25-28 November 2025 Industry and IC combined Delegation

A new study in the Philippines has revealed that the total health spending in the country had reached PHP1.4tn ($23.81bn) in 2024, which translates to about 5% of the country's GDP. According to a news report published in the Philippine daily Inquirer, the study conducted by the Philippine Institute for Development Studies (PIDS) found that the public spending drove most of this growth through the Department of Health, the Philippine Health Insurance Corporation and local government units, which increased 2.6 times from 2014 until 2024. The PIDS report also found that the out-of-pocket spending between 2014 and 2024 also rose by 1.6 times. According to the Philippine National Health Accounts, Filipino households’ out-of-pocket expenses amounted to PHP615.16bn in 2024. This represented an 11.8% increase from the PHP550.08bn posted in 2023. The new data translates to roughly PHP12,000 per Filipino, an increase from about PHP3,000 in 2000. The report says that out-of-pocket expenses continue to remain high, even though 95m citizens are already enrolled in the country’s national health insurance system. To ease this burden, PhilHealth plans to cut out-of-pocket medical expenses by up to 25% in three years, however, this can happen only if the government increases health spending. Source: www.asiainsurancereview.com

THE invitation to the private nonlife insurance industry to join what has been a historically government-dominated terrain of agricultural risk is not just timely — it is essential. In the Philippines, the agricultural insurance sector has long been shouldered by the Philippine Crop Insurance Corp. (PCIC). But the government’s recent move to open the field to private insurers signals a paradigm shift — one that offers industry, farmers and the nation alike a meaningful chance to partner in resilience, modernization and inclusive growth. Agriculture in the Philippines is far more than planting rice or corn. It spans high‐value crops, poultry and livestock, fisheries and aquaculture, even forestry and forest products. And it reaches beyond primary production: planting, harvesting, storage, processing, packaging, logistics and market distribution. All these elements of the value chain carry risk — and each one is an opportunity for innovative coverage and deeper private sector involvement. The literature shows that agricultural insurance should cover not only weather, pests and diseases, but also price volatility, input disruptions, labor or institutional risks. Given this breadth, the opening of private-sector participation is welcome. PCIC, though an indispensable institution, cannot alone reach the magnitude and diversity of risks across the sector. One recent study points out that PCIC “has limited resources to provide insurance protection to the more than 50 percent of the Philippine population involved in agriculture, fisheries and forestry activities.” In short: private nonlife insurers bring underwriting capacity, product innovation, distribution reach and, crucially, access to reinsurance markets. By showing up in this space, the nonlife insurance industry can help de-risk the agricultural sector. This is not just jargon: risk reduction implies that farmers, fisherfolk and agribusinesses can obtain confidence, credit and investment. When insurance is credible, it becomes an enabler of financing. A recent review cites how crop insurance “facilitates credit access especially in formal lending institutions like the Land Bank of the Philippines.” That matters in a country where agriculture employs a large share of the workforce, yet receives only a meager proportion of formal loans — despite its critical role in food supply and exports. In stepping into agricultural insurance, nonlife insurers will become key partners in the modernization of Philippine agriculture. Insurance coverage stimulates investment in mechanization, technology, good agricultural practices and supply chain upgrades — because the commercial risk becomes more manageable. Yet beyond investment, there is a national imperative: resilience. The Philippines is among the world’s most climate-vulnerable nations, facing typhoons, floods, droughts, pest invasions, and more. Insurance is not the whole answer, but it is a vital part of the toolkit — helping guard against catastrophic losses, stabilizing incomes, preventing debt traps, and thus protecting food security. From a regulatory and market-development perspective, the time is ripe. Inclusive reforms have been under way. For example, the government has advanced legislation (e.g., the pending House Bill 7387) that would expand PCIC’s mandate and encourage private-sector participation. The Insurance Commission has published guidelines for a regulatory sandbox allowing commercial insurers to underwrite agricultural risk in collaboration with PCIC. And the World Bank, via its policy note, emphasizes three stumbling blocks: product relevance, operations and institutional environment — each of which private insurers are well-placed to address. Given this backdrop, what does private nonlife insurance participation look like in practice? First, product innovation. Index-based insurance (weather, area yield) that reduces cost of claims assessment and speeds payout is an emerging frontier in the Philippines. Private insurers can partner with PCIC and crop/fisher research institutions to co-develop these products. Second, diversification of lines: beyond staple crops to include aquaculture, livestock, high-value crops, forestry, storage assets, transport logistics and market linkages. Third, leveraging data and technology: remote sensing, satellite weather data, crop modelling all enhance risk assessment. Fourth, credit linkages: insurers can collaborate with banks to structure bundled finance-plus-insurance offerings that unlock capital for modernization. For nonlife insurers, this is a growth opportunity aligned with national impact. Agriculture expands the business horizon beyond traditional motor, fire and liability lines. As the sector scales and modernizes, the market for risk-transfer will grow. And from a corporate-citizenship perspective, insurers become partners in our national agenda: climate adaptation, food security, rural development and inclusive economic growth. Of course, there are challenges. Penetration today remains low: one estimate indicates that two-thirds of the country’s farmers are unprotected. Premium subsidies must be directed effectively, operations must improve (paper-based to digital), data infrastructure must be strengthened. But these challenges represent opportunity — opportunities for insurers to lead, not wait. The collaborative model — public-private partnerships — has been shown in other countries to scale effectively. In conclusion: the initiative of the Philippine nonlife insurance industry to enter the agricultural insurance space is more than a business expansion. It is an investment in national resilience, in the livelihoods of farmers, in modernizing a core sector of the economy and in protecting our food supply for generations. With the support of PCIC, the World Bank, and global reinsurers and insurance partners, this “new frontier” is ready to be explored. The industry has the expertise, the tools and now the regulatory openness to make a meaningful difference. I believe strongly that we must seize this moment — not only to grow our portfolios but to grow the Philippines. Source: www.manilatimes.net

In a circular letter, the Insurance Commission (IC), the regulator of the Philippines, ordered all insurance companies and related entities to undertake the following measures whenever a state of calamity is declared in the country: Expedite the processing approval, and payment of claims for damage attributable to said disasters, including relaxation of company procedures and documentary requirements. Extend the period for submitting claim notices and other required documents for a reasonable period after the occurrence of the disaster. Provide the necessary support to claimants for the processing of claims. Ensure that damage assessments are properly assessed and recognised on official records to facilitate immediate settlement of claims. Coordinate with local government units and other government agencies providing relief and rehabilitation operations to ensure that claimants are provided necessary assistance. The circular comes on the heels of President Ferdinand Marcos, Jr.’s declaration of a state of calamity in the wake of typhoon Tino. Source: asiainsurancereview.com

The Philippine insurance industry recorded a 13.25% increase in total premiums as of the third quarter of 2025, according to data from the Insurance Commission (IC). Total industry premiums reached PHP372.08bn ($6.41bn) by the end of September, almost PHP50bn higher than the same period last year. Life insurance premiums climbed 13.77% to PHP299.45bn from PHP263.21bn a year earlier, while the non-life segment rose 13.07% from PHP53.13bn in Q3 2024 to PHP60.07bn in Q3 2025. Contributions from mutual benefit associations (MBAs) also grew by 2.86% to PHP12.57bn. Premium growth continued to be driven by both traditional and variable life insurance, which expanded by 9.7% and 16.0%, respectively. Insurance Commissioner Reynaldo A. Regalado said, “The accelerating growth in total premiums and other key indicators underscores not only the increasing trust in the insurance sector’s role in economic resilience, but also the rising awareness among Filipinos of the importance of financial protection.” Source: www.asiainsurancereview.com

Southeast Asia may soon have an insurance programme for rebuilding damaged infrastructure following natural catastrophes. This was announced by the Philippine Department of Finance (DOF) after the 8th Technical Meeting of the Southeast Asia Disaster Risk Insurance Facility (SEADRIF) held in Kyoto, Japan, in October. The DOF said member countries at the meeting agreed to explore the creation of the SEA|DRIF Sovereign Asset and Fiscal Empowerment (SEADRIF-SAFE) facility. The initiative, spearheaded by the Philippines, aims to embed disaster insurance directly into development projects financed by bilateral and multilateral partners.  The programme seeks to ensure that critical assets such as hospitals, schools, and roads are financially protected and can continue operating in the aftermath of disasters. “This also means that when a disaster strikes, governments can begin rebuilding immediately since funds are already available. By pooling risks at the regional level, member countries can reduce insurance costs, expand coverage, and accelerate recovery efforts, making communities safer and more resilient,” the DOF said in a statement. Commenting on the announcement, Philippine Finance Secretary Ralph Recto said: “Disasters are not just national problems—they are regional challenges that demand global solutions. Through SEADRIF-SAFE, which the Philippines champions, we are taking a proactive and united step to protect what truly matters: our people and the public assets they rely on.” “This is not just about preparing for disasters. It’s a way to ensure that our economy and our future remain strong—not only for the Philippines, but for the whole of Southeast Asia,” Mr Recto added in Tagalog. Source: www.asiainsurancereview.com

The winners for the 29th Asia Insurance Industry Awards have been revealed, with 17 of the region's top insurers, reinsurers, brokers, risk managers and service providers bringing home a trophy. The awards are well known for their stringent criteria and transparent selection process, overseen by a panel of expert judges from across the insurance industry. This year, the awards attracted almost 200 entries in 17 categories. The event was held, as usual, in conjunction with the Singapore International Reinsurance Conference. This year’s winners exemplified the best of the industry, showcasing efforts to improve sustainability, groundbreaking digital capabilities and market-leading innovations and solutions. Allianz General (Malaysia) took home the General Insurance Company of the Year award, while HSBC Life (International) was crowned the Life Insurance Company of the Year. On the reinsurance side, Taiping Re won the General Reinsurer of the Year, and Reinsurance Group of America (RGA) continued their winning streak and were announced as the Life Reinsurer of the Year. Marsh Asia narrowly beat out the competition to win Broker of the Year, and Go Digit General Insurance won Digital Insurer of the Year. Go Digit also saw its managing director, Jasleen Kohli, take home the Woman Leader of the Year award. This year also saw first time winners from Nepal and Sri Lanka, with Ms Bunu Ghimire of Nepal Insurance Authority announced as the Young Leader of the Year, and Softlogic Life Insurance taking home the AI Initiative of the Year award. The night ended with the announcement of the Philippines Insurers and Reinsurers’ Association Michael F. Rellosa as the winner of the Lifetime Achievement Award. Source: www.asiainsurancereview.com

Lifetime Achievement Award Michael F. Rellosa Philippines Insurers and Reinsurers Association

Join us on November 19, 2025, 6:00PM at Glorietta 4 Cinema 1 for a magical evening that goes beyond the screen. All proceeds go to PIC’s chosen charitable institutions and in Collaboration with PAMI Cares. Making every ticket count for good! Enjoy the newly renovated Glorietta Cinemas with upgraded seats and sound system, plus a chance to win exciting prizes in our raffle!  Tickets: ₱1,000 – Reserved Seat (with popcorn & bottled water) ₱800 – Regular Seat (with popcorn & bottled water) Thank you to our generous sponsors from the insurance community! Reserve and purchase your tickets today: Tsuks Eladia 0915 424 2144