The Malaysian Takaful Association (MTA) has officially launched the Hijrah27 framework, a strategic transformation plan with the core objectives of broadening public understanding of Islamic insurance and expanding its reach to underserved segments of the country. The goal is also for takaful to be the preferred Shariah-compliant protection choice in the country while seeking to enhance professionalism among takaful personnel and promote ESG. The introduction of Hijrah 27 aligns MTA’s mission with the goals of the Financial Sector Blueprint 2026 and the industry’s Value-Based Intermediation for Takaful (VBIT) framework. Hijrah 27  charts the future of the takaful industry. Its launch on 8 November signals a unified commitment to industry-wide growth and evolution for the framework that outlines the industry’s roadmap for sustainable growth, broader accessibility, innovation, and impactful societal value. At its core, the framework focuses on broadening public awareness of takaful and reaching out to underserved segments, including micro, small, and medium enterprises (MSMEs), enhancing professionalism among takaful representatives, and promoting initiatives aligned with ESG aspects. Building on four decades of progress, Hijrah27 anchors the next phase of takaful industry growth on eight strategic thrusts, including digital innovation and strengthening regulatory governance. Hijrah27 addresses 19 key challenges spanning awareness, distribution, digital, product competitiveness, talent and ESG, identified through engagement with industry stakeholders and decision-makers. MTA chairman Elmie Aman Najas said, “The takaful industry has progressed significantly over the past four decades, from establishing core principles and frameworks to developing its market presence and improving governance structures. The penetration rate has risen to an encouraging 20%, up from 15%, reflecting growing appreciation for takaful principles. In the last 10 years alone, takaful assets have more than doubled to MYR55.6bn ($12.7bn) from MYR23bn in 2014.” Source: asiainsurancereview.com

July 29, 2022| Canlubang Golf and Country Club Thank you to All the Sponsors and Players who made this event a success. Here's looking forward to next year!

December 20, 2022| The City Club, Makati Members of PIRA Working Committees lauded in Christmas Appreciation Lunch. PIRA Chairman Butch Rosario led the thank yous to members of the various Working Committees citing their extra efforts and dedication in helping the association serve the needs and causes of the industry. In appreciation, Executive Director Mitch Rellosa, surprised the group with an impromptu program of singing, dancing and playing a game of truth or dare!!! Check out the photos taken during the appreciation lunch.

August 10, 2023 | Riviera Golf Club Silang, Cavite Thank you to our co-hosts, IIAP and PIC, andto all our members, participants, and sponsorswho made this event a resounding success. EVENT VIDEO HIGHLIGHTS

October 26, 2023 | Makati Diamond Residences he Philippine Insurers and Reinsurers Association (PIRA), in collaboration with the International Union of Marine Insurance (IUMI), of which the Association is a member, will be holding a Maritime Insurance Conference entitled Navigating Risk and Resilience. ​ The aim of the Conference is to bring together key industry players and experts to discuss topics related to the evolving changes impacting the marine insurance sector within the framework of proper risk assessment and resilience with the objective of raising awareness, achieving new insights and establishing impactful actions towards adequate and sustainable insurance practices. EVENT VIDEO HIGHLIGHTS EVENT PHOTOS

December 19, 2023 | The City Club, Makati Thank you to all PIRA Committee members; your commitment and efforts have made a significant impact on the industry. Whether it's your unwavering support or your creative ideas, your contributions have not gone unnoticed.

Thank you to all who participated in this event. A shoutout to our sponsors who made this event possible. May the camaraderie of this event linger on. Here's looking forward to next year. EVENT VIDEO HIGHLIGHTS

May 30, 2024 | The New World Hotel, Makati Charting the Path Forward: Implications for the Future of Insurance in the Digital Age - A Syntheses of the Conference Topics Michael F. Rellosa   Good afternoon, dear friends and Colleagues, I am aware that the length and breadth of todays topics have been great and I will keep my syntheses of the conventions topics short. ​ Technology is a tool, and we must not be afraid to use it. It has indeed been long in coming and like it or not, it is here to stay.  Let us learn to harness it and utilize it’s myriad applications. ​ The conference began with the keynote of the Insurance Commissioner Atty. Rey Regalado who is the Chief supporter of the use of Technology, and an enabler in this space, as evidenced in the message he delivered which is summed up as Tech up through collaboration & teamwork! ​ Our next speaker Mr. Brett Medel, an IT Strategist, Architect and Consultant spoke about the importance of the latest technologies in Insurance, and how best to create a roadmap to adopt, optimize and reap the benefits of well thought of IT Architecture, that cuts through the various operational silos of an insurance company.  ​ Our good friend Roshan Perera, Gallagher Re’s head of Strategic Solutions, underscored our need to embrace what this rapidly evolving sector has to offer - or risk becoming a Dinosaur. He distinguished between Technologically enabled Risk Carriers and Tech Companies that provide solutions or services to Traditional Insurers. He also talked about the Insurance value chain and how technology can transform this, amply supported by various case studies. Main message? – Tech up! Its’ presence is inevitable.  Though the Tech sector may seem to be simmering down due to normalization and mainstreaming, opportunities still abound as steady investment from Corporate Venture Capitalists remain stable.   Sebastian Tan, Fermion Merimen’s Country Director then chimes in with a tried and tested solution to a silo that was reticent to tech up – the Claims side of the business.  As we are aware, Claims is important, as it is seen by many as the proof of the pudding.  Sebastian spoke of how Insurers innovated on Claims to improve on their services and achieve sustainable growth and provided us with key examples to prove his point. ​ As our Summit tradition dictates, Industry Leaders such as PIRA Chair Ms. Den Tesoro; Mr. Raul Hora PLIA’s VP; and Mr. Jose de Vera NatRe’s Head of the Non-Life Division spoke on the Updates relative to their specific fields.  ​ Denden has a way of citing challenges that may turn out to be opportunities after all, and she does gives us plentiful advice on how to do this.  ​ Rahul likewise cited the challenges that our Life Insurance brethren face and gave us a glimpse of what the future of the Life Sector may look like going forward. ​ Jose meanwhile gave us the wider global outlook as we in the Philippines are highly reliant on the International Reinsurance Market.  He then zeros in on the local reinsurance scene and ends up with a summary and his recommendations chief of which is the maintenance of sound underwriting and pricing discipline (and I would like to underscore PRICING DISCIPLINE!)  ​ This was then rounded up by my new friend Ms. Susan Tan, The Financial Analyst par excellence of AM Best Asia Pacific, by providing us with a focused view on the Philippine Insurance Market from the perspective of the largest credit rating agency in the world, specializing in Insurance. She also took the opportunity to launch AMBest’s Market Segment Report for the Philippines Non Life Insurance Sector where our industry outlook was revised from negative to stable.  She ends with an in-depth discussion on both the Positive and Moderating factors, information that would serve and guide our industry well. ​ We then shifted gears to zero in on a current topic that we in the industry still have to firm up on, i.e. How to Underwrite and manage the nascent Electric Vehicles recently introduced into our country. The Powerhouse Panel was composed of Art. Reyes PIRA Motor Technical Committee Chair; Mr. Elvis Reyes notable Motor Car Claims Expert, now under the employ of Mercantile Insurance, representing the supply side; Mr. Joe Ferreira President of the Automobile Association of the Philippines representing the Demand side; Mr. Sandy Reyes of AJ Gallagher and a Motor Insurance Advocate and last but not the least Mr. Michael O'Loughlin Swiss Re’s Casualty Lead Consultant in APAC, with a primary focus on Motor. Swiss Re is by far the lead in EV Reinsurance in the region if not the world. The Panel had a spirited and in depth discussion on the pros and cons of writing this class of business and had tips on how to manage this novel risk class. Hopefully the insights gained can help the industry craft a risk appropriate product and corresponding price. ​ A conversation on any topic is never complete without taking into account the Customer’s Experience and this was tackled By Mr. Easwar Murthy the Big Chief of IORTA Technology Solutions. He touched on how Customer Experience is crucial in achieving business success and how this is best responded to, by utilizing data Analytics and Artificial Intelligence to create Personalized Insurance Offerings.  He supports his proposition with a case study. ​ We then had Mr. Mike Baker Howden Singapores’ Chief Client Officer expound on the clear and present danger of Cyber Risk and he left us with the keys to risk mitigation, resilience and insurability. ​ Moving on and cognizant of the fact that Governance is now a huge issue for us the regulated; we had a discussion on the intricacies of modern governance within the digital sphere led by a compatriot working abroad Mr. Jozsef Acabo the Regional Sales Director of Diligent Corporation.  Jozsef understand the need for Proactive compliance, Risk Management and the adoption of Sustainability Initiatives.   Finally, we get to talk about Innovating beyond Tech a subject ably handled by a young Techpreneur from a family of Techies long entrenched in the Philippine Insurance Industry.  This is another friend Mr., Carl Ventura CPI’s President. Carl introduced the topic by giving us the reason for why we need to transform and innovate, then he contrasts this with the concept of stagnation giving examples of decline and maturity, whilst illustrating this with actual examples from within and outside the industry. He then led us through a discussion of a Transformation Framework leaving is with practical steps to cultivate innovation wrapping it up by giving us an idea of how technology fits into the greater picture.   I have gathered a few takeaways from today’s conference summarized as follows: ​ KEY TAKE AWAYS FROM THE SUMMIT ​ Embracing the Digital Era: The insurance industry is undergoing changes driven by advances in technology such as artificial intelligence (AI), blockchain, and the Internet of Things (IoT). Insurers must adopt these technologies to enhance customer experience, streamline operations, and improve risk assessment. Personalized Customer Experience: There is a growing emphasis on delivering personalized and customer-centric services. Utilizing data analytics and AI, we in the industry can better understand customer needs and preferences, offering tailored products and proactive solutions that enhance customer satisfaction and loyalty. Adapting to Regulatory Changes and Emerging Risks: The evolving regulatory landscape and emerging risks, such as cybersecurity threats and climate change, require insurers to be agile and proactive. Staying compliant with new regulations, investing in cybersecurity measures, and developing innovative risk management strategies are crucial for maintaining competitiveness and resilience in the industry.   CHARTING THE PATH FORWARD ​ How do chart our next moves as an industry?  Charting the path forward in relation to these key takeaways involves strategic planning and actions in several key areas:   1. On Embracing the Digital Era , the members of our industry may considering the following strategic initiatives and actions: ​ a. Investment in Technology: Allocate resources to integrate cutting-edge technologies like AI, blockchain, and IoT. This includes updating legacy systems, implementing advanced data analytics tools, and adopting cloud-based solutions for scalability and efficiency. b. Training and Development: Upskill employees to work with new technologies. Continuous learning programs and partnerships with tech firms or educational institutions, like the IIAP can help build a tech-savvy workforce. c. Culture of Innovation Culture: Foster a culture that encourages experimentation and innovation. Create dedicated teams or innovation labs to explore and implement new technological solutions. ​ 2. On I mplementing Personalized Customer Experience: ​ a. Data Utilization: Leverage big data and AI to gain deep insights into customer behavior and preferences. This enables the creation of personalized insurance products and services. b. Customer-Centric Design: Adopt a customer-first mindset in all business processes and using using customer feedback and journey mapping to refine touchpoints and enhancing the overall experience. c. Omnichannel Engagement: Ensuring a seamless and consistent experience across all customer touchpoints, whether online, mobile, or in-person and in investing in robust CRM systems to manage and nurture customer relationships effectively.   FINALLY, on Adapting to Regulatory Changes and Emerging Risks:   a. Proactive Compliance:  We must stay ahead of regulatory changes by maintaining a dedicated compliance team that monitors and interprets new regulations. We ought to develop flexible processes that can quickly adapt to regulatory updates. b. Risk Management:   The implementation of comprehensive risk management frameworks to address emerging risks, including cyber threats and climate change are key imperatives. This involves regular risk assessments, scenario planning, and stress testing. c. Sustainability Initiatives: Integrate sustainability into the business strategy. Develop products that address environmental risks and support green initiatives. Engage in transparent reporting and adopt ESG (Environmental, Social, Governance) standards.   By strategically focusing on these areas, our industry is in a better position to navigate the future landscape effectively, leveraging technology, enhancing customer experiences, and remaining resilient in the face of regulatory and environmental changes.   There you have it Ladies and Gentlemen, it is difficult and perhaps impossible to capture the essence of such an important, current and wide ranging topic.  But I hope I was at least able to capture the flow of the narrative and the main points presented.  With the permission of the Speakers and Presentors, we hope to share the materials used in this conference with you. ​ For a shameless plug, don’t forget the EAIC to be held in Hong Kong on September 24 to 27, 2024.  I hope to see you there. Please visit their website for more details. ​ Finally, on behalf of the IIAP and PIRA Boards, Officers and Staff allow me to thank all of you for giving up your precious time and making an effort to be with us today. Allow me too, to once again thank our Sponsors, both Gold and Silver, the videos of which you have seen looping on the monitors, as well as our esteemed Speakers who have shared their time and talent with us, and of course our Honorable Insurance Commissioner and his team, who have given us their unceasing support and guidance on this and other matters. Thank you too to the indefatigable summit organizing team composed of both IIAP and PIRA officers and staff and to the wind beneath our wings the Tita of the Industry, Ms. Ming Jacinto.  This would not have been possible without all of you. From the bottom of our collective heart Maraming salamat po!  We hope to see you next year!

As part of the 2024 Insurance Consciousness Month Celebration, the Institute of Corporate Directors (ICD) in collaboration with PIRA, Inc. will be holding a round-table discussion on Corporate Governance with the member-companies.

Tournament Brings Together the Top Honchos of the Insurance Industry Rain showers and overcast skies was the morning backdrop to the 2nd Insurance Commissioner’s Cup at Canlubang Golf and Country Club, in stark contrast to the excitement and jovial atmosphere palpable among the organizers, players and guests that trooped to the club last Friday, the 29th of July 2022. Teeing off at about 7:20 AM, the 104 registered players, including four lady golfers, filled the south fairway to capacity. Two drones hovered over the fairway taking shots of the players, who true to form, showed their prowess, competitive spirit, coupled with displays of funny antics. Chuckles and laughter pervaded over the games with heaps of jesting among the players. With the tournament well underway, the VIP guests led by Insurance Commissioner Dennis B. Funa, the honoree of the tournament, arrived together with his Deputy Commissioners Ferdinand George A. Florendo, Randy G. Serrano and Erickson H. Balmes and ten (10) other IC officers and personnel. Lunch followed soon after, with the program and awarding of raffle prizes and tournament winners taking center stage at around 2 PM with PIRA Chairman Butch Rosario and Commissioner Funa delivering the opening remarks. At the height of the event, the total number of attendees reached over 160 noticeably spilling over to the veranda of the clubhouse! The event peaked with the announcement of the tournament winners with PIRA taking home the Team Competition trophy and Nivard Cron of Cocogen declared the Overall Individual Champion. Again, congratulations to all the winners! Team Competition Winner (Low Net Champion): Team PIRA Joel Libo-on, Cocogen Roger Concepcion, PIRA Lito Bantayan, Bethel Jimmy Reyes, Cocogen Individual Winners Overall Gross Champion : Cron, Nivard Division Winners (Net Score - Systems 36) The 2nd Insurance Commissioner’s Cup did end on a high note with Commissioners Funa raving about the well-attended event and thanking the organizers’ for putting together the tournament in his honor.