom, Country Manager of Business Sweden and Mark Richmund de Leon, OIC-Undersecretary for Road Transportation and Infrastructure from Philippines Department of Transport. In addition to the visionary keynotes, more than 100 inspirational speakers will share their insights across seven free-to-attend theatres covering Infrastructure & Cities, Roads, Tunnel & Bridges, Road Safety & Monitoring, Smart Mobility & Electric Vehicles, Urban Transportation and Parking. Additional featured speakers at The Roads & Traffic Expo Philippines include: • Marivel C. Sacendoncillo, Undersecretary for Local Government, Department of the Interior and Local Governments • Ivan Mark C. Galura, Deputy Director of the Committee on Energy, Senate of the Philippines • Charito B. Plaza, Director General, Philippines Economic Zone Authority • Raymond B. Ravelo, President, eSakay Inc. • Joshua M. Bingcang, Senior Vice President for Business Development and Operations Group, Bases Conversion and Development Authority • Kiyo Kawabuchi, Senior representative, Japan International Cooperation Agency • Shereen Gail Yu-Pamintuan, Executive Director, League of Cities of the Philippines • Medmier G. Malig, Director, Bureau of Quality and Safety, Department of Public Works and Highways • Martin B. Diño, Undersecretary for Barangay Affairs, Department of the Interior and Local Governments • Brian Cu, President, Grab Philippines • Rob Siy, Head, Pasig Transport, City Government of Pasig • Enrico C. Paringit, Executive Director, Department of Science and Technology – Philippine Council for Industry, Energy and Emerging Technology Research and Development Taking place alongside the conference sessions, the exhibition will feature a showcase of the latest road transportation and infrastructure technologies and solutions by over 100 industry players and up-and-coming start-ups. Some of the exhibiting companies include PIRA, Angkas, Shell Bitumen, Hyundai, ABB, Volvo Buses, Isuzu, Citilabs, Metrocount, Tritec, Avery Dennison, Metro Pacific Tollways and more. The Roads & Traffic Expo Philippines is also made possible through the partnership with the Department of Transportation, the Department of Interior and Local Government, the Department of Science & Technology, the Department of Labor and Employment, the Metropolitan Manila Development Authority, the Bases Conversion and Development Authority, the Office of Transport Cooperatives, the Office for Transportation Security, the Subic Bay Metropolitan Authority and the Philippine National Police. The two-day, free-to-attend conference and exhibition is expected to gather over 2,500 road transportation and infrastructure stakeholders from Philippines and beyond. For more information and registration, visit - www.terrapinn.com/roadsntrafficph2019 ____________________________________________________________________ About The Roads & Traffic Expo Philippines 2019 Date: 1 -2 October 2019 Conference & Exhibition opening hours: 09:00 am – 05:00pm Venue: SMX Convention Center, Manila, Philippines Website: www.terrapinn.com/roadsntrafficph2019 About Terrapinn Terrapinn events inspire and transform business. We’ve been sparking ideas, innovations and relationships that transform business for over 30 years. Using our global footprint, we bring innovators, disrupters and change agents together, discussing and demonstrating the technology, strategies and personalities that are changing the way the world does business. Terrapinn – spark something. Note: Press registration for the conference is compulsory and advance scheduling for speaker/ sponsor interviews is recommended. Press passes are strictly reserved for reporters, journalists, editors only. Final issuance of press passes is subjected to Terrapinn's discretion. For your complimentary press pass, please contact the following: Yeo Zi Sing Marketing Executive Terrapinn Pte Ltd Tel: +65 6322 2725 Email: zising.yeo@terrapinn.com

Last year, the Japan International Cooperation Agency (JICA), projected that traffic congestion in Metro Manila would cost the Philippines P5.4 billion every day by 2035. That is if no solution were reinforced by that time. Government agencies in charge of road infrastructure and transportation as well as the private sector have been trying — and implementing — different types of solutions to address the traffic congestion in Metro Manila that seems to be worsening by the day. The cost to the economy is not the only issue that needs to be seen as the problem but also its effects on the workforce that crawls down to the grassroots. With this premise, a more holistic approach is seen to be discussed at the two-day "The Roads & Traffic Expo Philippines" set on Oct. 1-2, 2019 at the SMX Convention Center, Mall of Asia Complex, Pasay City, Philippines. The first-ever road conference and exhibition dedicated to roads and traffic in the country hopes to connect government agencies and members of the private sector to come up with sustainable programs to address issues concerning the transportation industry. It will gather the government and private sectors to show how infrastructure, innovations, and technological solutions create economic strategies with effective and sustainable transportation systems. Road accessibility plays a crucial role in businesses and potential losses incurred in delays due to traffic or unpaved roads could be avoided. Over 100 exhibitors and 1,500 will participate in the expo to showcase the latest solutions from across Asia and around the world. The companies aim to introduce and provide various solutions and services to road planning, building and operating the ecosystem utilizing the latest in technology and best practices of cities that have become models of well-thought-out urban planning. The Philippine government has been aggressively investing in and building infrastructure as well as exploring the intelligent transport system. Listen for free to the 120 speakers across seven tracks who will cover bridges, electric vehicles, infrastructure, smart mobility, safety and parking, traffic management, tunnels, and urban transportation. Matthew Schultz, President of the Australian Smart Communities Association; Mark Richmund de Leon, OIC-Undersecretary for Road Transport and Infrastructure Department of Transportation, and Secretary Silvestre Bello III of the Department of Labor and Employment, will give their keynote address. Angeline Tham, Chief Executive Officer of app-based motorcycle taxi service Angkas, and George Royeca, Head of Regulatory and Public Affairs of Angkas, will discuss about the role of safe and inclusive mobility options in building more sustainable cities, and how an effective public-private partnership would be able to beat the worsening traffic in the metropolis respectively. By gathering all the stakeholders in the transport industry, the conference is looking at addressing not only roadworthiness and economic impact of traffic congestion but also improving driver satisfaction and promoting a more sustainable form of transport such as electronic or hybrid vehicles. "The Roads & Traffic Expo Philippines" is also made possible through the partnership with the Department of Tourism, Department of Transportation, the Land Transportation and Franchising Board, the Metro Manila Development Authority, and the Bases Conversion and Development Authority. "The Roads & Traffic Expo Philippines" is free to the public. For more information and registration, log in to www.terrapinn.com/roadstrafficexpoph2019

For the second year in a row, the Philippine Insurers and Reinsurers Association (PIRA) is participating in the Financial Education Expo of the Bangko Sentral ng Pilipinas (BSP) which opened today at the SMX Convention Center in Pasay City. PIRA has been tapped by the BSP as one of its partners in promoting financial literacy – particularly insurance literacy – among Filipinos. As a partner, PIRA has a booth at the FinEd Expo where participants can obtain materials in promoting insurance to their constituency. PIRA General Manager Roger Concepcion said it is an honor for the association to partner with the BSP. “We believe in the importance of financial literacy and we in PIRA are doing our part in promoting it through our various advocacies,” he said. The two-day FinEd Expo offers various financial education activities. It aims to instill awareness about the availability and accessibility of financial education programs to all Filipinos, increase personal financial consciousness on the values and benefits of being financially empowered, and orient the public about available financial tools that can help in the promotion of their financial well-being. The expo is a project handled by the BSP’s Financial Consumer Protection Department (FCPD) with the working sector, students and members of the academe as its target participants.

NAYPYITAW, Myanmar -- Top leaders of the Philippine Insurers and Reinsurers Association (PIRA) are now at the Horizon Lakeview Hotel here for the 45th meeting of the Association of Southeast Asian Nations Insurance Council (AIC). PIRA Chairman Allan Santos, Executive Director Michael Rellosa and Trustee Eden Tesoro are now attending meetings on AIC’s various committees. They are joined by Jene Aliwalas and Francis Papa, the former and present Executive Director of the Institute for Asia and the Pacific (IIAP), respectively. Chairman Santos is chairing the meeting of the AIC Reinsurance Committee while Mr. Rellosa is presiding over the AIC Education Committee which Mr. Aliwalas and Mr. Papa are attending. Ms. Tesoro, meanwhile, is attending the AIC’s Council of Bureaux. The meetings will last until Thursday, November 28, before the delegates go on a city tour on Friday. Taking part in the meetings are representatives from both the non-life or general insurance sector and the life insurance sector from 10 countries in Southeast Asia, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Representing the life insurance companies in the Philippines is the Philippine Life Insurance Association (PLIA). Also being held here is the gathering of the ASEAN Insurance Regulators from the 10 ASEAN member countries. Insurance Commissioner Dennis Funa and Deputy Commissioner Erickson Balmes are representing the Philippines. The meetings are meant to discuss challenges as well as opportunities in the insurance industry in the region. Among the hot topics that will be discussed is reinsurance pooling, reinsurance education, harmonization of standards in training insurance professionals, cross-border motorcar insurance, insurance for natural disasters, among others.

To assess the impact of what is billed as the “biggest shake-up in insurance reporting” for decades, the Philippine Insurers and Reinsurers Association (PIRA) has partnered with PriceWaterhouseCoopers (PwC) and the Insurance Commission for a study on the International Financial Reporting Standard (IFRS) 17. At a kickoff event at the Asian Institute of Management recently, PIRA Chairman Mr. Allan R. Santos called on all PIRA members to support the impact assessment study aimed at identifying ways to help non-life insurance companies transition to IFRS17. The IFRS17 is a new standard released by the International Accounting Standards Board (IASB) in 2017 and will be effective January 1, 2021 with prior year comparative reporting required. It requires measuring insurance contract liabilities based on certain “building blocks” such as discounted, probability-weighted estimates of cash flows, risk adjustment to address the uncertainty of cash flow estimates, and contractual service margin which is the unearned profit of the contract. PwC Senior Partner Ms. Imelda Dela Vega Mangundaya told PIRA members during the kickoff that the industry will have to revisit their rules and how they handle their books. “The Insurance Commission itself may have to revisit its rules under insurance industry ranking and the Amended Risk-Based Capital Framework,” she said. “For industry ranking, the income statement will no longer reflect gross premiums written but will be replaced by insurance service results, representing earned income. For capital requirement, the one-time equity effect of transition adjustment may trigger capital build-up plan or capital call from shareholders to comply with RBC2. Clarified guidance by the IC may be essential in this changing insurance landscape,” she explained.

They are tasked to manage the dangerous streets of Metro Manila. Yet despite the risks they face in their everyday work, the traffic enforcers of the Metro Manila Development Authority (MMDA) do not have insurance to protect them from accidents. Not anymore. On October 15, 2019, the Philippine Insurers and Reinsurers Association (PIRA) in partnership with the Insurance Commission (IC) and the Philippine Insurers Club (PIC) signed a memorandum of agreement with the MMDA to provide 2,300 traffic enforcers with free personal accident insurance. PIRA Chairman Allan Santos said the signing of the agreement is a fitting highlight for this year’s Insurance Consciousness Week (ICW) as it reminds insurers and the general public of the reason why insurance exists. “This brings us back to the why of insurance – why are we here in the first place? We are here because there is a need to protect people from the risks they face in their daily work. In this case, there is a need to protect MMDA enforcers from road accidents,” he said. The idea of providing free personal accident insurance to MMDA enforcers came from PIRA Executive Director Michael Rellosa. PIRA has been working with the MMDA to assist in conducting earthquake drills in the metropolis when Rellosa found out that MMDA enforcers do not have any form of insurance. “It was a light-bulb moment for me. I suddenly realized that this could be an ideal project for the PIC  and PIRA for the ICW,” he said. Under the agreement, the industry through PIRA will be paying for the premium for the group insurance policy that will be issued to the MMDA by Fortune General Insurance. Each MMDA enforcer enrolled in the policy will be insured for P10,000 in case of accidental death or disablement; P5,000 for unprovoked assault or murder; P10,000 as additional coverage for motorcycle accidents; P1,000 as medical reimbursement for accident; and P1,000 as burial benefit for death due to accident. Each MMDA enforcer will be given an insurance card as proof of being covered. It will have a validity of one year. MMDA Chairman Danny Lim said this will mean a lot to enforcers and will serve as an additional non-monetary incentive to them. “We are grateful to PIRA for this initiative. This is a very timely project as we are also pushing for the law that would grant hazard pay to our enforcers,” he said. Insurance Commissioner Dennis Funa congratulated PIRA and the PIC for this initiative and committed his agency’s support to the industry, particularly in its quest to improve its customer service through technology. PIC President Joey Reyes, meanwhile, expressed his gratitude to PIRA for its support to the ICW which PIC organizes every year.