By Michael F. Rellosa Why does the Philippines import food when we can grow it? The Philippines is a beautiful country with rich soil, long coastlines, and a strong tradition in farming and fishing. But despite all these natural gifts, we still rely heavily on importing basic food items like rice, fish, pork, poultry — and even salt. It seems surprising, right? But when we look closer, the reasons start to make sense. Many farmers and fisherfolk still work on a small scale, just enough to feed their families. Access to tools, credit and protection from losses isn't always easy to come by. And as weather becomes more unpredictable due to climate change, it's getting harder for rural communities to recover when things go wrong. One way to help is through agricultural insurance — a safety net for those who grow our food. Right now, the government, through the Philippine Crop Insurance Corp. (PCIC), provides crop insurance to farmers. It plays an important role in supporting our agricultural workers. But with so many challenges today, there's room to explore how more partners — including private insurance companies — can join the effort and offer new solutions. Reimagining insurance for farmers and fisherfolk Most of today's crop insurance is what we call "indemnity-based." It means that someone goes to the farm, checks the damage and then processes a claim. While this helps, it can take time and cost a lot to manage. For many small farmers, waiting weeks or months for help just isn't practical. That's where index-based insurance comes in. Instead of checking each farm, this type of insurance uses data — like rainfall levels or average harvests in a region — to decide when and how much to pay. If a drought or storm hits, affected farmers receive support automatically. It's faster, fairer and can reach more people, especially those in remote areas. And it's not just for crops. Imagine insurance that covers livestock, fish farms or even the journey from harvest to market. This kind of protection could help reduce losses, lower costs and make local food more affordable. There's also a growing idea of bundled insurance — packages that include not just agriculture coverage, but also health, life or property protection, all tailored to the needs of rural households. Working together for better results For these kinds of innovations to work, partnerships are key. The government has already laid the foundation by providing insurance through PCIC and offering premium subsidies to support farmers. What if private companies could also offer their own insurance options — with the same kind of government support and standards? This approach has worked in other countries and could help bring more choices and better coverage to Filipinos. Technology can also make a big difference. Using satellite data, mobile phones and digital payments, insurers can offer services faster and reach areas that were once hard to access. Farmers could get weather alerts, submit claims with a few clicks and receive payments directly to their mobile wallets. Insurance that builds a better future But beyond just paying for losses, insurance can also encourage better practices. For example, farmers who plant drought-resistant crops or use water-saving techniques could get discounts on their premiums. Insurers and government agencies can work together to spread early warnings during typhoons or droughts, helping communities prepare and avoid bigger losses. Education is just as important. By training local leaders and extension workers to explain how insurance works, we can build trust and help more people understand how to protect what they've worked so hard to grow. Looking ahead Of course, making all this happen will take continued effort — from the government, the private sector and the communities themselves. It will also need clear rules, smart use of resources and support systems that reach the people who need them most. With the right steps, agricultural insurance can do more than protect against risk — it can help modernize farming, lift people out of poverty and strengthen food security for the entire country. In the end, it's not just about insuring crops. It's about investing in people — our farmers, fisherfolk and rural communities — so they can thrive in a changing world and continue to feed the nation with pride. Source: manilatimes.net

On behalf of the IIAP and PIRA Boards, Officers, and Staff, thank you to all of you for giving up your precious time and making an effort to be with us. Once again, thank you to all our Sponsors, both Gold and Silver, as well as our esteemed Speakers who have shared their time and talent with us, and of course, our Honorable Insurance Commissioner and his team, who have given us their unceasing support and guidance on this and other matters. Thank you, too, to the indefatigable summit organizing team composed of both IIAP and PIRA officers and staff. From the bottom of our collective heart, maraming salamat po!  We hope to see you next year!

The Memorandum of Understanding (MoU) was signed at the Philippine Insurance Summit 2025 on 20 May in Makati City. The other parties to the MoU are the Department of Economy, Planning, and Development Regional Office VIII (DEPDev VIII), the Philippine Insurers and Reinsurers Association (PIRA), and the Philippine Institute for Asia and the Pacific (IIAP). DEPDev VIII serves as the lead implementing partner of the GIZ project “Strengthening Disaster Resilience and Risk Mitigation through Ecosystem-based Planning and Adaptation” (E4DR), which is funded by the BMUV–International Climate Initiative (IKI). The MoU aims to raise awareness among insurance companies about ecosystem-based adaptation (EbA) insurance. GIZ hosted a panel session on “Protecting Marine Ecosystems and Coastal Communities through Climate Risk Finance and Insurance.” Immanuel Gebhardt, Regional Director of GIZ Philippines and the Pacific Islands, said in his keynote message: “The work of GIZ in the Philippines emphasizes adaptation to the impacts of climate change—harnessing ecosystem services and conserving biodiversity. We support the conservation and protection of ecosystems as a strategy to reduce the vulnerability of communities to climate change and natural catastrophes,” Mr. Gebhardt added. Nicole Kranz, Climate Action Cluster Coordinator of GIZ Philippines, moderated the session featuring four speakers: Andrea Teran, Principal Advisor of the E4DR project; Gene Ruey Pepino, Coastal and Marine Ecosystem Management Program Extension Officer of DENR Northern Samar; Lorenzo Chan, Chairperson of the Global Microinsurance Network and President of Pioneer Life; and Anastasia Thomaides, Advisor to the Secretariat of the Global Shield against Climate Risk. The summit was attended by around 400 participants from financial service providers, innovators, regulators, public agencies, support organizations, and international development agencies. The event was jointly organized by IIAP and PIRA, with GIZ as the principal supporter. #MoUs   #InsuranceSummit   #MPAs   #E4DR   #EbA GIZ Philippines and Pacific Island Countries

APAC accounted for more than one-third of global cyber offensive in 2024 according to IBM's X-Force Threat Intelligence Index 2025. Collectively Asia Pacific and America accounted for nearly 60% of all attacks that IBM X-Force responded to globally. The 64-page 2025 report tracks new and existing trends and attack patterns — pulling from incident response engagements, dark web data, and other threat intelligence sources. The report further reveals that the manufacturing sector remained the most targeted industry, with ransomware being the most common "action on objective" in the region. It found that extensive reliance on external remote services (45%) and vulnerability exploitation (18%) were the most common initial access vectors, underscoring weaknesses in APAC's digital infrastructure. Some major findings in the 2025 report include: – The manufacturing sector remained the most targeted industry in APAC, representing 40% of incidents, followed by financial sector.  To combat this, businesses must move beyond reactive security strategies and prioritise proactive actions. – Unlike in other parts of the world, ransomware remains a persistent threat in Asia-Pacific, highlighting its continued profitability for attackers. Installing advanced detection technologies can help organisations close the speed gap and stop threats before they escalate. – Reliance on legacy technology and slow patching cycles expose critical infrastructure sectors to sophisticated threat actor groups, including nation-state adversaries, escalating the risk of disruption, espionage, and financial extortion. – In 2024, IBM X-Force observed an uptick in phishing emails delivering infostealers, and early data for 2025 reveals an even greater increase of 180% compared to 2023. Credential phishing and infostealers have made identity attacks cheap, scalable, and highly profitable for threat actors. – IBM X-Force observed that ransomware operators have shifted to lower-risk models, with identity attacks surging to fill the void. International takedown efforts are pushing ransomware actors to restructure high-risk models toward more distributed, lower-risk operations. – AI threats are evolving and security researchers are racing to identify and fix vulnerabilities before cybercriminals exploit AI-driven cyberattacks. – Manufacturing was the most attacked industry for the fourth consecutive year. Continuing to face the highest number of ransomware cases, this sector's extremely low tolerance for downtime makes the ROI and related security benefits of encryption highly attractive. – Linux threats are rising. In collaboration with Red Hat Insights, IBM X-Force found that more than half of Red Hat Enterprise Linux customers' environments had not deployed a patch for at least one critical CVE in their environment, and 18% had not patched five or more. Source: asiainsurancereview.com

Insurers in Australia have already received 3645 claims as per the latest tally from the Insurance Council of Australia (ICA) even as the floods in the country's Mid North Coast and Hunter and Greater Sydney regions of New South Wales continue to rage. According to ICA about 80% of the claims received were personal property claims, with the rest being commercial or motor claims. The Mid Coast LGA had the most claims, totalling 888, followed by Central Coast with 546, and Lake Macquarie with 467. As many flood-hit begin their long recovery process, the ICA has also reminded policy-holders they can begin to clean up their property without waiting for an assessor.? ICA CEO Andrew Hall said, “While clean-up is well and truly underway in many communities, safety is always the number one priority. Flood waters can bring debris and cause electrical damage, so we encourage locals to take extra precaution and follow advice of local authorities. “We're looking forward to getting to Taree next week and helping people get back on their feet. I encourage any impacted policyholders to come along and speak with your insurer.” He said, “We're also in discussion with the New South Wales Reconstruction Authority about having an insurer presence at local recovery centres across the Mid North Coast. We'll communicate this information as soon as plans are in place.” “We acknowledge that for many community members, this event is far from over with flood waters only just beginning to recede in some areas,” said Mr Hall. According to a government estimate at least 10,000 properties have been affected by the current floods. Source: asiainsurancereview.com

MANILA, Philippines — With the theme “Digital Transformation in the Age of AI,” the country takes center stage with Filipinnovation – powered by Concentrix, a global technology and services leader. The nation’s largest private employer and integrated business solutions partner launched Filipinnovation with an exclusive tech summit, kicking off with a focus on the local healthcare maintenance organization (HMO) and insurance sectors. “Filipinnovation is about challenging the status quo in shaping the future of integrated business solutions in the domestic market. The country has long been known for exceptional service. As technology reshapes the ecosystem into a digital one, and the future of work demands new tools and skillsets; that’s where Filipinnovation comes in. It’s about taking the core of what makes the Philippines great— our culture of care and excellence — and infusing it with technology such as AI, automation, and future- ready talent. Starting right here at home – from the Philippines, for the Philippines. We’re driving seamless, intelligent experiences and making sure that it benefits the Filipino market as well,” said Amit Jagga, EVP and Chief Business Officer of Concentrix Philippines. From Service to Solutions Capabilities The event brought senior industry leaders from public and private sectors together with discussions and showcases that put the spotlight on AI transformation in local HMO and insurance — sharing best practices, cutting-edge tech solutions and success stories that are transforming the Philippine landscape. Filipinnovation reimagines the country’s leadership in customer service by merging it with high-tech capabilities to deliver smarter, human-centric and personalized experiences — from end-to-end customer experience (CX) journeys to AI-powered solutions and analytics. The launch of Filipinnovation on the back of the recently concluded 2025 Philippine Insurance Summit where Concentrix was also a sponsor and represented in the “Leveraging Technology for Innovation in Insurance” panel discussion, underscores that digital transformation is a top priority in the country, relevant across industries. According to Michael Rellosa, Executive Director of the Philippine Insurers and Reinsurers Association (PIRA), “We believe that Filipinnovation is a catalyst for resilience. In the insurance and reinsurance sector, it enables us to adopt smarter, more inclusive products that respond to socio-economic and environmental shifts, for example. The AI-driven solutions we have seen at the Concentrix launch today is very promising. And the impact will surely extend beyond our sector. Innovation rooted in Filipino creativity empowers industries to become more agile, efficient, and future- ready. By nurturing a culture of continuous innovation, we’re not just improving services—we’re building a stronger Philippines.” Public-Private Collaboration Driving Change One of the summit’s key themes is the power of shared goals and collaboration. With strong alignment between government and private sectors, the Philippines is setting the groundwork for becoming a global innovation hub — for digital transformation, enterprise technology, and future growth. At the Filipinnovation launch, messages of support from the Office of the President, the Special Assistant to the President on Investment and Economic Affairs, as well as a keynote speech from Philippine Economic Zone Authority (PEZA) Director General Tereso Panga, underscores the whole-of-government and industry multi-stakeholder investment approach. “Advancing our ecozone development program to create a more conducive environment is driven by Filipinnovation. I believe in our President that when he says ‘digitalization is the need of today’, we must embrace it and make it touch all industries and put Filipino digital capability and collaboration at the heart of the country’s growth. By pursuing it, we are positioning the Philippines to lead next-generation experiences for our citizens. And when the country builds a reputation as a tech solutions destination, we become more competitive in the global economy,” said PEZA Director General Panga . Why Filipinnovation Matters Now As next-gen experiences drive the digital world of today and tomorrow, Filipinnovation serves as proof that the country can lead in integrated CX and secure, cyber-resilient business solutions — with benefits that extend to skills development and new job opportunities for talent. In closing, Amit Jagga, EVP and Chief Business Officer of Concentrix Philippines, said “ In embracing Filipinnovation, we help to not only secure but also future-proof the nation’s digital ecosystem, and create new opportunities for our game-changers supporting this work. We are proud of the role that Concentrix plays in driving the multi-stakeholder partnerships that will enable its success.” With over 100,000 game-changers across over 50 sites nationwide, Concentrix Philippines continues to demonstrate its leadership with innovation, being in the 2024 Asia CEO Circle of Excellence for Most Innovative Company and Technology Company of the Year, as well as Company of the Year Grand Winner for its financial success, governance, social commitment, pioneering achievements, and recognitions received. Concentrix is also in the 2025 Philippines Best Workplaces list. For more information, visit www.concentrix.com . Source: businessmirror.com.ph

MANILA — “It’s time to realign government with the people’s expectations.” President Ferdinand R. Marcos Jr. has called for the courtesy resignation of all Cabinet secretaries, in a decisive move to recalibrate his administration following the results of the recent elections. “This is not business as usual,” the President said. “The people have spoken, and they expect results—not politics, not excuses. We hear them, and we will act.” The request for courtesy resignations is aimed at giving the President the elbow room to evaluate the performance of each department and determine who will continue to serve in line with his administration’s recalibrated priorities. “This is not about personalities—it’s about performance, alignment, and urgency,” the President added. “Those who have delivered and continue to deliver will be recognized. But we cannot afford to be complacent. The time for comfort zones is over.” This step marks a clear transition from the early phase of governance to a more focused and performance-driven approach. The President emphasized that while many have served with dedication and professionalism, the evolving needs of the country require a renewed alignment, faster execution, and a results-first mindset. Government services will remain uninterrupted during this transition, and the President reiterated that stability, continuity, and meritocracy will guide the formation of his leadership team moving forward. With this bold reset, the Marcos administration signals a new phase—sharper, faster, and fully focused on the people’s most pressing needs. (PND) Source: pia.gov.ph

Mobile services, data and technology company FingerMotion, has announced that it will deploy and scale its proprietary AI-powered insurance risk rating platform in the Indonesian market. The company’s subsidiary Finger Motion Financial has signed an agreement with Mach Wireless Teknologi for entry into the Indonesian market. Under this agreement, an enhanced version of the platform is to be developed to align with the specific requirements of the Indonesian market, supporting underwriting for motor, health, and life insurance, while ensuring compatibility with local infrastructure and regulatory standards. Leveraging Finger Motion Financial's proprietary machine learning models, data processing engines, and advanced risk analytics, the platform is expected to be engineered to provide a seamless integration into Indonesia's telco-insurance ecosystem, empowering telecom operators and insurers to collaborate effectively to deliver digital insurance products that are smarter, more accessible, and highly personalised. This partnership with Mach Wireless is expected to also assist in identifying and engaging appropriate local solution providers, such as insurance companies, ride-hailing platforms, and telematics services, to strengthen and expand the ecosystem. Source: asiainsurancereview.com

Concentrix organized Filipinnovation, a pioneering tech and innovation summit themed “Digital Transformation in the Age of AI,” which took place on May 22, 2025, at the Shangri-La in Makati.

Australian Reinsurance Pool Corporation (ARPC) has released updated analysis showing that the Cyclone Reinsurance Pool (cyclone pool) is delivering significant downward pressure on insurance premiums, and improving insurance availability for Australians living in cyclone-prone areas. The main findings from the 2025 Premium Assessment include:  Significant premium reductions: Home insurance premiums for the highest cyclone risk areas have decreased by an average of 39 per cent from pre-cyclone pool levels to January 2025. Medium-risk properties have also seen notable savings.  Affordability for SMEs: Small and medium enterprises (SMEs) in high-risk areas are also benefiting, with 31 per cent premium reductions for Buildings and Contents cover.  Improved insurance access: Quote success rates for home insurance has increased across all risk bands, with the greatest improvements in high-risk areas (66% pre-cyclone pool compared to 84% in January 2025), indicating greater insurer appetite to provide coverage in cyclone-prone regions.  These results highlight the cyclone pool meeting its core objectives under the Terrorism and Cyclone Insurance Act 2003 – in improving affordability and availability for properties most exposed to cyclone risks.  This assessment is based on quarterly insurer quote data across seven major brands and covering over 4,500 risk profiles. The findings will inform future cyclone pool pricing reviews. ARPC chief executive Dr Christopher Wallace said: “Since its establishment, the cyclone pool has played a vital role in helping ensure that households and small businesses in northern Australia are not left behind. “By reducing the reinsurance cost burden for insurers, we’ve seen the pool deliver downward premium pressure – making it possible for more Australians to access the protection they need. “These findings provide a meaningful signal that cyclone pool premium rates are achieving their intended objectives and leading to significant premium reductions for medium and high-risk policyholders.” ARPC conducted its first Premium Assessment data analysis in January 2024. Source: asiainsurancereview.com