The Philippine Insurers and Reinsurers Association (PIRA) in collaboration with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) , cordially invites you to a FREE Webinar which will delve into the details of enabling the potentially scaling EbA and Nature-based Solutions in the Philippines and the wider region on 15 April 2024, Monday at 2:00 - 3:00 pm. Registration Link: https://us02web.zoom.us/meeting/register/tZIpfu2qqz0sH9W-7nnafIVleyt2OSQUIeH3 Download the Agenda and Factsheet. Useful links to learn about EbA and NbS solutions: • What is Ecosystem-based Adaptation - UNEP video • Adaptation Community - Understanding Eco-based Adaptation • UNEP EbA description page • Swiss Re Reef Insurance Project • Nature Conservancy Reef Protection Project • Catalyzing Finance and Insurance for Nature-based Solutions | Green Finance Platform

The Insurance Institute for Asia and the Pacific, Inc. (IIAP) is proud to present the ASEAN Reinsurance Programme's 4th intake of the "ASEAN Reinsurance Pricing". This module provides attendees with an overview of the reinsurance pricing process. Using worked examples, an illustration on how different approaches and methodologies are used in real life, will be discussed. Focus will be given to the key pricing considerations for a reinsurance underwriter, highlighting the reinsurance pricing thought process and how different considerations can influence the overall pricing. This session will also delve into the fundamental approaches to reinsurance pricing (experience rating and exposure rating), how they are used not to mention their advantages and disadvantages. With respect to proportional business, a discussion on how different pricing techniques might be used to evaluate the overall performance of a treaty and to determine appropriate commission levels, together with an investigation of the specific considerations for pricing liability business and how this differs to property business, will be included. The objective of this module is to provide the attendees with an insight as to how property and liability reinsurance pricing is calculated and applied in real life. View eBrochure . Registration Here .

The month of November 2024 saw motor insurance loss ratios surge for major motor insurers in South Korea. As the loss ratios breached the 90% mark, it increased the probability of a hike in motor insurance premium. According to the loss data for the insurance industry for the motor portfolio announced on 23 December 2024 the average loss ratio for automobile insurance at four major property and casualty insurers, including Samsung Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, and KB Insurance, was 92.4%, up 6.1 percentage points from the same month last year (81.5%). The cumulative loss ratio from January 2024 to November 2024 was 82.5%, an increase of 3.2% compared to last year (79.3%). By insurer, the loss ratios were over 90% for Samsung Fire & Marine Insurance (92.8%), Hyundai Marine & Fire Insurance (97.8%), and KB Insurance (91.6%). DB Insurance recorded a loss ratio of 87.5%. According to industry sources the break-even point for motor insurance is considered to be a loss ratio of 78% to 82%. If it exceeds 82%, it results in a deficit and is considered a factor for premium hikes. With the cumulative loss ratio exceeding 82% this year, a deficit is inevitable if the loss ratio did not decline in December 2024. A Fitch Ratings report in January 2024 on non-life insurance industry in South Korea had forecast that growth of motor premiums in the country would likely be slow due to the popularity of usage-based insurance products distributed on online channels. Online channels usually offer lower prices. The sharp increase in the loss ratio, however, is attributed to a rise in traffic accidents due to heavy snowfall and other factors. Each winter, seasonal factors such as heavy snow and icy roads lead to increased road accidents that in turn have led to an increase in the loss ratio. Source: asiainsurancereview.com

Unlock invaluable insights and network with industry peers by joining the Philippine Insurers and Reinsurers Association (PIRA). Mark your calendar for 11 March 2025. For non-bankers, non-insurers, solution providers, and vendors in the industry, enjoy a USD $100 discount when you use promo code  ABFIAPHPIRA100off . Register now! For non-bankers/insurers: https://asianbankingandfinance.net/product/asian-banking-finance-and-insurance-asia-summit-2025 For bankers/insurers: https://form.jotform.com/Bizcon/2025-abf-ia-summit--PH_delegate?utm_source=socmed&utm_medium=socmed&utm_campaign=ABFIASummit_PH_partnerPIRA_socmed

December 18, 2024 | The City Club, Makati Thank you to all PIRA Committee members; your dedication, hard work, and unwavering commitment have been instrumental in furthering our initiatives and advocacies. From the countless hours spent planning and organizing, to the late nights and early mornings, your efforts have not gone unnoticed. Your passion and expertise have truly elevated this Association to new heights. As we approach the Christmas season, let us take a moment to reflect on the spirit of giving, compassion, and joy. May this holiday season bring you and your families, peace, love, and prosperity. May it be a time of renewal and hope, filled with cherished moments with love ones and may the new year be one far from war or any other difficulty. We wish you all a Merry Christmas and a Happy New Year.

As 2024 comes to a close, we wish to extend our sincerest appreciation for your invaluable support throughout the year. Whether it was your contribution to the PSI Working Group for Nature, your participation at the MSME roundtable by the PSI-managed V20 Sustainable Insurance Facility, your support for UNEP’s Forum for Insurance Transition to Net Zero, your presence at COP16 in Colombia, COP29 in Azerbaijan or the UNEP FI Global Roundtable in Geneva, we thank you for helping amplify sustainable insurance practices.   To cap off the year, we are pleased to announce the results of the PSI Board elections and members joining the PSI Board in the New Year.   We are also pleased to introduce the UNEP FI Members' Portal in the new year, designed to improve communication and streamline member engagement. The Portal will allow our members to directly manage their institutional contacts, including adding new contacts, updating existing ones, and removing contacts who have left their organisation from the PSI distribution list.   Primary contacts within each organisation will be responsible for keeping these records accurate and up to date, allowing the PSI to communicate effectively and share critical updates. In early January, we will reach out to primary contacts with detailed instructions on how to activate and use their Portal accounts.   In the meantime, if your institution’s primary contact has recently changed, or you would like to add a colleague to the PSI mailing list please notify the PSI Secretariat ; psi@unepfi.org  to ensure that the contact information we have on record is up to date. PSI Board Updates — For Information  PSI Board Election Results — The election process for the four (4) PSI Board seats available for a term spanning 01 January 2025 - 31 December 2027 has now come to an end. A total of 51 votes by PSI signatory companies were received. Below is the information on the elected candidates: Congratulations to all newly elected PSI Board members. We look forward to working with you and your fellow members of the PSI Board to move forward the sustainable insurance agenda. Our sincere thanks as well to all those who nominated themselves for the open seats on the PSI Board. While not elected to the Board this term, we nevertheless wish to thank them for their leadership, personal commitment and institutional support. Upcoming PSI Member-Only Webinars — For Action 2025 UNEP FI Insurance Update —   Join the PSI Secretariat for an exclusive member-only webinar sharing  information on the 2025 UNEP FI Insurance Work Programme.  To accommodate different time zones we will be hosting two sessions on 14 January 2025: Click on the links below to register. Session 1 - 9:00-10:30 am CET (08:00-09:30 UTC, 17:00-18:30 JST, 19:00-20:30 AEDT)  Session 2 - 3:00-4:30 pm CET (14:00-15:30 UTC, 09:00-10:30 EST, 11:00-12:30 BRT) Insights on the first global guide on transition plans for insurers — The UNEP Forum for Insurance Transition to Net Zero (FIT) launched at COP29 in Azerbaijan its inaugural report " Closing the Gap: The emerging global agenda of transition plans and the need for insurance-specific guidance ". The report is the first global guide on transition plans for insurers. As part of the 2025 UNEP FI insurance work programme, the FIT Secretariat will be hosting an exclusive webinar for PSI members to share key insights from the report and update PSI members on the next steps in the FIT Transition Plan Project.  Presenters include representatives from UNEP,  FIT Participants (insurers), FIT Consultative Groups (insurance regulators and supervisors, civil society organisations) and sustainability standard setters, disclosure frameworks and initiatives, who will share their perspectives on the emerging global agenda of transition plans as they relate to insurance. To accommodate different time zones, the webinar will be held twice on 23 January 2025 : Click on the links below to register. Session 1 - 9:00-10:30 am CET (08:00-09:30 UTC, 17:00-18:30 JST, 19:00-20:30 AEDT)  Session 2 - 3:00-4:30 pm CET (14:00-15:30 UTC, 09:00-10:30 EST, 11:00-12:30 BRT) New PSI Publication — For Information Building on the PSI’s long-standing work on nature-related issues over the past decade, the PSI Working Group for Nature recently launched " Insuring a Resilient Nature-Positive Future "    This initial output by the working group provides first-of-its-kind global guidance to the insurance industry on priority actions to contribute to the goals of the Global Biodiversity Framework (GBF).  The guide will assist non-life and life & health insurers in addressing nature-related issues in underwriting portfolios. Click here to view the launch webinar. Nominations for UNEP FI Global Steering Committee — For Action  We strongly encourage eligible PSI members to consider self-nominating for a position on  the UNEP FI Global Steering Committee (GSC). The GSC provides executive direction on strategic, work programme and budgetary issues at UNEP FI, spanning the banking and insurance industries.   The available positions are for members in the industry-region combinations outlined below for a term spanning from  March 2025 to December 2027 . The full GSC composition is found on the UNEP FI webpage  here .   Position 4: Africa – Banking Position 9: Latin America- Insurance Position 7: Europe– Insurance Position 10: Africa - Insurance Position 8: Asia Pacific- Insurance                                                                                                                 Please click here for further information on the nomination process (pw: unepfi) Self-nominations should be completed and sent to the Secretariat by close of business, 24 January 2025. UNEP FI AGM Voting — For Action All PSI signatory companies are also members of UNEP FI. We encourage all  eligible PSI members to provide input on UNEP FI’s strategy and key issues for next year by voting on items presented at the UNEP FI Annual General Meeting (AGM) . Review the AGM background materials (password:unepfi) and then cast a vote on behalf of their organisation using this ballot . Every UNEP FI member institution has one vote to cast with voting remaining open until 31 December 2024 . Download UNEP FI’s 2025 Work Programme for a high-level overview of the rich offering for UNEP FI members next year.   Upcoming UNEP FI Webinars — For Action Overview of 2024 in climate (19 December, 13:00-14:00 CET) — As the year draws to a close, join the UNEP FI Climate Team for a comprehensive reflection on the key outcomes of COP29 and a broader summation of 2024’s milestones in climate finance, policy, and action. | Register   CSRD Implementation — UNEP FI’s new CSRD implementation programme will feature key insights on the implementation of the EU Corporate Sustainability Reporting Directive (CSRD)/European Sustainability Reporting Standards (ESRS), focusing on how banks and insurers can address the challenges and opportunities at different stages in the process. Register below for upcoming UNEP FI member only sessions: 29 January 2024 | Managing CSRD data requirements for ESRS compliance |   Register 30 January 2024 | Leveraging sustainability data in prudential risk assessments |   Register Further sessions on climate, nature and other themes to be announced soon For more details, recordings from previous sessions, and registration links, please visit the UNEP FI Members' Area ( here). If you have any questions, please reach out to Daniel Bouzas, Regional Lead for Europe at  daniel.bouzasluis@un.org  and Guilherme Cassaro at  guilherme.cassaro@un.org . New PSI Members — For Information We would like to take the opportunity to welcome MAAGAP Insurance, Inc as the newest PSI signatory company and first PSI signatory company from the Philippines.   PSI Membership Reminders — For Action PSI Disclosures — As a condition to maintain your PSI membership, all signatories are required to submit an annual disclosure outlining how your organisation is implementing the Principles for Sustainable Insurance . Please submit your annual disclosure to psi@unepfi.org . All members who joined in 2022 or before, please must make sure that your 2023 disclosure is available on the PSI website. Click here for more information on the disclosure process.      2025 PSI Membership Fees — All PSI Signatories are required to pay an annual fee to support the work of the PSI Initiative and its Secretariat at UNEP FI. Invoices have been sent to PSI Signatory Companies for 2025. Please notify the PSI Secretariat if your company has not received an invoice for next year.       PSI membership profile — Please remember to inform the PSI Secretariat of any changes related to your organisation, such as structure, brand name, or main contact information. This will ensure that the PSI and UNEP FI websites, as well as the contact information on record, are up to date.    Please click here to access the UNEP FI Member Only Area for further information on the benefits of UNEP FI membership (password: unepfi) www.unepfi.org

Economic downturns, such as recessions and stagnation, alongside the concern for the increasing frequency of weather events, natural disasters and labour and talent shortages, remain the most pressing concerns for businesses across the Asia Pacific (APAC) region over the next two years. This forecast is according to the Executive Opinion Survey, conducted by the World Economic Forum and released by its strategic partners – Marsh McLennan, the world’s leading professional services firm in the areas of risk, strategy and people and Zurich Insurance Group (Zurich), a leading global multi-line insurer and provider of resilience services. The annual survey reveals the top five near-term risks identified by more than 11,000 business leaders from 121 countries. These findings highlight the ongoing challenges faced by businesses amid a volatile and rapidly evolving economic landscape. Zurich Insurance Group chief risk officer APAC Sid Medappa said in a statement, “The APAC region continues to face a dynamic risk environment, with uncertainty around the economy leading the agenda. These challenges are compounded by escalating climate risks, socioeconomic disparities, talent shortages and geo-economic tensions. “They outrank the risks around adverse outcomes from the usage AI technologies and cyber risk which has been a concern for several years and remain key risks in the region. “Businesses in the region need to adopt a proactive, holistic approach to risk management to safeguard their operations and target opportunities for sustainable growth in an increasingly unpredictable global environment.” Economic risks persist and labour concerns intensify For the second consecutive year, the possibility of an economic downturn tops the list of risks in most sub-regions, including Oceania, Southeastern Asia and Southern Asia. However, in Eastern Asia, labour and talent shortages have overtaken economic concerns as the top risk, reflecting the region’s growing struggles to sustain a skilled workforce. Labour and talent shortages, initially identified as a top five risk last year, have risen in prominence. The issue is particularly acute in Eastern Asia, where the demand for IT and digital skills outpaces supply. Inflation also continues to be a dominant concern, exerting pressure on both business costs and consumer spending. Oceania and Southeastern Asia are among the hardest hit by rising prices, amplifying the challenge of sustaining growth in these regions. Climate, socioeconomic, and geo-economic challenges add complexity The APAC region also faces a confluence of interconnected challenges spanning climate risks, socioeconomic disparities and geo-economic tensions, which collectively challenge business resilience. Climate risks: Extreme weather events, including floods and heatwaves, remain a significant threat, particularly in Oceania and Eastern Asia. The growing frequency and intensity of these events emphasise the need for robust climate adaptation and mitigation. Socioeconomic disparities: In Southern Asia, deep-rooted poverty and wealth and income inequality, which are also emerging in Oceania and Southeastern Asia, highlight persistent socioeconomic challenges. These issues are exacerbated by unemployment and a lack of economic opportunities in Southern and Southeastern Asia. Geo-economic tensions: Eastern Asia continues to grapple with the fallout from geo-economic confrontation, including sanctions, tariffs, and investment screening, and reflect heightened trade tensions between major economies, which disrupt supply chains and investment flows. Addressing these multifaceted risks requires a coordinated and strategic approach. Investments in climate resilience, workforce development and inclusive socioeconomic policies are crucial. Additionally, fostering economic cooperation across the region can help mitigate the cascading effects of global uncertainty, ensuring businesses can adapt and thrive in an increasingly volatile world. Source: asiainsurancereview.com

Partnership focuses on closing protection gaps and boosting innovation in Asia The Philippines Insurance and Reinsurance Association (PIRA) has become an affiliate partner of the Global Asia Insurance Partnership (GAIP), which it says marks a step toward enhancing collaboration in the re/insurance sector across the Asia-Pacific region.  GAIP CEO John Maroney noted that the partnership underscores a shared focus on addressing protection gaps, fostering innovation, and improving community resilience throughout the region. “This partnership represents a commitment to shared goals – closing protection gaps, empowering innovative solutions, and strengthening community resilience across the Asia-Pacific region. We look forward to working closely with PIRA to deliver meaningful change and help support the insurance sector [to] deliver a brighter future for all,” Maroney said. PIRA executive director Michael F. Rellosa described the collaboration as an alignment of shared values and objectives. “PIRA's deep industry expertise and commitment align perfectly with GAIP’s mission to drive impactful solutions in the insurance landscape. This partnership marks a significant step forward in building a more resilient and inclusive insurance sector in Asia,” Rellosa said. GAIP says that the partnership aims to address regional challenges by closing protection gaps, promoting transformative insurance solutions, and contributing to stronger, more secure communities. Both organizations intend to leverage their expertise to deliver impactful outcomes in the insurance landscape. Founded in 1954, PIRA was originally designated to set standardized rates for insurance companies, thus bearing the name Philippine Insurance Rating Association. Four decades later, the organization merged with the Insurance and Surety Association of the Philippines (ISAP). Following the merger, PIRA kept its acronym but adopted a new name: Philippine Insurers and Reinsurers Association. Source: insurancebusinessmag.com

Singapore's medical inflation rate is projected to be 12.0% in 2025, as high as in 2024. While the trend may be slightly cooling, it is projected to remain elevated over the longer term, according to a report released by WTW, a leading global advisory, broking and solutions company. WTW, in its Global Medical Trends Survey  report, says that the key factors contributing to medical inflation in Singapore remain the same as in previous years, including high real estate costs, rising cost of healthcare talent and Singapore’s status as a popular medical treatment hub in the Asia Pacific region. However, the government remains invested in improving the health of its population. Ms Audrey Tan, head of Health & Benefits, Southeast Asia and Singapore at WTW, said, “It is therefore important for companies to focus on workforce wellbeing and with a high emphasis on preventive care. The focus is to build a future-ready workforce that is ready for challenges ahead, especially to cater for the varying demographics in today’s workplace.” The Ministry of Health has launched the Industry Transformation Map 2025 for healthcare, which revises the initiative first launched in 2017. Goals include enhancing digitisation of healthcare, leveraging data more effectively for research, and attracting and retaining healthcare professionals. The objective is to provide employees more resources to understand the importance of taking care of their own health, supported by quality patient-centric care at an affordable price. A regional comparison indicates that Singapore’s 2025 medical inflation rate is expected to be marginally lower than the average 12.3% projected for Asia Pacific, as shown in the table below. Medical inflation projection for 2025 in selected markets in Asia Pacific (%) Source: asiainsurancereview.com

The International Association of Insurance Supervisors (IAIS) has adopted the first comprehensive global capital standard for insurance supervision, the Insurance Capital Standard (ICS), providing a risk-based measure of capital adequacy for internationally active insurance groups (IAIGs). Additionally, members endorsed substantial updates to the IAIS Insurance Core Principles (ICPs) and Common Framework for the supervision of internationally active insurance groups (ComFrame). The updates relate to climate risk, recovery and resolution, and valuation and capital adequacy. “The adoption of the ICS and these updated standards represent a pivotal moment for the global insurance sector,” said Mr Shigeru Ariizumi , IAIS executive committee chair. “Taken together, they will better safeguard the interests of policyholders and enhance financial stability at a time when a strong and resilient insurance sector is critical to tackling pressing societal challenges.” The Insurance Capital Standard The ICS provides a globally comparable risk-based measure of capital adequacy for IAIGs and forms the quantitative element of ComFrame. It will serve as a group-wide prescribed capital requirement, which is a solvency control level below which supervisors will intervene on group capital adequacy grounds. The ICS will help ensure that IAIGs maintain sufficient capital to withstand potential stresses and thereby protect policyholders. It will also provide a consistent and transparent framework for supervisors to evaluate the financial soundness of IAIGs. Currently, there are 59 IAIGs identified by group-wide supervisors from 18 jurisdictions across the globe. Implementation and assessment of the ICS IAIS members are committed to implementing IAIS standards, and several members are already taking steps to embed the ICS in their regulatory regimes, across all regions. As set out in the  Aggregation Method comparability assessment report , an Aggregation Method (AM) developed by the US provides a basis for the implementation of the ICS to produce comparable outcomes. The comparability assessment highlighted some areas where work as part of the implementation of the final AM in the US will help ensure convergence, specifically, the treatment of interest rate risk and appropriate timing of supervisory intervention. The IAIS has set high-level timelines for its plans to assess the comprehensive and consistent implementation of the ICS across jurisdictions. These timelines recognise that it will take some time for jurisdictions to finalise any necessary regulatory and supervisory changes to align with the ICS, taking into account jurisdictional circumstances, and for the IAIS to prepare for implementation assessment. In 2025, the IAIS will begin developing a detailed ICS assessment methodology. In 2026, the IAIS will coordinate a baseline self-assessment by IAIS members of their progress in implementing the ICS, which will serve as a baseline for future implementation progress monitoring. With the aim of starting in 2027, the IAIS will initiate detailed jurisdictional assessments of ICS implementation. As the final AM will be the US’s implementation of the ICS, the assessment of its implementation will be subject to the same timing as ICS implementation assessments in other jurisdictions and subject to a consistent methodology (including both qualitative and quantitative analysis), assessing whether the jurisdictional implementation at least meets the ICS (ie produces at least the same level of prudence as the ICS and similar triggers of supervisory intervention), whilst also focusing on the AM specificities. The IAIS will continue to work closely with its member jurisdictions to ensure a smooth transition to the ICS and to provide necessary guidance and support throughout the implementation process. Updates to Insurance Core Principles and Common Framework for supervision of IAIGs The IAIS has also finalised a targeted update of its ICPs and certain related standards in ComFrame. Following a comprehensive update of these global standards in 2019, the current, more targeted update aims to ensure that the ICPs remain relevant and effective in addressing emerging risks and challenges faced by the insurance sector today. The updated areas address three topics and benefitted from extensive consultation with members and stakeholders. The updated ICPs and ComFrame are available  here . IAIS members are committed to implementing the updated ICP and ComFrame standards from 2025. Source: asiainsurancereview.com