MANILA, Philippines — The Supreme Court has ordered an insurance company to pay at least P2.1 million to a man who lost his vehicle to theft even though it was eventually recovered. In a 38-page decision made public on Tuesday, the high court’s Third Division reinstated a trial court ruling that granted the insurance claim of Wilfrido Wijangco. This was after the Supreme Court found out that UCPB General Insurance Co. Inc. caused unreasonable delay by taking 162 days to act on Wijangco’s claim, even though he had submitted the required documents. When it finally responded, the vehicle was already in the custody of investigating authorities. The complainant owned a 2003 Jaguar X-Type, mortgaged with the AMA Rural Bank of Mandaluyong and insured with UCPB for P1.8 million from 2006 to 2007. On Aug. 24, 2006, his son Andrew was forced to give up the car to two men who held him up at gunpoint in a parking lot. Andrew and a friend immediately reported the incident to the police. Letter of protest Wijangco filed a claim with UCPB Insurance soon after, but it was not processed until March 2007, when he wrote to the bank to protest the delay. The UCPB informed him that the vehicle had been recovered and was in the custody of the Philippine National Police’s Traffic Management Group (TMG) Special Operations Division-Task Force Limbas. It said his claim would not proceed unless he submitted himself to a TMG investigation clearance. Protesting the lack on action on his claim, Wijangco filed a complaint against the insurer for violation of the Civil Code and Presidential Decree No. 612, as amended by Republic Act No. 10607 (Insurance Code), and for damages. In 2016, a regional trial court ruled in his favor and ordered the UCPB to pay him P1.8 million, on top of P200,000 in moral and exemplary damages, plus the cost of the lawsuit. But the Court of Appeals overturned the ruling in 2020, saying Wijangco failed to prove the total loss of the vehicle since it was recovered. In elevating the case to the Supreme Court, the complainant argued that neither the insurance policy nor the list of claim requirements required him to submit a clearance from the TMG. In its comment, UCPB Insurance maintained the appellate court was correct, insisting that no car theft occurred based on the TMG investigation report. It also said Wijangco failed to meet mandatory obligations under the policy by not immediately reporting the car theft to the police. The Supreme Court, however, sided with the regional trial court and held that the insurance company was liable to Wijangco under the policy. It cited Section 249 of the Insurance Code, which requires insurers, within 90 days after receipt of proof of loss, to determine whether the loss was caused by a covered peril under the insurance contract. It also ruled the insured vehicle was lost through theft, a covered risk under the policy, even if it was eventually recovered. Source: newsinfo.inquirer.net

The Philippine insurance sector saw double-digit growth in premium collections in the first half of 2025, according to the Insurance Commission (IC). Combined premiums for life and non-life products reached PHP242.8bn ($4.29bn) by end-June, up 13% from PHP214.9bn in the corresponding half in 2024. The growth boosted insurance penetration—the share of premiums in GDP—to 1.79% in 1H2025 from 1.7% during the same period in 2024. Life insurance premiums rose 12% to PHP195.1bn, driven largely by variable life policies, while non-life premiums jumped 20% to PHP39.6bn. Contributions to mutual benefit associations (MBAs) grew 3.1% year on year to PHP8.2bn. Insurance density climbed 12.1%, reaching PHP2.1bn by the end of June. “This considerable increase was driven by a rise in total premiums that exceeded the population growth rate of 0.9 percent. The growth suggests a higher level of adoption and use of insurance services within the population as of the quarter,” the IC said in a statement. Source: asiainsurancereview.com

After a successful launch of FILIPINNOVATION – Powered by Concentrix, which kicked off with an exclusive summit  entitled “Digital Transformation in the Age of AI” for the Insurance sector last May in which PIRA leaders joined,  Concentrix is pleased to host an exclusive session for PIRA members on August 27, 9AM to 12 Noon at the IIAP Hall.    This exclusive session for PIRA will provide an opportunity for an in-depth discussion on solutions and service capabilities that can aid in the insurance sector’s digital transformation.  As technology reshapes industries and customer needs evolve, the challenge — and opportunity — for insurers & re-insurers is to move beyond service delivery and lead with innovation and tech-enabled solutions.   Attached is the detailed program  that covers: global trends and best practices defining the future of insurance sector actual demos of end-to-end and integrated solutions that are available roundtable discussion networking lunch to conclude

FPG Insurance Co Inc (FPG) and The Mercantile Insurance Co Inc (Mercantile), two of the largest non-life insurance providers in the Philippines have announced their definitive agreement to merge. A press release published by FPG Insurance said the combined entity, to be named FPG Mercantile, with an estimated combined gross written premium (GWP) income of PHP10bn, will leverage the strengths of both companies to deliver enhanced insurance solutions, greater financial stability, and superior customer service to millions of Filipinos. With the combined market share placing the new entity among the top four insurance companies by GWP in the non-life sector, FPG Mercantile will be in a position to innovate, expand digital offerings, and navigate the evolving regulatory landscape in the Philippines. The transaction is expected to close by October 2025, subject to regulatory approvals from the Insurance Commission and other relevant authorities. FPG regional chairman David Zuellig said, “This merger marks a historic milestone for the industry and nation. By bringing together two trusted names, we are creating a powerhouse that will not only lead the market but also set new benchmarks for protecting Filipino families and businesses in an increasingly complex world." FPG president and CEO Ms Gigi Pio de Roda said, “This partnership is a transformative step for the Philippine insurance industry. Ms Roda will also lead FPG Mercantile, the new entity.   Ms Roda said, “By uniting our resources and talents, we will create a more resilient organisation capable of providing comprehensive protection to our clients amid growing economic uncertainties and climate risks,” she added. Mercantile chairman Romulo I. Delos Reyes Jr said, "Joining forces with FPG allows us to accelerate our growth and deliver even greater value to policyholders across the archipelago. This merger is about synergy, innovation, and a deeper dedication to safeguarding the futures of our customers." “This merger represents possibly the largest non-life insurance deal in the Philippines, a landmark transaction that will redefine the industry,” said Gerard Pennefather from Huntington, strategic advisors to FPG. The press release said the merged company is committed to supporting its workforce, ensuring a smooth transition for employees of both organizations. FPG Mercantile will offer professional development programmes, and opportunities for career growth to its combined workforce of about 700. The company will maintain operations across all cities where they are currently present, with no immediate changes to existing policies or customer services. Source: www.asiainsurancereview.com

We are delighted to invite you to the first-ever SM Prime and DOST Sustainability Expo 2025: Innovation Towards Environmental Stewardship , organized in partnership with the Department of Science and Technology (DOST), SM Cares, and ARISE Philippines.   SUSTEX 2025 will spotlight the united efforts of both the public and private sectors in advancing sustainable development, with SM Prime at the forefront of environmental initiatives through the years.   SUSTEX Marketplace will feature nearly 50 exhibitors, featuring DOST-supported startups and select SM partner suppliers, showcasing innovations in waste management, water conservation, energy efficiency, and air quality. At the same time, the SUSTEX Ignite Stage in the meeting rooms will host pocket events, dynamic business pitches, and a breakout room dedicated to in-depth discussions on specialized sustainability topics.   Event Details: Date:  August 29-30, 2025 (Friday and Saturday) Time: 8:00 AM - 5:00 PM Venue: SMX Convention Center Aura, Taguig City Function Rooms 1-3: Marketplace (Exhibitor Booths) 4th floor Meeting Rooms: Ignite Stage and Breakout Rooms Attire: Business Attire   This event is open to the public and free! Register now via SM Malls Online or scan the QR Code: https://click.smmallsonline.com/DFqS/SMSUSTEX2025   Please see the attached letter circular, concept note, and program for more details. We also encourage you to share this invitation with your colleagues and teams so they can take part in this landmark event.   We look forward to seeing you at SUSTEX 2025 as we work together toward a greener and more resilient future. Source: www.smmallsonline.com

The Philippine Insurers and Reinsurers Association (PIRA) , in partnership with the Insurance Institute for Asia and the Pacific (IIAP)  and the Philippine Insurers Club (PIC) will be holding the Philippine Insurance Cup Golf Tournament to be held on September 4, 2025  at the Riviera Golf Club, Inc.  in Silang Cavite . The event aims to provide industry practitioners, clients, friends, and acquaintances an avenue to network among themselves in the spirit of cooperation, collaboration, and friendly competition. As a valued business partner and friend of the Industry, it is our pleasure to invite your company to be one of our esteemed Sponsors. For your ready reference, we are attaching a detailed summary of the available Sponsorship Packages for your consideration. To confirm your interest, you may access the link provided below. We hope to receive your Sponsorship confirmation on or before August 18, 2025 to allow ample time for the preparation of banners, logos, videos and other materials for the event. For additional information or other inquiries, please feel free to get in touch with our Secretariat: Jadeson Ortega – jjortega@pirainc.com.ph Daniel Doctora - dfdoctora@pirainc.com.ph We thank you in advance for considering being a Sponsor and we look forward to sharing a fun-filled day with Industry friends and partners.

The Insurance Institute for Asia and the Pacific Inc. invites insurance professionals, risk managers, and anyone keen on staying ahead in the reinsurance landscape. Don’t miss this opportunity to gain valuable insights and stay ahead of the curve!

The AICLA/ANZIIF Sydney Claims Convention (CC25) is fast approaching, taking place on 17 September 2025 at the Hilton Sydney. This year’s program promises insightful presentations, panel discussions, and valuable networking opportunities for claims professionals across the industry. Early bird registrations have now been extended until 18 August , offering attractive discounts for ANZIIF and AICLA members The 2025 program features industry-leading speakers and timely topics to equip you with practical knowledge for the evolving claims landscape, including: Market trends and industry performance   ● The State of the Insurance Market – Andrew Hall, ICA  ● Hard to Place Risks: The Role Lloyd’s Can Play – Peter Plustwik, Lloyd’s Australia  ● Industry Performance Against Code Standards – Prue Monument, AFCA  ● Wellbeing Survey: I Work in Insurance – Andrew Silcox, Insurance News Innovation, technology and best practice   ● Navigating Claims: The Evolving Role of the Claims Broker – Liam Costello, Gallagher  ● InsurTech Presentations – Simone Dossetor, Insurtech  ● Accurate Records, Better Coverage, Improved Claim Outcomes – Dan Novick, MyVal  ● Recipero Crime Reduction Ecosystem – Mark Pritchard, Recipero  ● Claims Intake = Admin Strategy – Aurora Voss, Zemble  ● General Insurance AI and Legal Issues – Ben Karalus, Meridian Lawyers  ● Harnessing Linguistic Cues & Data Analytics to Uncover Insurance Fraud – Russell Mills, Allianz People, skills and resilience   ● Vulnerability: Identification and Responsibilities – Glyn Lloyd, Kim Scaysbrook, Drew MacRae, Ben Szczerbinski  ● Lifestyle Speaker – Graham Dobbins, Dale Carnegie Australia Register today to explore the latest trends, innovations, and challenges shaping the future of claims. Source: campaign.anziif.com

Insurance rates in Asia fell by 5% in the second quarter of this year, according to Marsh's latest Global Insurance Market Index. The pace of decline was bigger than the 4% drop in global commercial insurance rates during the same quarter. 2Q2025 was the sixth straight quarter of decline in rates in Asia. The latest market update also reveals ongoing rate reductions across multiple insurance sectors in Asia, reflecting heightened competition and evolving client demands. Property insurance rates Property insurance rates declined by 5% as competition remained high. This was a steeper decline than the previous quarter’s 3%. Korea experienced the most significant drop at 28%, followed by Taiwan with an 8% decrease. Other highlights of the property insurance market in Asia in 2Q2025 are: Increased competition among insurers, driven by international markets, typically led to positive results for clients on sub-limits and deductibles. Insurers generally prioritised client retention by offering long-term agreements (LTAs), which often included discounts and low-claims bonuses. Underwriters showed caution regarding high-hazard companies and those with deteriorating loss histories. Casualty rates decline, capacity stable Casualty insurance rates softened by 2%, continuing a moderation trend amid stable market capacity and competitive pricing. Clients without losses typically experienced greater rate decreases. Underwriters continued to focus on significant US exposures, loss histories, and emerging risks, with notable regional variations. In Korea, intense price competition among local and international insurers persisted. Rates of financial and professional lines fall Financial and professional lines rates declined by 7%, a slight improvement over 1Q2025’s 8% drop. Malaysia and China saw the largest declines at 13%, followed by Korea at 12%. Increased capital market activity, including a rise in IPOs, created new opportunities for insurers, particularly in  directors and officers (D&O) liability insurance. D&O liability rates saw average reductions ranging from 5% to 15% across the region. Financial institutions (FI) and professional liability (PI) rates saw decreases of 5% to 10%. Cyber rates decline, first-time buyers increase Cyber insurance rates decreased by 7%,  compared to 8% in the prior quarter. Thailand notably saw a sharp softening, with rates falling between 18% and 28%. The market is expanding as more clients, including first-time buyers, secure higher coverage limits. Increased capacity and innovative products, such as personal cyber insurance, are emerging. Underwriters and companies remain focused on third-party cyber risk, particularly in assessing digital supply chains and broader cyber exposures. “Insurance rates in Asia have been softening due to increased competition among insurers, offering organisations access to favourable terms and broader coverage options. However, market conditions can vary across the region. This is an opportune time to assess risk appetite and broaden coverage while market conditions remain competitive,” Marsh Asia global placement leader Brent Clawson said. Regional comparisons Of the seven regions into which the report divides the global insurance market, the US saw flat composite rates in 2Q2025. The UK and the Pacific regions experienced the largest composite rate decreases of 6% and 11%, respectively. Rates in Canada and Europe fell by 4% while those in Latin America dropped by 5%, the same as in Asia. Source: asiainsurancereview.com

The real drivers behind coal's decline in the Philippines are expansion of renewable energy and outage of fossil fuel plants according to a new analytical commentary released by the Institute for Energy Economics and Financial Analysis (IEEFA). The new commentary Clean Energy is Driving Coal’s Decline in the Philippines, Not LNG authored by IEEFA LNG/Gas research lead Sam Reynolds suggests that renewable energy, particularly solar and hydro — not liquefied natural gas (LNG) — are leading the shift, while outages at aging coal plants and cost dynamics further undermine the LNG storyline. Recent media reports in the Philippines have credited LNG with the country’s first significant drop in coal generation in decades. However, IEEFA’s new analysis shows that LNG has played a limited role in displacing coal and that the real drivers behind coal’s decline are renewable expansion and fossil fuel plant outages. According to IEEFA, data from the department of energy (DOE) shows that no new greenfield LNG or gas-fired power capacity was commissioned between 2017 and 2024. The last recorded increase in gas capacity occurred in 2022 and was limited to uprating existing facilities, not through the addition of new LNG infrastructure. The new analysis also reveals that coal-fired power generation in the Philippines fell in the first half of 2025, putting the country on track for its first annual decline in coal generation in decades. In the first half of 2025, the Philippines also saw greater increases in generation and capacity from renewables than from LNG. Moreover, eight coal plants in the Philippines faced extended outages in the first quarter of 2025, which provides a better explanation for the drop in coal than the rise of LNG. Source: asiainsurancereview.com