Philippines Congress is likely to consider a request from the government to double the crop insurance subsidy it pays to the country's farmers to PHP8bn in 2026 so that it covers up to 4.2m farmers. According to a news report on the news portal bilyonaryo.com most of these farmers are rice growers. The news report said the Philippines agriculture secretary Francisco P Tiu Laurel Jr has urged the Congress to take up this proposal so that the number of farmers covered under the scheme goes up from the present 2.3m to 4.2m. The Philippine parliament is formally known as the Congress. Currently, the farmers are insured under the Philippine Crop Insurance Corporation (PCIC) and the rice cultivating farmers number around 1.25m. PCIC provides a maximum coverage of PHP20,000 per hectare, about a third of the estimated PHP60,000 cost of rice production. Mr Tiu Laurel said “PCIC’s current subsidy level is simply inadequate.  We need to insure more farmers at realistic levels that reflect the true cost of production, especially as climate change and market volatility continue to impact the sector.” Under the proposed 2026 national budget, PCIC’s subsidy remains at PHP4.5bn, the same level since 2022. The agriculture secretary said this limits the government’s ability to protect farmers from rising risks like typhoons. “To insure 4.2m farmers, we need about PHP8bn. That means we are short by PHP3.5bn. Of the 4.2m farmers we aim to cover, 2.2m will be rice farmers—an increase of nearly a million from the current number.” The agriculture secretary emphasised that expanding insurance coverage is a strategic investment in food security. “Crop insurance isn’t just a financial product—it’s a critical lifeline. When typhoons, droughts, or pest outbreaks hit, insured farmers can recover faster and get back to planting. Without it, many are left in debt or forced to abandon farming altogether.” Mr Tiu Laurel appealed to lawmakers to prioritise agricultural resilience in the national budget, stressing that a fully funded insurance system is important to stabilise rural incomes, sustaining productivity, and protecting the country’s food supply. Source: asiainsurancereview.com

As part of its initiative to ensure that only approved products are offered to the public, the Filippino insurance regulator, the Insurance Commission (IC), has directed all insurers, mutual benefit associations, health maintenance organisation, and pre-need companies to submit an inventory of all existing products and services. This is in line with the IC’s efforts to ensure that entities are not allowed to offer unapproved products, as strengthened by the implementation of the Financial Products and Services Consumer Protection Act. As of 2 October 2025, 131 licensed companies and associations were able to comply, while others, including two composite companies and three life insurers, failed to submit the report. Source: www.asiainsurancereview.com

The Filipino Department of Finance (DOF) has ordered all agencies, government financial institutions, and government-owned and controlled corporations under its supervision to extend much-needed aid to the victims of the recent 6.9 magnitude earthquake in Cebu and severe tropical storm Opong. DOF secretary Ralph Recto emphasized the need to mobilize ground support and faster rollout of services to the public in the aftermath of the Nat CAT natural calamities. On its part, the Insurance Commission (IC) has issued IC Circular Letter No. 2025-19 ordering all insurance companies and related entities to: Provide assistance so that policyholders can receive immediate payments for claims. Extend deadlines for filing notices of claims and submitting of supporting documents. Improve customer service. Fast track the processing of insurance claims for damaged properties, allied perils, sustained injuries and tragic loss of lives. Source: www.asiainsurancereview.com

Agriculture Secretary Francisco P. Tiu Laurel Jr. is urging Congress to double the government’s crop insurance subsidy to ₱8 billion in 2026, enough to cover up to 4.2 million farmers, most of them rice growers. Currently, 2.3 million farmers are insured under the Philippine Crop Insurance Corporation (PCIC), with rice farmers comprising 1.25 million. PCIC provides a maximum coverage of ₱20,000 per hectare, about a third of the estimated ₱60,000 cost of rice production. “PCIC’s current subsidy level is simply inadequate,” Tiu Laurel said. “We need to insure more farmers at realistic levels that reflect the true cost of production, especially as climate change and market volatility continue to impact the sector.” Under the proposed 2026 national budget, PCIC’s subsidy remains at ₱4.5 billion, the same level since 2022. Tiu Laurel said this limits the government’s ability to protect farmers from rising risks. “To insure 4.2 million farmers, we need about ₱8 billion. That means we’re short by ₱3.5 billion,” he said. “Of the 4.2 million farmers we aim to cover, 2.2 million will be rice farmers—an increase of nearly a million from the current number.” The agriculture chief emphasized that expanding insurance coverage is a strategic investment in food security. “Crop insurance isn’t just a financial product—it’s a critical lifeline,” he said. “When typhoons, droughts, or pest outbreaks hit, insured farmers can recover faster and get back to planting. Without it, many are left in debt or forced to abandon farming altogether.” Tiu Laurel appealed to lawmakers to prioritize agricultural resilience in the national budget, stressing that a fully funded insurance system is key to stabilizing rural incomes, sustaining productivity, and protecting the country’s food supply. Source: bilyonaryo.com

Beneath the waters of the South China Sea lies a silent threat — one capable of unleashing a disaster unlike anything we’ve seen before. The Manila Trench, a vast undersea fault stretching a thousand kilometers, is among the world’s least known yet most dangerous subduction zones. it may be one of the most overdue fault systems on Earth — a sleeping giant waiting to rupture. So what happens when a fault this powerful stays silent for too long? What lies beneath this geological stillness — and how close are we to a moment that could reshape an entire region? Today, let’s delve into the Dangers of the Manila Trench —examining its volatile geology, mysterious history and the looming danger that could erupt without warning.

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By Michael F. Rellosa As I write, Typhoon Ragasa, the strongest typhoon anywhere in the world in 2025 thus far, made its power felt, with another weather disturbance threatening to turn into another typhoon close at its heels. We also survived a weekend of national protests ironically because we exposed anomalies in projects meant to protect us from the effects of such typhoons. Mayhem and chaos are becoming uncomfortably common. In a world that feels more unpredictable than ever — where the news is filled with stories of intensifying natural disasters, complex cyberthreats and shifting global landscapes — we in the insurance industry understand the uncertainty you feel. The role of an insurance policy is changing, and so is our relationship with you, our valued customer. This isn’t just about us providing a safety net; it’s about us working together to build a safer and more resilient future. Our message to you is simple, yet profound: together, we can make it work. Our most important piece of advice is to view your policy not as a magic shield, but as a critical last line of defense. True security begins long before you ever need to file a claim. We strongly encourage you to take proactive steps to prevent risks from happening in the first place. For your home, this might mean installing smart smoke detectors and alarms, securing your roof against high winds, or having an emergency plan for floods. On a larger scale, it means working with your local government units and investing in community-wide flood barriers or strengthening local infrastructure. For your digital life, it means being vigilant against cyberattacks, using strong passwords and regularly backing up your important data to a secure off-site location. By taking these actions, you’re not just protecting your property; you’re protecting your peace of mind and the well-being of your family and community. The best outcome for all of us is a future where the claim you never have to file is the one you were prepared for. We also want to be perfectly clear about the limits of what insurance can do. In this modern landscape, some risks are simply too widespread or unpredictable to be covered by a commercial policy. These “uninsurable” events — such as pandemics, acts of war or global economic crises — are forces of nature and geopolitics that affect everyone at once. They are considered “systemic risks” because their sheer scale makes them unmanageable for a private insurer, whose business model relies on the diversification of risk. We don’t pretend that we can provide a solution for these, but we can help you understand where your policy’s protection ends. We urge you to read your policy carefully and ask us questions, because a clear understanding of your coverage’s boundaries is a powerful tool. It allows you to focus your preparedness efforts where they matter most, rather than on a false sense of security. Because you can’t transfer all risks, the responsibility for them falls on you, and that’s where our partnership truly begins. We advise you to focus on building your personal and financial resilience. For individuals and families, this means having an emergency savings fund that can see you through a job loss or a sudden economic downturn, and creating an emergency kit with supplies that can last for several days. For business owners, it’s about more than just financial reserves; it’s about building flexible supply chains, having a robust business continuity plan and creating a succession plan to weather market shocks. We are committed to providing you with the resources and guidance you need to make these decisions — not just as your insurer, but as your partner in holistic financial planning. The human element of risk is also a critical part of this conversation. While we can help you recover financially from a disaster, the emotional and mental toll is something no policy can cover. This is why we encourage our customers to not only have a physical plan for a disaster, but a psychological one as well. Know who you will contact, where you will meet and what steps you will take to ensure the well-being of your loved ones. This preparedness reduces panic and allows for clearer thinking during a crisis. It’s about empowering you to take control of your situation, even when it feels chaotic. Finally, we want you to think of us not just as a service you use after a disaster, but as a resource you can use to prevent one. Many of our modern services are designed to help you proactively manage risks. We can provide you with data-driven insights to help you identify vulnerabilities in your home, or offer you tools to strengthen your business’ cybersecurity. This is a shift from being a reactive payer of claims to a collaborative partner in your long-term security. The invitation is always open: let’s work together to navigate this uncertain world, because your resilience is our shared success. Source: www.manilatimes.net

The world's water resources face growing pressure from climate change while emergencies involving the life-giving resource are increasingly impacting lives and livelihoods according to the UN World Meteorological Organization (WMO). WMO secretary general Celeste Saulo said, “Water-related hazards continue to cause major devastation this year. The latest examples are the devastating monsoon flooding in Pakistan, floods in South Sudan and the deadly flash floods in the Indonesian island of Bali. And unfortunately, we see no end to this trend.” Ms Saulo said that these emergencies have been happening amid increasingly warm air temperatures, which allow more water to be held in the atmosphere leading to heavier rainfall. The WMO has also published a new report on the state of the world’s waterways, snow and ice which notes that 2024 was the hottest in 175 years of observation, with the annual mean surface temperature reaching 1.55 °C above the pre-industrial baseline from 1850 to 1900. An example of the increasingly erratic behaviour of the world’s water cycle is the extremely heavy rainfall that has affected parts of Himachal Pradesh or Jammu and Kashmir in India. WMO scientific officer Asia Dr Sulagna Mishra said, “The region saw extremely heavy rainfall when it was not expected; the monsoon came early. So, this is what we are talking about as the unpredictability of the system is growing, more and more.” The WMO report’s other findings confirm wetter-than-normal conditions over central-western Africa, Lake Victoria in Africa, Kazakhstan and southern Russia, central Europe, Pakistan and northern India, southern Iran and north-eastern China in 2024. Melting glaciers continue to be a major concern for meteorologists because of the speed at which they are disappearing and their existential threat to communities downstream and in coastal areas. “Glaciers lost 450 gigatonnes, this is the equivalent of a huge block of ice seven kilometres in height, seven kilometres wide and seven kilometres deep, or 180 million Olympic swimming pools, enough to add about 1.2 millimetres to global sea level, increasing the risk of floods for hundreds of millions of people on the coasts.” The report also highlights the critical need for improved data-sharing on streamflow, groundwater, soil moisture and water quality, which remain heavily under-monitored. Source:   asiainsurancereview.com

General Insurance Association of Japan Chairman Shinichiro Funabiki September 18, 2025 I hereby report on the main initiatives undertaken since assuming the position of Chairman of the General Insurance Association of Japan at the end of June. 1. Introduction This summer, natural disasters struck various regions of Japan in quick succession. These included an earthquake near the Tokara Islands, a tsunami following the Kamchatka Peninsula Earthquake, and heavy rains caused by low pressure systems and fronts. Furthermore, the record-breaking heatwave caused numerous cases of heatstroke and dehydration. We offer our deepest condolences to those who lost their lives in these disasters and extend our heartfelt sympathies to their families and to al those affected. We would also like to express our sincere respect to everyone involved in recovery efforts and to those providing care. Turning our attention to the environment surrounding people's lives and corporate management, uncertainty is increasing due to factors such as soaring prices, trade friction, exchange rate fluctuations, and tense international situations, al of which are heightening the sense of an uncertain future. It is precisely under these challenging social conditions that the general insurance industry must strongly recognize its mission: to contribute to the stability of people's lives and the sound development of the national economy. We must fulfil this role. To fulfil the mission and role expected of our industry, we must restore the trust of our customers and society as quickly as possible. To achieve this, and steadily advance our efforts toward “thorough implementation of customer-centric business operations” and “realization of a sound competitive environment”, we will place compliance and ensuring the best interests of our customers at the core of al our activities. 2. Specific initiatives This fiscal year, we are advancing initiatives to enhance the effectiveness of various measures aimed at restoring trust, making tangible and visible changes within our industry. Furthermore, in light of revisions to the Comprehensive Guidelines for Supervision of Insurance Companies (hereinafter “Supervisory Guidelines”), we will steadily and promptly advance the establishment of systems and rules related to insurance solicitation and other activities. 2.1 Initiatives to restore trust from customers and society Regarding “Thorough Implementation of Customer-Centric Business Operations”, we are advancing initiatives centered on “efforts to improve the quality of insurance agency solicitation”. Regarding “Realization of a Sound Competitive Environment”, we are moving forward with initiatives centered on “efforts to enhance risk management awareness within companies”. 2.1.1 Initiatives contributing to improving the quality of sales by insurance agencies We are forging ahead with initiatives aimed at establishing solicitation management systems within insurance agencies and ensuring appropriate insurance sales practices through ongoing dialogue between agencies and insurance companies. a. Trial of the Third-Party Evaluation System for Agency Business Quality Centered on the “Council for Agency Business Quality” established within our association in June, we are preparing for a full-scale launch of the third-party evaluation system starting next April. Since July, with the cooperation of insurance agencies, we began trial operations. These included initiatives to develop practical guidelines, such as implementing self-inspection checks and follow-up inspections. Member companies have begun initiatives where insurance agencies and insurance companies mutually confirm “Self-Inspection Checklist” results and engage in dialogue. A draft revision policy of the 2026 version of the “Self-Assessment Checklist” was formulated and public comments solicited. Based on the feedback received, a draft of the 2026 “Self Assessment Checklist” and draft evaluation guidelines will be prepared, with another public comment period planned for October-November. b. Restructured agent qualification system We have revised the examination system for general insurance agents. Since July, the General Examination for General Insurance Solicitors (Basic Unit) question format was changed from “single-answer questions” to “single-answer questions plus multiple-choice questions”, thus increasing the difficulty of obtaining the qualification. Furthermore, a new qualification system has been established for the compliance officers required at large-scale multi-representative general insurance agencies. While applications will be accepted starting in September, examinations are scheduled to begin in December. The curriculum covering the legal unit of the Experts Course of the General Insurance College Course has been enhanced. A new mechanism allows individuals who have passed the examination for this unit, and therefore obtained Experts Course certification, to acquire the compliance officer qualification by additionally studying video materials. 2.1.2 Initiatives to enhance risk management awareness within companies To achieve a healthy competitive environment in the corporate insurance market, it is crucial for companies themselves to comprehensively identify and assess risks, implement measures to avoid or reduce them, and build systems enabling them to select appropriate insurance products and services as risk transfer tools. As highlighted in the FSA Strategic Priorities announced in August, which includes “promoting corporate risk management utilizing general insurance”, this requires concerted efforts by both the public and private sectors. We will hold a seminar in November to support the enhancement of corporate risk management awareness and knowledge. The seminar will feature lectures and panel discussions aimed at helping management understand the importance of engaging in risk management. Furthermore, as a measure to enhance the significance of the role of risk managers, we are holding discussions on establishing a common industry-wide education system. We will pursue this initiative over the medium to long term, with a view to establishing a risk manager qualification system in the future. 2.1.3 Responses based on amendments to the Insurance Business Act and supervisory guidelines Based on amendments to the Insurance Business Act and Supervisory Guidelines, we have established new guidelines and revised existing ones concerning the establishment of systems and rules related to insurance solicitation. The first is the establishment of the “Guidelines for Appropriate Provision of Benefits by General Insurance Companies”. These guidelines outline the basic principles and possible examples regarding the provision of benefits, which the Financial Services Agency's “Report of the Expert Panel on Structural Issues and Competition in the Non-Life Insurance Sector” identified as one factor hindering customers' opportunities for appropriate product selection and fair competition. Concurrently, to understand the actual status within the industry regarding the utilization and implementation of these guidelines by each general insurance company, a reporting window has been established within the Association. Based on reports received from non-life insurance companies, we will revise these guidelines, as necessary, to promote the proper handling of excessive preferential treatment. Furthermore, based on reports, member companies will verify the facts of reported cases and, where necessary, encourage corrective actions and improvements. The second is the revision of the “Guidelines Concerning the Secondment of Employees from Non-Life Insurance Companies”. We added provisions concerning organizational structure to the content published last September. In addition, to ensure stricter compliance with laws such as the Personal Information Protection Act, the Unfair Competition Prevention Act, and the Antimonopoly Act, we have tightened the requirements for secondments to insurance agencies. The third is the revision of the “Guidelines on the Protection of Personal Information for General Insurance Companies”. We have clarified the necessary measures to prevent the improper acquisition of information through seconded personnel at general insurance companies, as well as the need for necessary and appropriate supervision regarding information provided by insurance agencies. Fourth is the revision of the “Guidelines on Business-Related Equities”. We have revised expressions and wording to reflect amendments to the Supervisory Guidelines. Furthermore, considering recent changes in the environment surrounding insurance solicitation, we have revised the “Compliance Guide for Solicitation”. To assist insurance companies in appropriately guiding insurance agencies, this guide explains matters that solicitors must comply with when soliciting insurance. The Association will follow up to ensure member companies steadily advance initiatives to restore trust based on these guidelines, and work to embed these practices. Regarding comparative and recommended sales, a major point of discussion in customer centric business operations, we will deepen examinations to enable multi-representative agencies to conduct sales appropriately, based on the planned revisions to the Insurance Business Act Enforcement Regulations and the Supervisory Guidelines. 2.2 Initiatives related to the 10th Medium-Term Master Plan and key objectives We are steadily moving forward with various initiatives linked to the three key objectives of the 10th Medium-Term Master Plan. 2.2.1 Establishing a business foundation to support growth of the general insurance industry We are developing the joint system “s-JIBAI” to make claim investigations and payment operations paperless for Compulsory Automobile Liability Insurance. We are currently conducting various pre-release tests and expect to launch as scheduled in December or later. 2.2.2 Enhancing the resilience of society and insurance systems In anticipation of large-scale earthquakes such as a Nankai Trough Earthquake or a Tokyo Inland Earthquake, the “Earthquake Damage Claim Support System (Web-based damage status reporting system)” began operating in March. The total number of member companies able to handle this system is expected to increase by one to 12 by the end of September. Using the system, customers can report damage and register photos via a smartphone or computer. Insurance companies can also manage claim cases and create the related forms via the website, enabling faster processing of earthquake insurance claims. 2.2.3 Promoting risk management understanding among consumers and businesses This fiscal year, our eight regional branches, have continued to spearhead efforts to raise risk awareness among consumers and businesses, while actively promoting general insurance. For businesses, we are strengthening initiatives in collaboration with government agencies, focusing on the promotion of general insurance that covers not only natural disasters, but also cyber risk preparedness. Based on our risk awareness and status survey, which indicates that only about 10% of SMEs are working to apply for and obtain business continuity plan (BCP) certification, we are considering measures to promote BCP development while sharing challenges with government agencies and other related organizations. For consumers, to promote earthquake insurance, we appointed actor Kyoko Yoshine as our campaign ambassador starting in August. Our campaign uses the slogan, “Disaster supplies alone can't protect everything. Start with earthquake insurance—it’s your first line of defense." Furthermore, as part of our hazard map dissemination efforts, we began developing enhancements to the existing tool “Sonpo (General Insurance) Digital My Timeline”, which helps families plan evacuation actions during disasters. This development focuses on improving user convenience and expanding its content. In addition, from the perspective of preventing automobile accidents, we released a map of intersections with high traffic accident rates on September 16. As a joint initiative for consumers and businesses, we participated in the “National Conference for Promoting Disaster Risk Reduction (Bousai Kokutai) 2025” event, which was hosted by the Cabinet Office, etc., in Nigata City, Nigata Prefecture on September 7. We presented a session titled “Passing on the Experience of the Chuetsu Earthquake to the Next Generation: Learn Preparedness from Zero with Negi!”. The event featured a keynote speech by Professor Yasushi Uemura of Nagaoka University of Technology on “Passing on the Experience of the Chuetsu Earthquake to the Next Generation”. This was followed by a talk session moderated by Ami Matsumoto (TV Nigata Announcer), featuring Professor Yasushi Uemura, freelance announcer Takahiko Fuji, and Nao☆ and Megu from the Nigata local idol group Negicco. Approximately 400 people attended. 2.2.4 Initiatives addressing various issues a. Follow-up on the “Guidelines for Dialogue and Consultation on Automobile Repair Labor Rates” In August, we began conducting follow-ups with member companies on the “Guidelines for Dialogue and Consultation on Automobile Repair Labor Rates” which were published in March. We are confirming the implementation status of the dialogue and consultation based on the guidelines, and will continue promoting industry-wide initiatives. b. FY2026 Tax Reform Proposals From the perspective of contributing to the development of Japan's economy and building a society where citizens can live with peace of mind through the sound development of the general insurance industry, we decided on our FY2026 Tax Reform Requests (7 items in total), and announced the details in July. c. Support for emerging markets The Insurance School (Non-Life) of Japan (ISJ), an insurance technical cooperation and exchange program for East Asian regions that has been ongoing since 1972, was held again this fiscal year. Twenty-seven participants from 14 regions attended the Advanced Course from May to June, bringing the total number of graduates to 2,375. We plan to hold a General Course from November to December, and conduct an Overseas Seminar in Vietnam in February next year. 3. Conclusion With increasingly frequent and severe natural disasters and an economic situation marked by growing uncertainty, the environment surrounding us remains challenging. Precisely because of these circumstances, we believe the role and responsibility of general insurance - a vital social infrastructure essential for realizing a safe and secure society - has become even greater. Moving forward, our industry will continue to work together as one to tackle various challenges and contribute to the realization of a sustainable society. We thank you for your continued understanding and cooperation.