The Young ASEAN Insurance Manager Award (YAMA), organized by AITRI in collaboration with the ASEAN Insurance Council , is now accepting nominations for its 2026 edition. Finalists will be interviewed in Bali, Indonesia in November , where the winner will be announced. Eligibility at a glance: ASEAN national, 40 years old or younger At least 5 years in the insurance industry Currently in a managerial role 📅 Deadline for submission to PIRA: 29 April 2026   Nominations go through your respective national insurance association. For more details, reach out to PIRA.

The heads of the International Energy Agency, International Monetary Fund, and World Bank Group have agreed to form a coordination group to maximise their institutions' response to the energy and economic impacts of the war in the Middle East. The institutions said in a joint statement, “At these times of high uncertainty, it is paramount that our institutions join forces to monitor developments, align analysis, and coordinate support to policymakers to navigate this crisis. This is especially the case for countries that are most exposed to the downstream impacts from the war and those confronting more limited policy space and higher levels of debt.“ To ensure a coordinated response, the institutions have jointly agreed to form a group that will: Assess the severity of impacts across countries and regions through coordinated data sharing on energy markets and prices, trade flows, fiscal and balance of payments pressures, inflation trends, export restrictions of key commodities, and supply chain disruptions. Coordinate a response mechanism that may include: targeted policy advice, assessment of potential financing needs and related provision of financial support (including through concessional financing), and use of risk mitigation tools as appropriate. Mobilise relevant stakeholders, including other multilateral, regional, and bilateral partners, to deliver a coordinated and efficient support to countries in need. The statement added, “The group will work with, and draw on, other international organisations’ expertise as needed. “We are committed to working together to safeguard global economic and financial stability, strengthen energy security, and support affected countries and people on their path to sustained recovery, growth, and job creation through reforms.” Source: www.meinsurancereview.com

Leading finance and insurance government agencies in the Philippines have teamed up to strengthen cybersecurity in the insurance industry. The Insurance Commission (IC), the Bureau of the Treasury (BTr), Government Service Insurance System (GSIS), the Philippine Deposit Insurance Corporation (PDIC), and the Land Bank of the Philippines, signed a memorandum of agreement on a shared cyber defense solution for the insurance cluster, according to a statement released by the IC. The solution aims to enhance the agencies' ability to detect, prevent, and respond to cyber incidents through advanced threat monitoring, improved security analytics, and stronger defensive controls. Commenting on the development, Philippine Finance Secretary Frederick Go said, "This agreement strengthens the government's ability to protect the insurance industry from cyberattacks, ensuring that Filipinos' hard-earned savings are secure. By safeguarding these critical financial resources, the government is not only protecting the stability of the insurance sector but also reinforcing public trust and confidence in the system, encouraging more Filipinos to rely on insurance as a tool for financial security.” Under the agreement, Landbank will act as the project’s procurement agent, handling the bidding and acquisition of a cyber defence solution. Participating agencies will define the technical requirements and supervise implementation through a Joint Technical Working Group. Meanwhile, an Interagency Oversight Committee composed of Chief Information Officers and IT security officials will monitor cybersecurity developments and recommend appropriate security measures. "Cybersecurity is a critical component of institutional resilience in today's increasingly digital environment. Through this collaboration, the Insurance Commission is strengthening its capacity to protect critical s stems and safeguard sensitive information against evolving cyber threats," Insurance Commissioner Reynaldo A Regalado said. Source: www.asiainsurancereview.com

The Philippines has secured its largest-ever loan from the World Bank, with the Washington-based multilateral lender approving $1 billion on Friday, March 27. This funding will support the Philippines Sustainable Agricultural Transformation Project (PSAT), which will be implemented by the Department of Agriculture (DA) and is expected to benefit at least five million farmers nationwide. PSAT aims to boost agricultural productivity, promote diversification, and enhance the climate resilience of agrifood systems across the country, the World Bank said in a statement. Source: www.facebook.com/photo/?fbid=1533215632142683&set=a.449714463826144

The Philippines' insurance regulator, the Insurance Commission (IC), Bureau of the Treasury, Government Service Insurance System, Social Security System, Philippine Deposit Insurance Corporation and the Landbank of the Philippines have signed a Memorandum of Agreement (MOA) on a shared cyber defence solution for the insurance cluster In line with the directives of the Department of Finance, the solution is intended to enhance the agencies’ capability to detect, prevent and respond to cyber incidents through advanced threat monitoring, improved security analytics and strengthened defensive controls. “This agreement strengthens the government's ability to protect the insurance industry from cyberattacks, ensuring that Filipinos' hard-earned savings are secure,” said Finance Secretary Frederick D Go.   “By safeguarding these critical financial resources, the government is not only protecting the stability of the insurance sector but also reinforcing public trust and confidence in the system, encouraging more Filipinos to rely on insurance as a tool for financial security.”   Under the MOA, Landbank will serve as the procurement agent for the project and will undertake the bidding and procurement process of a cyber defence solution.    The participating agencies will determine the technical requirements and oversee implementation through a Joint Technical Working Group, while an Interagency Oversight Committee composed of Chief Information Officers and IT security officials will monitor cyber security developments and recommend appropriate security measures.   ”Insurance Commissioner Reynaldo A Regalado said, “Through this collaboration, the IC is strengthening its capacity to protect critical systems and safeguard sensitive information against evolving cyber threats.” Source: www.asiainsurancereview.com

WHEN people hear “Middle East crisis,” they think geopolitics. Insurers think in transmission lines: oil, shipping, credit and household cash flow. For an oil-importing, trade-dependent Philippines, a distant conflict can raise costs at home within days. The chain of events is straightforward. Conflict risk rises, then markets price the possibility that ships will avoid key choke points or that ports and terminals become unsafe. The Strait of Hormuz is the world’s most critical oil corridor: the International Energy Agency estimates that around 20 million barrels per day of crude and oil products transited the Strait in 2025 — about a quarter of global seaborne oil trade — with limited ability to bypass it if disrupted. Red Sea insecurity compounds the problem. The International Monetary Fund has noted that attacks in the Red Sea reduced traffic through the Suez Canal, a route that normally carries about 15 percent of global maritime trade volume, and diversions around the Cape of Good Hope add 10 days or more to delivery times. Because losses can be “correlated” (one escalation, many affected vessels and cargoes), insurance markets react fast: war risk premiums rise, terms tighten and carriers reroute. Those costs then show up as freight surcharges and higher landed prices for everything from fuel to food inputs. Why does this matter so much for the Philippines? Start with energy. Department of Energy (DOE) data show net imported oil is roughly 30 percent of the country’s primary energy supply. More pointedly, our crude sourcing is heavily Middle East-weighted: DOE statistics for 2023 show Saudi Arabia supplied about 50.8 percent of Philippine crude oil imports and the United Arab Emirates about 30.7 percent, with Iraq also significant. Even if the Philippines is not directly importing from a specific flash point, a disruption to Gulf logistics and pricing raises our import bill. Inflation is the next channel. Higher fuel costs lift transport and power costs, and squeeze business margins, complicating efforts to keep prices stable. The Philippines could be more exposed to an oil shock than some Asia-Pacific peers — precisely because of import dependence and the speed with which fuel feeds into broader prices. Then there are households. The Middle East is also a major source of remittances. Bangko Sentral ng Pilipinas data show cash remittances from the Middle East reached about $6.48 billion in 2025 — around 18 percent of total cash remittances. If the crisis weakens labor markets abroad or disrupts mobility, the impact will be felt in family budgets, loan payments and consumer spending. So where does insurance fit when the root cause is geopolitical? Insurance cannot prevent conflict or stop oil prices from moving. But it can turn uncertainty into a financed outcome — by protecting assets, cash flow and people. For importers, exporters and logistics-heavy businesses, start with marine cargo insurance that matches today’s routes. Rerouting changes where inventory sits and for how long, so firms should check insured values, storage provisions at transshipment points, and whether war risk and SRCC (strikes, riots and civil commotion) extensions are in place. Next, protect receivables and contracts. Trade credit insurance can soften the blow when buyers delay or default amid banking disruption, sanctions or liquidity stress. For companies with projects or investments abroad, political risk insurance can address exposures like expropriation, political violence or currency inconvertibility. Third, protect continuity. Traditional business interruption often requires physical damage, so firms should assess contingent business interruption and supply chain endorsements that reflect their real dependencies. Where the biggest risk is volatility, parametric covers — payouts triggered by an objective index such as freight rates or an energy benchmark — can provide fast liquidity. Insurers can also help clients stress-test scenarios, map concentration risks and pre-agree claims protocols so payments arrive when they matter most. Finally, protect people. Employers with staff traveling or stationed overseas should review medical, accident, evacuation and repatriation benefits; households can strengthen resilience through life and health coverage. From an insurer’s perspective, the call to action is simple: don’t wait for the next premium spike to discover what is — and isn’t — covered. Geopolitical risk moves faster than procurement cycles. A focused review of supply chains, policy exclusions and crisis protocols today is a practical way to keep Philippine commerce and households resilient tomorrow. In an interconnected world, resilience is not a slogan; it is a balance-sheet decision. Source: www.manilatimes.net

The Insurance Commission (IC) continues to demonstrate its strong support for the insurance industry’s transition to Philippine Financial Reporting Standard (PFRS) 17 – Insurance Contracts through ongoing capacity-building initiatives . Its latest initiative is the comprehensive 4-day PFRS 17 Seminar to be conducted for non-life insurance companies and HMOs on 17–20 March 2026 in Makati , aimed at strengthening technical understanding and practical implementation of the new reporting standard. The program covers key areas including measurement models, presentation and disclosure requirements, transition approaches, reinsurance considerations, operational implications, and case studies , helping industry practitioners prepare for the effective adoption of PFRS 17. Through initiatives like this, the Insurance Commission continues to work closely with industry stakeholders to promote transparency, strengthen financial reporting, and support a smooth and well-coordinated transition to PFRS 17.

Deputy Insurance Commissioner for Financial Examination Group Atty. Jayson P. Lopez, CPA, giving his opening remarks. The Insurance Commission held its Regulatory Forum entitled " Enhancing Prudential Reporting and Compliance Practice " on 25 February 2026 from 1:00 PM to 5:00 PM at the Insurance Institute for Asia and the Pacific (IIAP) building. The forum provided participants with updated guidance on prudential reporting requirements, including proposed revisions to the Annual Statements (AS) template, common errors noted in AS submissions, clarification of reporting requirements for Takaful operations, and the industry's preparedness for the implementation of PFRS 17. The forum was attended by over a hundred representatives from the non-life industry.

The General Insurance Association of Japan (GIAJ) is inviting nominations for the 36th Advanced Course of The Insurance School (Non-Life), 2026, focused on building resilient and sustainable insurance strategies. Open to next-generation insurance leaders, with 2 slots for the Philippines (1 for PIRA and 1 for IC).​ Key Dates: • Application submission to PIRA: Feb. 20, 2026 • Online sessions: May 27 – June 2, 2026 • In-person sessions: June 10 – 16, 2026 (Tokyo, Japan) Nominees must attend both online and face-to-face sessions.

The industry-supported Actuarial Project on Tariff Rates has entered the data collection phase, with companies preparing to extract and upload their seven-year data ahead of the actuarial analysis. Coordinated by PIRA with the Insurance Commission, actuarial experts, and member companies, the project aims to modernize tariff structures for Motor Car, Property, and Surety lines using a more data-driven and sustainable approach. Data tools are undergoing final security testing, with the project set for completion in the first half of 2026 and the release of a new Tariff Manual.