LONDON, July 29, 2025 — Natural catastrophes continue to put a strain on global insurance markets, according to the latest Natural Catastrophe Review published today by Willis, a WTW business (NASDAQ: WTW). Worldwide, insured losses from natural catastrophes now consistently exceed USD 100 billion per year. It’s been six years since the insurance industry last experienced a year with low losses from natural catastrophes. Events so far in 2025 indicate that losses exceeding USD 100 billion will very likely continue for at least another year. The Willis Natural Catastrophe Review is a biannual publication that provides insights into recent natural catastrophes and shares expert views on the risks posed by major perils. It sets out the causes and effects of major catastrophes in 2025 to date and goes beyond the headlines to identify the underlying factors that made them possible. The Review also provides an expert outlook for the rest of the year and into 2026, exploring potential threats from hurricanes, drought, flood and other hazards. Other key trends to note: Exceptional natural catastrophes : So far, major events in 2025 include the Los Angeles wildfires (globally, the worst wildfire event ever with respect to insured losses), the worst wildfires in Japan and South Korea in at least a generation, the third-most active year on record for tornadoes in the United States, the first landfalling cyclone near Brisbane, Australia in 50 years, and the highest wind speed ever recorded over Ireland. Natural catastrophes under climate change : The severity and scale of recent catastrophes underlines the need to confront a new era of climate extremes. Risk managers must reassess the risk, integrate climate forecasts into their plans, and ensure insurance and risk frameworks are optimized for today’s evolving threats. Data-driven strategies are needed to narrow protection gaps and to stay resilient in a rapidly changing world. Leveraging scientific advances to mitigate future risks : The Review presents a forward view on natural catastrophe risk for the remainder of 2025 and early 2026. It also provides concrete advice on how to make the most of seasonal weather forecasts and identifies geographic regions that may be exposed to elevated catastrophe risk during the next three to six months. ''2024 continued a 6-year streak of natural catastrophe losses in excess of USD 100 billion.” Peter Carter, Head of Climate Practice, Willis, said: “2024 continued a 6-year streak of natural catastrophe losses in excess of USD 100 billion. The wildfires in Los Angeles early in 2025 will drive estimated losses of USD 40 billion alone so the streak looks set to continue. With global efforts likely failing to keep the temperature below 2°C above pre-industrial levels, our focus must now turn to adapting and building resilience in the face of this new reality.” Cameron Rye, Director, Natural Catastrophe Analytics, Willis said: “The Los Angeles wildfires of January 2025 resulted in insured losses more than USD $40 billion, equivalent to nearly one-third of global insured losses the previous year. The scale and timing of the event placed immediate pressure on insurers’ catastrophe loss budgets at the beginning of the year and prompted a renewed focus on how wildfire risk is modelled, particularly in high-exposure areas like the urban-wildland interface. With an above-average number of storms predicted for the North Atlantic hurricane season, 2025 is shaping up to be one of the costliest years on record for (re)insurers.” About WTW At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Source: wtwco.com

The Philippine life insurance sector has emerged as a crucial component of the country's financial landscape, providing individuals and families with essential protection and financial security. With a growing awareness of the importance of life insurance and an increasing middle class, the industry has witnessed significant growth in recent years. “We see a lot of young middle-income earners and professionals getting more interested in health and protection products. Their interactions with insurers have now become more dynamic, more proactive and this is due to the influx of digital platforms, fintech integrations and teleconsultation services that are reshaping their behaviours, which we see as further positive signs,” AXA Philippines CEO Ayman Kandil said. However, it is still reported that insurance penetration rate remains stuck below 2%. When asked why, Mr Kandil said, “The economy may be growing, but it doesn’t mean everyone is financially secure.” “The majority of the Filipino population and workforce are in the informal sector and insurance is not among their top-of-mind consideration,” he said. The biggest challenge in life insurance adoption in the Philippines is financial education, Mr Kandil said. Specific to life insurance, there is still a widespread lack of understanding of what it truly offers. It continues to be seen primarily as a death benefit rather than a tool for long-term financial security or future planning. This misperception is even more pronounced outside urban areas,” he said. A more in-depth version of this article will appear in the September issue of Asia Insurance Review, out on 1 September. Source: www.asiainsurancereview.com

Dear Members of the Philippine Insurers and Reinsurers Association (PIRA), We are writing to you to inform you of a significant development that will undoubtedly shape the future of our industry: the recently adopted  ASEAN Economic Community (AEC) Strategic Plan for 2026-2030 . This forward-looking roadmap, as detailed in the August 2025  "ASEAN for Business Bulletin,"  presents both unprecedented opportunities and new challenges that we must proactively address to ensure the continued growth and resilience of the Philippine non-life insurance sector. The AEC Strategic Plan 2026-2030 is an ambitious framework designed to propel the ASEAN region towards becoming the world's fourth-largest economy by 2030. It builds upon the successes of the AEC Blueprint 2025, aiming for a more integrated, competitive, and sustainable economic community. The plan is structured around six strategic goals, including the creation of a single market and production base, fostering a sustainable and resilient community, and embracing digital transformation. For the Philippine non-life insurance industry, this new strategic direction offers a multitude of benefits. The plan's emphasis on  regulatory harmonization  across ASEAN member states will be instrumental in reducing complexities and creating a more predictable business environment. This will facilitate easier cross-border operations and allow our members to explore new markets within the region with greater confidence. Furthermore, the focus on a  sustainable and resilient community  opens up new avenues for product innovation. As the region grapples with the impacts of climate change, there will be a growing demand for insurance products that address climate-related risks. This presents a significant opportunity for our industry to develop and offer innovative solutions, such as parametric insurance for natural disasters, green building insurance, and coverage for renewable energy projects. The AEC's commitment to becoming an  enterprising, bold, and innovative community  through digital and technological transformation is another key area of opportunity. The plan's emphasis on strengthening regional digital infrastructure and expanding connectivity will enable us to leverage technology to a greater extent. This includes the adoption of insurtech solutions for more efficient underwriting, claims processing, and customer service, as well as the development of digital insurance products tailored to the needs of a more connected and digitally savvy population. As we navigate this evolving landscape, it is crucial to recognize the vital role that PIRA is playing in shaping our industry's trajectory. Through our active participation in the ASEAN Insurance Council (AIC) and its various committees, we are ensuring that the interests of the Philippine non-life insurance industry are well-represented in the regional discourse. Our engagement with the AIC allows us to contribute to the development of policies and standards that will govern the ASEAN insurance market, ensuring a level playing field and fostering an environment conducive to growth and innovation. The AEC Strategic Plan 2026-2030 is not merely a policy document; it is a call to action. It is an invitation for us to collaborate, innovate, and seize the opportunities that lie ahead. Let us continue to work together, through PIRA and our engagement with the ASEAN Insurance Council, to build a more vibrant, resilient, and globally competitive Philippine non-life insurance industry. Sincerely, Mitch

The Philippine Institute of Volcanology and Seismology (PHIVOLCS) warned that residents of coastal communities in the country’s eastern side only have a few minutes to evacuate if a magnitude 8.7 earthquake hits the Philippine Trench and triggers a tsunami.  According to Chino Gaston’s report in “24 Oras” on Wednesday, the state seismic bureau said that those in the coastal areas in the eastern portion of the country facing the Pacific Ocean would only have two to 15 minutes to flee before a tsunami hits.  The Philippine Trench is located in the eastern seaboard of the Visayas and Mindanao.  “In the Philippines po kasi, kapag nandito lang nangyari sa bakuran natin or within the Philippines, it only takes two minutes. Maswerte na yung mga bayan na may 15 minutes,” said Angelito lanuza, head of PHIVOLCS’ Seismic and Tsunami Network Operations.  (Here in the Philippines, if it happens right in our own backyard or within the country, it only takes two minutes to evacuate. Towns that have 15 minutes are considered lucky.)  “As early as mga 10 years ago pa, we encouraged the communities, the (local government units) to really develop their tsunami evacuation plans,” he added.  (As early as 10 years ago, we encouraged the communities and the LGUs to really develop their tsunami evacuation plans.)  A magnitude 8.8 earthquake earlier struck Russia’s eastern Kamchatka Peninsula. It caused a tsunami as the earthquake’s epicenter was underneath the sea.  Hence, several countries and territories, particularly those in the Pacific Ocean, issued tsunami warnings. Among them are China, Hawaii, the Solomon Islands, Japan, Ecuador, Chile, and the Philippines.  According to PHIVOLCS' tsunami warning, up to one meter of tsunami waves could strike coastal areas facing the Pacific Ocean.  This caused the Philippine Coast Guard to be on alert for possible emergencies.  “We also informed yung ating mga mangingisda kung pwedeng huwag munang pumalaot,” said PCG spokesperson Captain Noemie Cayabyab.  (We informed our fishermen to temporarily halt their fishing activities.)  Following the tsunami warning, several residents in the eastern portion of the country were told to evacuate as a precaution.  PHIVOLCS eventually lifted the tsunami warning at 5 p.m. Wednesday due to the absence of sea level disturbances. — Vince Angelo Ferreras/RF, GMA Integrated News Source: www.gmanetwork.com

By Michael F. Rellosa Weeks of rain drove me indoors and gave me time to read and watch. I came across an article on the scientific community’s raising the alarm on our drastically diminishing albedo. To help explain this, have you ever walked barefoot in Manila on a scorching May afternoon? You instinctively know to avoid the dark asphalt that blisters your feet and seek the relative cool of a lighter-colored pavement. In a way, we’ve all understood the basic science of albedo our entire lives. It’s the simple idea that light surfaces reflect heat, while dark surfaces absorb it. Now, imagine this simple principle playing out on a planetary scale. Earth has its own “white shirt”— the vast, bright ice caps of the Arctic and Antarctic, the sprawling glaciers, and our ever-present clouds. This natural shield reflects a portion of the sun’s energy back into space, acting as a global cooling system that has kept our climate stable for millennia. But our planet’s white shirt is becoming stained and tattered. Decades of warming have caused a catastrophic loss of this reflective ice, exposing the dark, heat-hungry ocean beneath. It’s a terrifying feedback loop: as the planet warms, more ice melts. As more ice melts, less sunlight is reflected and more heat is absorbed. This absorbed heat warms the planet further, melting even more ice. Scientists call this a decline in Earth’s albedo, but for us, it’s the dimming of our planet’s primary defense system. And for Filipinos, standing on the front lines of the climate crisis, the consequences are deeply personal. The supercharging of our typhoon season Every year, as the “ber” months approach, a familiar sense of dread settles over the nation. We know the rhythm of the typhoon season. We know the names that have become etched into our history: Ondoy, Sendong and the unforgettable Yolanda (Haiyan). A declining global albedo is like pouring gasoline on that fire. The primary ingredient for a typhoon is a warm ocean. The extra heat our planet is now absorbing, because its shield is failing, is being stored in the vast Pacific Ocean — the very birthplace of our storms. This means that developing storms are feeding on superheated water, allowing them to intensify with terrifying speed and devastating power. We are no longer just facing typhoons; we are facing a future of super typhoons becoming the norm, bringing with them winds that can level cities and rainfall that can trigger widespread, deadly floods. The fight to protect our homes and families during storm season is getting harder because of a phenomenon happening thousands of kilometers away in the melting Arctic. A nation of islands on a rising sea Our identity as Filipinos is inseparable from the sea. From the fishing barangay of lore to the bustling ports of Manila, Batangas, Subic, Cebu, Cagayan de Oro, Davao and General Santos, our life, culture and economy are tied to our 36,289 kilometers of coastline. That very coastline is now under direct threat. The excess heat absorbed by the planet is causing the oceans to warm and expand, a process called thermal expansion. At the same time, the melting of land-based glaciers in places like Greenland is pouring trillions of tons of water into the sea. For us, this isn’t just a statistic in a report; it’s the slow-motion crisis of our shores disappearing. It’s the saltwater seeping into the farmland of coastal communities. It’s the foundations of homes in coastal Metro Manila and its adjacent provinces becoming permanently inundated. For a nation of over 7,600 islands, rising seas aren’t just an environmental problem — they are an existential threat to our communities and our national territory. The threat to our dinner table Beneath the waves, another catastrophe is unfolding. The Philippines is the heart of the Coral Triangle, the “Amazon of the ocean.” These vibrant reefs are the foundation of our marine life and, by extension, the source of food and livelihood for millions. But corals are incredibly sensitive to heat. The same absorbed ocean heat that fuels typhoons is causing mass coral bleaching, turning our kaleidoscopic reefs into ghostly white graveyards. When the corals die, the fish leave. For the local “mangingisda” (fisherman), this means sailing farther out for a smaller catch. For families across the country, it means the rising price of galunggong (mackerel scad) and other staple fish at the market. The dimming of our planet directly threatens the food on our table and the stability of the communities that feed us. This isn’t a distant future problem. This is our reality now. The failing albedo is a global crisis, but it hits home in the most intimate ways — in the strength of the next typhoon, the water lapping at our shores and the food we eat. The fight to restore our planet’s reflective shield through global action is, for every Filipino, a fight for our survival. Source: manilatimes.net

Dear All, Registrations are coming in at a good rate so far.  For those still wanting to register please be aware that accommodation bookings will close two weeks prior to the event. Those who have registered please double check that your accommodation is booked.  All double rooms have been fully booked, therefore if you do need a double room, please email me and I will send you a list of some external hotel options. Again we will be using the Whova App for the duration of the conference, this allows you to see any updates and other important notifications etc before and during the conference, those of you who have registered would have received the invite to log into the app.  Reminders will be sent to those who have not yet done so.  It is important to make sure that you are happy with the information within your bio on the app such as your name, company name & country - what is in the app will appear on your lanyard.  You may change your own details.  You may also get in touch with other delegates via the app. Delegates in the UK who perhaps thought of driving to the college, please be aware that there is no parking available.  Here is some information regarding city centre parking  If you have any queries please email Stephanie Joslin at orgsec@imia.com . Source: www.imia.com

High overall losses of around US$ 131bn slightly lower than last year – but well above long-term average Fires on the outskirts of Los Angeles in January cause highest wildfire losses of all time Very high claims expenditure for insurers: Almost US$ 80bn, mainly driven by wildfires in the United States Insured losses were the second-highest in the first half of any year since 1980 Climate change is a fact and is changing life on earth. Disasters like the one in Los Angeles have become more likely due to global warming and they teach us a very important lesson: people, authorities and companies must all adapt to new circumstances. The best way to avoid losses is to implement effective preventive measures, such as more robust construction for buildings and infrastructure to better withstand natural disasters. Such precautions can help to maintain reasonable insurance premiums, even in high-risk areas. And most importantly: to reduce future exposure, new building development should not be allowed in high-risk areas. H1 2025 natural disasters in figures Worldwide, natural disasters caused overall losses of around US$ 131bn in the first half of 2025 (previous year, adjusted for inflation: US$ 155bn), of which US$ 80bn was insured (in 2024: US$ 64bn). Both overall losses and insured losses were significantly higher than the average for the previous ten years and the previous 30 years (adjusted for inflation: overall losses of US$ 101/79bn, insured losses of US$ 41/26bn). Insured losses in H1 2025 were the second-highest in the first half of any year since our records began in 1980. Only in the first half of 2011 were insured losses even higher, attributable to a severe earthquake and destructive tsunami in Japan. Weather disasters caused 88% of overall losses and 98% of insured losses, while earthquakes accounted for 12% and 2% respectively. The most severe natural disasters in H1 2025 Devastating wildfires in the Los Angeles area The wildfires in the greater Los Angeles area resulted in the costliest natural disaster during the first six months of 2025. Moreover, they occurred in winter, which is typically rainy. The overall loss is estimated at US$ 53bn, around US$ 40bn of which was insured. Never before had wildfires caused such extensive damage. The overall losses and insured losses due to this single event were nearly twice as high as global wildfire losses in 2018, which had previously been the most expensive wildfire year. 29 people perished in the fires. Numerous studies indicate that climate change is increasing the risk of wildfires by elevating the frequency of conditions that cause them. But the set of circumstances regarding the LA fires is complex: For example, the rainy season in Southern California usually begins around October. But in 2024, there was very little rain. In previous years, an abundance of precipitation had conversely allowed vegetation to flourish. After a long dry phase in late 2024 and early 2025, an excess of highly flammable brush fuelled the wildfires. Exacerbated by California’s strong winter winds, known as the Santa Ana winds, the conditions constituted a textbook scenario for wildfires. Once the fires had started on 7 January, wind gusts and gales acted like flamethrowers – flinging sparks across landscapes, in turn setting one building after another ablaze. Chief climate scientist Tobias Grimm explains: “Strong Santa Ana winds are common in California during winter. At the same time, the wildfire season there tends to last longer than in the past because there is often less precipitation in the cooler months. This means that two accelerants, drought and strong winds, coincide more frequently. Then all it takes is just one spark in the wrong place for disaster to strike.” Munich Re has been supporting the   Institute for Business and Home Safety (IBHS)   in the USA for many years to research methods designed to prevent losses. Among other things, IBHS conducts analyses of construction designs and methods that can both strengthen the fire resistance of buildings and prevent fire from spreading from one structure to the next. The impact of climate change on weather disasters has been shown by research many times over. There is a well-established consensus within the scientific community that climate change makes many weather-related disasters more frequent and severe. After the record year of 2024, the current year is again on its way to ranking among the warmest since the beginning of systematic record-keeping. Based on   NOAA data , the annual average global temperatures in the first half of 2025 reached 1.4°C above pre-industrial levels (1850–1900), making it the second-warmest first half-year on record. Many fatalities following Myanmar earthquake A 7.7-magnitude earthquake in Myanmar on 28  March was first and foremost a devastating humanitarian disaster, killing an estimated 4,500 people. The epicentre was near the cities of Sagaing and Mandalay, home to over one million residents. All in all, the quake is estimated to have caused economic losses of some US$  12bn –  making it the second-costliest natural disaster in H1  2025. Only a small percentage of those losses were insured. The region is regarded as very earthquake-prone. The quake occurred along the Sagaing Fault, which runs through Myanmar from north to south. The earthquake even caused damage in the Thai capital of Bangkok, approximately 1,000 km from the epicentre. Damage there was mainly attributable to the deep and soft alluvial soil beneath Bangkok, which not only amplifies ground motion but also increases its duration.  Source: munichre.com

More than 3,000 vehicles were damaged in the flooding that followed heavy rains across South Korea according to a report in The Korea Times. The report quotes an insurance industry official saying the resulting losses are estimated to be around KRW30bn ($22m). The official sources said the number is expected to rise further, as the scale of vehicle flood damage is higher than expected. The vehicle insurance loss ratios are certain to go up following these losses.4 The report said according to data from the General Insurance Association of Korea till 21 July 2025 a total of 3,131 flood-damaged vehicles had been reported to 12 non-life insurance companies offering motor vehicle coverage. The Korea Times report said the fact that the typhoon season has not even begun makes the situation all the more concerning. It said the vehicle insurance loss ratio, which has perhaps already surpassed the breakeven point of 80% is likely to rise further. A loss ratio of 80% is generally considered breakeven and any figure above that effectively indicates operating losses. According to Financial Supervisory Service data the Korean insurers posted a KRW9.2bn loss in their vehicle insurance sector in 2024. Source: asiainsurancereview.com

Climate risks and tech spark transformation The general insurance sector in the Philippines is projected to see significant growth over the next four years, with gross written premiums (GWP) expected to reach PHP229.7 billion ($3.9 billion) by 2029, according to research from GlobalData. The report anticipates a compound annual growth rate (CAGR) of 10.6% from PHP153.8 billion ($2.7 billion) in 2025. Market expansion driven by disaster risk and digital adoption GlobalData’s analysis attributes this upward trend to several factors, including the country’s exposure to frequent natural disasters, the increasing use of digital platforms for insurance distribution, and the introduction of parametric insurance products that offer rapid claims processing. These developments are making insurance products more accessible and responsive to the needs of both individuals and businesses. Penetration remains low, but growth opportunities emerge Despite these positive trends, insurance penetration in the Philippines remains below 1.9%. This leaves considerable room for expansion, particularly as government programs to improve disaster resilience, greater awareness of insurance products among lower-income groups, and the growing popularity of microinsurance are expected to drive further uptake. Property insurance is forecast to remain the dominant business line, accounting for nearly 40% of general insurance GWP in 2025. The Philippines’ vulnerability to typhoons and other severe weather events has led to the adoption of parametric insurance, which provides payouts based on predefined triggers. According to the World Risk Index, the country’s catastrophe protection gap is currently at 98%, much higher than the global average of 58%. Sahoo highlighted that property insurance is also benefitting from efforts to expand agricultural coverage and improve claims efficiency. “The Philippine Crop Insurance Corporation (PCIC) is collaborating with local governments to implement satellite mapping technology to expedite claims processing, further boosting consumer confidence and supporting the growth of the property insurance sector,” he said. Motor, marine, and specialty lines show steady progress Motor insurance is projected to be the second-largest segment, making up 23.5% of general insurance GWP in 2025. The segment is expected to grow at a CAGR of 7.3% through 2029. Regulatory proposals to increase coverage for private car passengers may lead to higher premiums, while incentives for electric vehicle adoption are prompting insurers to adjust policy offerings. Marine, aviation, and transit insurance are anticipated to comprise 7.9% of the market in 2025, supported by increased trade activity. The Philippine Statistics Authority reported a 5.7% rise in exports and an 8.4% increase in imports during the first quarter of 2025 (Q1 2025). Infrastructure investments are also expected to drive growth in cargo and passenger volumes. Other general insurance lines, including financial, liability, and miscellaneous products, are estimated to account for the remaining 29.2% of GWP. Outlook and sector challenges Looking ahead, Sahoo said the general insurance market is likely to maintain its growth momentum through 2029, with climate-related events and the expansion of microinsurance products expected to further increase penetration. As the sector evolves, efforts to improve accessibility and inclusivity will be key to narrowing the protection gap. However, Sahoo also noted that natural catastrophe losses and potential changes in international trade tariffs could impact insurer profitability in the coming years. Philippine insurance industry records growth in early 2025 The Philippine insurance market reported gains across several performance indicators in the first quarter of 2025 , according to preliminary data from the Insurance Commission (IC). Insurance penetration reached 1.89% of gross domestic product (GDP) as of March 31, 2025, up from 1.78% a year earlier. Insurance density, measured as premium per capita, rose by 13.4% to PHP1,094.94. Commissioner Reynaldo Regalado attributed the improved penetration rate to a stronger increase in premium income relative to the country’s 7.8% nominal GDP growth. He also noted that the rise in insurance density was driven by premium growth outpacing the 0.87% rise in population during the period. Non-life segment posts asset and premium gains Non-life insurers reported total assets of PHP381.66 billion, up 4.88% year-on-year. Invested assets grew by nearly 5% to PHP187.29 billion, with held-to-maturity investments rising by 18.88%. These, along with time deposits and available-for-sale assets, represented over 71% of the sector’s investment portfolio. Net premiums written in the non-life segment increased by 19.35% to PHP20.27 billion. Motor car insurance remained the largest contributor at PHP7.97 billion, while fire insurance premiums rose 21.91% to PHP3.81 billion. The non-life sector’s net income climbed 14.63% to PHP2.89 billion, supported by higher premium volumes and improved underwriting results. Source: insurancebusinessmag.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 15, 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.