The ASEAN Professional Insurance Diploma (APID) is a premier initiative designed to strengthen the insurance industry's capabilities across the ASEAN region. With two comprehensive modules: ASEAN Insurance Market Practices (Underwriting and Claims) and Climate Risk Management and Environmental Risk Management in ASEAN. This professional qualification is recognised by the ASEAN Insurance Council and has been jointly developed and marketed by five ASEAN Training and Academic Institutions. The qualification comprises of 5 micro-certifications from institutes across the ASEAN region: Asian Institute of Insurance (Aii) Insurance Institute of the Asia-Pacific (IIAP) Singapore College of Insurance (SCI) Thailand Insurance Institute (TII) Dewan Asuransi Indonesia (DAI) Additionally, candidates must complete all required micro-certifications for both modules: Module 1 (ASEAN Insurance Market Practices) requires five micro-certifications (or four if exemptions apply), while Module 2 (Climate Risk Management and Environmental Risk Management in ASEAN) requires six micro-certifications. When all Micro Certificates are completed, the participant may apply for an APID Certification to AIC Secretariat with a fee of USD 50. And register now first Micro-cert for Module 1 : ASEAN Insurance Markets Practices (Underwriting and Claims) from Asian Institute of Insurance - Malaysia. 24-25 March 2025 | Online Course (Virtual), 9.00 - 17.00 (Malaysia Time) For further information, please check: Schedule : https://aseaninsurancecouncil.org/asean-professional.../ Aii Website : https://aiiasia.org/.../asean-professional-insurance.../ Brochure : https://aiiasia.org/.../2024/12/2025_APID_Broucher.pdf.pdf Registration - Module 1 : https://www.mii4u.org/ilms/iframe/regProg/556869

CEBUANA Lhuillier Insurance Brokers in collaboration with Etiqa Insurance has introduced Philippines' first takaful product. The product has been designed to cater to the specific needs of the Islamic community while promoting inclusivity and financial empowerment for Filipinos across all walks of life. Cebuana is a leader in the Philippines insurance market and Etiqa is a insurance and takaful provider. Cebuana Lhuillier president and CEO Jean Henri Lhuillier, said, "The launch of the Philippines' first Takaful marks a major step in our commitment to making financial protection accessible to everyone. By understanding and honouring the unique needs of our Islamic brothers and sisters, we are creating a product that empowers communities, fosters trust, and ensures financial security for all." Cebuana Lhuillier has introduced the Takaful Group Personal Accident, an affordable microinsurance plan priced at just PHP150 ($2.5) per certificate designed to meet the needs of the Islamic community. This Shariah-compliant insurance cover offers comprehensive protection for individuals or their loved ones, providing worldwide 24X7 coverage for accidental death, permanent disability and a range of accidental scenarios. By aligning its offerings with ethical principles and cultural relevance, CLIB is playing an instrumental role in reshaping the Philippine insurance landscape. Source: asiainsurancereview.com

Panel discussion at the 2025 National Microinsurance Forum participated in by Hon. Reynaldo Regalado, Dr. Jaime Alip, Mr. Jonathan Batangan, Mr. Rahul Hora, and ED Mitch Rellosa, moderated by Mr. Lorenzo Chan Jr.

PIRA Executive Director Mitch Rellosa was invited as one of the panelists and reactors to the National Microninsurance Forum 2024 with the theme “Sustainable & Inclusive Finance for Climate Resiliency” at The Manila Hotel, Ermita, Manila on January 23, 2024.

Pakistan's fertiliser company Fauji Fertilizer Company (FFC) and Adamjee Insurance Company have reached an understanding about launching a comprehensive crop protection insurance initiative. This new collaboration, facilitated through FFC’s extensive network of Sona Centres, aims to empower farmers by providing financial security against unpredictable agricultural risks. The agreement will offer insurance solutions tailored to safeguard crops from natural disasters, pests, and other adversities. This initiative reflects both organizations’ dedication to supporting Pakistan’s agricultural backbone and ensuring food security for the nation. FFC CE and MD Jahangir Piracha said, “At FFC, we believe in creating sustainable solutions that address the challenges faced by our farmers. By collaborating with Adamjee Insurance, we aim to alleviate the financial burden on farmers caused by crop losses and reinforce their confidence in agricultural investments.” Adamjee Insurance Company CEO Ali Zeb said, “This collaboration with FFC underscores our commitment to innovation in agriculture insurance.” Source: asiainsurancereview.com

More than three fourth (78%) of the insurers participating in a study, plan to increase their technology spending in 2025. At least 33% expect a 10% to 19% rise and 14% forecasting an increase of 20% or more according to the new study. According to the report Predicting the future for insurance: Areas to watch in 2025 brought out by insurance news portal https://www.dig-in.com/ the focus is on enhancing customer experience, with customer service, sales and claims management each accounting for 18% of technology investments. AI and machine learning are going to be the leading digital transformation priorities in 2025, cited by 36% of respondents, followed by big data analytics (28%) and cloud infrastructure (26%). AI is increasingly used in claims processing, underwriting and risk assessment, automating routine tasks to improve efficiency and reduce costs. The report says that Generative AI has already been deployed by one-third of firms and is being explored for personalised solutions and data analysis. Smaller insurers with under $5b in premiums are more likely to be in early adoption stages, whilst larger companies are actively scaling or implementing AI solutions. Customer expectations are also reshaping digital strategies, with 35% of respondents identifying customer demands for improved experiences as their top priority. Insurers are working to streamline onboarding and licensing for agents to foster productive partnerships, as unnecessary hurdles can discourage agents from remaining with carriers. Over a third (38%) of insurance professionals still consider inflation the top macroeconomic threat to the industry in 2025. Other major risks include climate change—driven by events such as hurricanes, floods, and wildfires—and regulatory uncertainty. Source: asiainsurancereview.com

Climate change, cyber threats, and market uncertainty challenge stakeholders There are overlapping concerns between the insurance industry and its clients, with economic uncertainty, natural disasters, and cyber incidents topping the list. Munich Re US, in collaboration with the Insurance Information Institute (Triple-I), has released the RiskScan 2024 report, providing insights into the top risk concerns of US property and casualty (P&C) insurance stakeholders. The survey captured responses from 1,300 individuals across five market segments: consumers, small business owners, middle-market decision-makers, agents/brokers, and insurance carriers. The survey also underscored knowledge gaps in understanding risk drivers and insurance coverage adequacy. Shared concerns The survey results highlighted several shared and differing risk concerns among stakeholders. Economic inflation, domestic political uncertainty, climate change, and cyber incidents were identified as top risks by all groups. Consumers tended to focus on tangible and immediate risks, such as natural catastrophes, while insurance professionals took a broader view, considering both immediate and emerging risks. Munich Re also pointed to significant gaps in awareness about specific risks, including floods, cyber incidents, and legal system abuse. These gaps could leave consumers underinsured and insurers exposed to price inadequacy. Cyber risks, climate change, and business interruption were identified as top insurance concerns across the market. Munich Re noted that consumers primarily drive concerns around climate change, while businesses and professionals are more focused on business interruption risks. Emerging technologies, particularly artificial intelligence (AI) and the Internet of Things (IoT), were also highlighted as significant sources of risk. Re/insurance gaps The report highlighted disparities in how different segments view natural disaster risks. While floods were ranked as a top concern by insurance professionals and businesses, consumers placed less emphasis on the peril, ranking it fourth. Munich Re underscored the scale of flood risk, with 14.6 million US properties at substantial risk, according to First Street Foundation. Increasing pluvial flooding in nontraditional areas underscores the need for better consumer education, as many homeowners may not be aware that standard policies often exclude flood coverage. Munich Re emphasized that bridging this awareness gap is critical. Economic inflation and domestic political uncertainty were, meanwhile, identified as major market concerns by all segments. Inflation and the growing frequency of natural disasters were noted by Munich Re as primary drivers of P&C insurance costs. Legal system abuse was also cited by insurance professionals as a significant contributor to rising costs. The survey findings suggest that knowledge gaps about P&C cost drivers, particularly among consumers and small business owners, may result in inadequate coverage and missed opportunities for the industry to engage and educate. “Recognizing gaps in knowledge and coverages, such as flood, cyber, and legal system abuse, provides opportunities to educate and narrow the gaps,” Munich Re US EVP, head of cyber underwriting, client solutions, and business development Kerri Hamm (pictured above) said. Source: insurancebusinessmag.com

Limited risk appetite and rising costs fuel gaps in coverage for homeowners California’s insurance framework may struggle to adequately address coverage needs for wildfires in Los Angeles, creating potential coverage gaps while leaving reinsurance companies largely unaffected. Analysts have projected that reinsurers could absorb less than 3% of the insured losses stemming from the fires. Governor Gavin Newsom said that the fires, which have damaged or destroyed approximately 12,000 buildings, could become the most expensive disaster in US history. Preliminary estimates suggest that insured losses may surpass US$20 billion. The limited exposure of reinsurers reflects a strategic reduction in their natural catastrophe risk exposure in recent years. According to a report from the Financial Times , reinsurers have raised rates and increased attachment points, prompting primary insurers to reduce their own wildfire coverage in California. This dynamic has left many homeowners without private insurance options, pushing them toward the state’s insurer of last resort. Andrew Engler, co-founder of Kettle, a California-based wildfire insurance technology firm, explained that reinsurers scaled back their willingness to underwrite wildfire risks, leading insurers to follow suit. State Farm and Allstate, two major providers of homeowners’ insurance in California, announced in 2023 that they would no longer issue new policies in the state. Both companies cited reinsurance costs, along with rising construction expenses, as reasons for their decisions. Primary insurers have argued that California’s regulatory environment limits their ability to raise premiums to keep pace with increasing losses. In December, state Insurance Commissioner Ricardo Lara introduced new rules that would allow insurers to include reinsurance costs in their rate filings, potentially enabling premium increases. However, the regulations had not been implemented by January, and experts predict that broader market trends could reduce their long-term impact. As global insured losses from natural disasters have increased, reinsurers’ share of those losses has declined. Guy Carpenter reported that US reinsurance rates reached their highest levels since at least 1990 last year. Over the past 25 years, reinsurers typically assumed about 46% of modeled catastrophe risk, but this figure dropped to 33% by 2023, according to data from Howden , another reinsurance broker. Reinsurers remain focused on peak perils, such as hurricanes and earthquakes, but wildfires are less likely to reach the higher thresholds required to trigger reinsurance payouts. Munich Re indicated in a 2020 investor presentation that it had scaled back its appetite for so-called secondary perils, including wildfires. The company cited wildfire losses of €500 million in 2017 and €430 million in 2018, during catastrophic California fires, as key factors behind this decision. In a statement, Munich Re said it remains committed to providing catastrophe coverage globally but emphasized that pricing must adequately reflect the associated risks. Rising interest rates and inflation in 2022 further constrained reinsurance capital, prompting the industry to renegotiate contracts and increase prices. The reinsurance market saw significant price increases in 2023 and 2024. Analysts noted that losses in January could drive further rate hikes when policies are renewed before the hurricane season. Source: insurancebusinessmag.com

While the country has made strides in disaster risk reduction and preparedness, its insurance industry is still underdeveloped compared to more disaster-prone countries like Japan and the United States. I must confess that I have not written an op-ed for nearly a year, and I would like to thank the DAILY TRIBUNE desk for the opportunity to return. For the past months, I focused on driving up sales at our non-life insurance company. Despite the daily corporate grind, I still perused the news on DAILY TRIBUNE every day and shared my thoughts on daily issues with colleagues, yet something felt amiss, and that was the sincerity and fulfillment brought about by writing. With my focus on the insurance business, news on the Philippine economy and disaster resilience are what attracted me, less on politics and the political wranglings of our government leaders. I noticed that the year 2024 brought a slew of typhoons towards the end of the year, but they were far less strong than the typhoons of previous years. It is still very early in 2025, but we have already seen a huge catastrophic event in California that should serve as a crucial wake-up call for the Philippines. The recent wave of wildfires in California has underscored the increasingly critical role of insurance in managing natural disasters. As wildfires rage with more frequency and intensity due to climate change, the insurance sector’s ability to protect individuals, businesses, and communities has come under intense scrutiny. The impact of these fires is not just felt in terms of lives lost and destroyed homes, but also in the mounting insurance claims and the challenges insurers face in continuing to offer coverage. In California, the number of wildfires has grown dramatically in recent decades. While insurance has long been a crucial tool for mitigating the financial risks of such disasters, many residents are now discovering that their insurance policies may not provide sufficient coverage. The primary reason for this is the skyrocketing costs associated with rebuilding homes and businesses in wildfire-prone zones. As fire seasons stretch longer and wildfires grow in intensity, the risks for insurers have increased significantly. Some have responded by hiking premiums, while others are simply refusing to renew policies in high-risk areas. For Californians, this has led to a two-fold crisis: not only are they faced with the destruction of their homes and livelihoods, but they also find themselves unable to recover financially due to the high cost of insurance or the lack of coverage altogether. The increasing unreliability of the insurance market in high-risk areas threatens to exacerbate the already serious challenges posed by wildfires. This issue is particularly pressing because insurance, in many ways, is a lifeline for people affected by natural disasters. Without it, recovery becomes even more difficult, leaving communities struggling to rebuild their lives. This situation is not unique to California. The Philippines, an archipelago prone to natural disasters ranging from typhoons to earthquakes, could face similar challenges. The Philippines has the highest disaster risk index in the world, according to the 2024 World Risk Report. This means that the Philippines has the lowest coping and adaptive capabilities when it comes to natural disasters. While the country has made strides in disaster risk reduction and preparedness, its insurance industry is still underdeveloped compared to more disaster-prone countries like Japan and the United States. Ultimately, insurance is not just a financial tool — it is a cornerstone of disaster resilience. Governments must take bold steps to ensure that insurance can continue to serve its purpose in an increasingly unpredictable world. For the Philippines, the time to act is now. For comments, email him at darren.dejesus@gmail.com. Source: tribune.net.ph

The Philippine Health Insurance Corporation (PhilHealth) continues to be in sound financial position despite being given zero subsidies for 2025. PhilHealth president and CEO Emmanuel Ledesma Jr. deposing before a senate hearing recently said, “PhilHealth is fully capable of meeting all obligations without disruptions but 2024 was uniquely challenging for the state insurer.” According to media reports PhilHealth CEO said, “First, the corporation received orders for the return of a considerable portion of its funds which is precisely the subject of this legislative investigation. PhilHealth also received zero subsidy allocation for 2025. These developments have understandably caused our members concerns about the implications on their healthcare benefits and the institutions’ overall stability.” Mr Ledesma Jr was deposing about the Corporation’s plans for 2025. He said we declare categorically that PhilHealth is currently in good financial standing and our commitment to universal health coverage is as steadfast as ever. PhilHealth operates with funding drawn from various sources, including member contributions, government subsidies, and other revenues. Source: asiainsurancereview.com