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

by Michael F. Rellosa As disruption reshapes the world of insurance, the Philippine Insurers and Reinsurers Association (PIRA) must evolve into a catalyst for innovation, collaboration and national resilience. OUR industry stands at a crossroads. The Philippine insurance sector, once viewed as stable and traditional, now faces a wave of disruption that tests its very foundations. Economic uncertainty, political scrutiny, climate risk, digital transformation and shifting customer expectations have converged to create a perfect storm. These are not ordinary business cycles — they are existential challenges. As the collective voice of insurers and reinsurers, PIRA was founded to lead, to represent and to unify. Yet today, we must confront a sobering reality: the world has changed faster than our structures, and what once worked may no longer suffice. The challenge before us is not merely to survive these shifts, but to evolve and unify fast enough to remain relevant — to our members, to our regulators and to the Filipino people we ultimately serve. Every enduring institution must periodically rediscover its purpose. PIRA’s original mission — to protect and promote the interests of the nonlife insurance sector — remains vital. But in this era of rapid change, that purpose must expand. Our members now seek guidance in digital transformation, a credible voice in shaping public policy, and a platform for collaboration on emerging risks and opportunities. To remain relevant, PIRA must redefine itself as more than an association — it must become the strategic compass of the industry, helping its members navigate change with foresight and confidence. This means moving beyond the old model of membership toward genuine partnership. We must empower our members not as passive recipients of services, but as co-creators of solutions. Imagine an association where companies work together to address shared challenges such as data integration, risk modeling, catastrophe management and sustainability. Where committees evolve into agile, time-bound task forces that tackle pressing issues like artificial intelligence in underwriting, ESG reporting or digital distribution. When our members collaborate in this way, PIRA becomes more than an organization — it becomes a living network of innovation and trust. At the same time, our voice in national policy must grow stronger and smarter. In an environment of shifting regulation and public scrutiny, the industry needs an advocate that speaks with authority, evidence and conviction. Our advocacy must be grounded in research and analytics, not anecdotes. We need to invest in data and foresight capabilities that allow us to respond swiftly and credibly to new laws, regulatory proposals and crises. PIRA must be the first to articulate the industry’s collective position — firm, reasoned and responsible. Equally important is how we deliver value to our members. The next generation of insurance professionals operates in a digital, mobile and fast-paced world. Our association must meet them there. A PIRA Knowledge Hub — an online library of insights, compliance tools and best practices — could give members 24/7 access to relevant resources. Webinars, podcasts and micro-learning sessions could keep professionals engaged and informed. We can even use digital platforms to track trends and benchmark performance across the industry. These are simple but powerful ways to make PIRA’s presence felt in the everyday work of our members. But relevance is not only about services; it is about purpose. Insurance has always been a promise — one that stands firm when others cannot. It is, at its heart, a social contract built on trust and responsibility. As an industry and as an association, we must embody that same spirit of protection and shared purpose. Through initiatives that promote financial literacy, disaster preparedness and climate resilience, we can demonstrate the critical role of insurance in nation-building. We should tell these stories — of companies that innovate, of professionals who serve with integrity, of an industry that quietly sustains the nation’s resilience. Of course, transformation begins with leadership. PIRA’s board of directors and senior members must model the agility and openness that we ask of others. This means rethinking governance, embracing collaboration across sectors and investing in digital and human capital. Leadership today is not about defending the status quo — it is about shaping the future with courage and vision. Relevance is never a given; it is earned, day after day. As we face the next chapter of our journey, PIRA must rediscover its strength — not as a gatekeeper of tradition, but as a driver of transformation. The opportunity before us is profound. We can choose to adapt, to innovate and to lead — not just for ourselves, but for the stability and prosperity of every Filipino who depends on the promise of insurance. The path forward will not be easy, but it is clear. With unity, foresight and purpose, PIRA can reclaim its role as the heartbeat of the Philippine insurance industry’s renewal — and in doing so, help secure a stronger, smarter and more sustainable future for all. Source: www.manilatimes.net

Beneath Manila Bay, 30 kilometers below the seafloor, the Manila Trench—a megathrust fault capable of producing a magnitude 9.0 earthquake—has been locked for over 500 years. When it ruptures, 13 million people will have just 20 minutes before a 15-20 meter tsunami strikes the coast. This is the earthquake and tsunami threat most Filipinos don't know about. And it's bigger than the Marikina Valley Fault. The Manila Trench is the same type of fault that caused the 2011 Japan tsunami (magnitude 9.1, 18,000 dead) and the 2004 Indian Ocean tsunami (magnitude 9.3, 230,000 dead). But unlike the Marikina Valley Fault—which everyone in Metro Manila knows about—the Manila Trench is underwater, largely unknown, and far more dangerous. In this video, we uncover the Philippine Megathrust: what it is, why it's so dangerous, when it might rupture, and what a magnitude 8 to 9 earthquake and tsunami would mean for Metro Manila and millions of Filipinos. Source: www.youtube.com

As the East Asian Insurance Congress celebrates its founding day on October 18, EAIC General Secretary Masayuki Tanaka reflects on the organization's six-decade legacy of cooperation and looks ahead to tackling urgent challenges including poverty, healthcare access, and insurance literacy across the region. His message is printed in full below: I would like to extend my sincere greetings on the occasion of the East Asian Insurance Day for 2025. October 18 marks the memorable day when the first EAIC was held in Tokyo in 1962, and it is regarded as a symbol of collaboration and mutual understanding within the insurance industry in the East Asian region. The EAIC was established as an international conference adopting a rotating host city system and excluding political and religious influences, originating from the friendship between Mr. Sevilla of National Life Insurance Company of the Philippines and Mr. Taizo Fukumuro, who later became the first Managing Director of FALIA. For over 60 years, the EAIC has served as an “open bridge” connecting the insurance industry in the East Asian region, functioning as a value-driven network that emphasizes trust, cooperation, and solidarity, unconstrained by formality. At the first Tokyo conference, Prime Minister Hayato Ikeda sent a congratulatory message, expressing his hope that life insurance, based on the spirit of mutual aid, would contribute to the welfare of the people and the prosperity of the nation. This vision was ahead of its time and resonates with today’s SDG Goal 3: “Good Health and Well-being.” The founding philosophy of the EAIC continues to live on across generations. On the other hand, Asia still faces significant challenges such as disparities and poverty, and it has been pointed out that the number of people living in extreme poverty has increased since the pandemic. Ensuring universal health coverage and securing access to medical care are urgent issues, and the role of insurance as a social infrastructure to prepare for risks is becoming ever more important. Going forward, it is essential for the EAIC to continue promoting collaboration among Asian countries, enhancing insurance literacy, and contributing to the development of better insurance systems. On the East Asian Insurance Day, I would like to renew my respect for the founding spirit and sincerely hope that, through insurance, we can contribute to the improvement of health and well-being of people and the sustainable growth of the Asian region. Further, Life Insurance Association of Japan Chairperson Yukinori Takada also had his own sentiments to share regarding EAIC Day: "In recent years, Japan’s social environment has changed rapidly, including a declining birthrate, an aging population, a growing demand for medical and nursing care, and a severe labor shortage. Globally, emerging threats such as intensifying natural disasters and cyber risks are having serious impact on people’s lives. In this era of transformation, the role of the insurance sector—to provide reliable protection and peace of mind for the future—is becoming increasingly important throughout the East Asian region," he said. "To fulfill our mission of expanding reliable security and trust, and contributing to a better co-existing future, we will continue to advance our initiatives with sincerity and unwavering commitment based on three core points: “promotion of customer-oriented business operation”, “a sustainable society and contribution to a better future”, and “dissemination of information for a sound development of the life insurance industry”. We believe these initiatives are not only vital for Japan, but also for the East Asian region. We hope to share perspectives and responsibilities regarding the role of insurance in supporting local communities with our counterparts across the East Asian region." He added that the 31st EAIC in 2026 will return to Japan for the first time in 24 years. "Under the conference slogan 'Back to the Origin, A Bridge to the Future ~Asia Reunites at Tokyo~,' the conference presents a meaningful opportunity to revisit the founding values of EAIC and strengthen regional cooperation for the future. Together with the General Insurance Association of Japan (the GIAJ), we will co-host and fully commit to ensuring the success of this conference. Through this international initiative, we aim to bring together, diverse insights and experiences from across the East Asian region, foster mutual learning, and share perspectives that support the sound development and credibility of the insurance sector, ultimately contributing to the well-being of citizens," he said. "I sincerely hope that East Asian Insurance Day will serve as a meaningful opportunity to recognize the social role of insurance and inspire the industry to unite in shaping a better future." Source: www.asiainsurancereview.com

An insurance claim cannot be categorized as ‘restitution’ per se, because restitution presupposes a violation of law. Darren M. De Jesus Last Thursday, the Independent Commission for Infrastructure (ICI) held a joint meeting with several government offices to discuss a whole-of-government approach to the restitution, or recovery, of public funds spent by contractors and public officers involved in the corruption-riddled flood control projects of the Department of Public Works and Highways (DPWH). Retired Supreme Court Justice Andres Reyes Jr., chairman of the ICI, correctly said, “Justice is not enough; we need restitution. A day before that, a meeting was held between DPWH Secretary Vince Dizon and Insurance Commissioner Attorney Reynaldo Regalado for the signing of a data-sharing memorandum of agreement to fast-track government claims processes against insurance companies that issued surety bonds in favor of contractors involved in “ghost projects.” As the press conferences and conversations spill over into the insurance context, the difference between insurance claims, as a form of indemnity, and restitution, as recovery due to a commission of a crime, has blurred and overlapped when, in fact, these two concepts — insurance claims and restitution — are different. Restitution, as defined under Article 104 of the Revised Penal Code, is a remedy available after a crime has been established. It forms part of the civil liability of a person convicted of an offense, requiring the offender to return what was unlawfully taken or to repair the damage caused. It is, in essence, a correction of wrongdoing, and restitution cannot exist without a wrongdoer. Insurance, including surety bonds, is a relationship that was not borne from a crime. It is based on an insurance contract, voluntarily entered into between the parties. The insurer promises to compensate the insured or beneficiary for specific losses in exchange for the payment of a premium. When an insurer pays a claim, it is not punishing anyone, nor is it correcting a moral wrong. It is fulfilling a contractual promise based on a valid, legal and binding insurance contract. This is why an insurance claim is an act of indemnity, not restitution. Indemnity seeks to restore the insured or the beneficiary to the financial position they were in before the loss occurred. It repairs; it does not accuse. It compensates; it does not condemn. In the case of the DPWH flood control projects, insurance payouts, if any, must be seen as private, contractual payments between insurer and insured or beneficiary. Unless fraud, deceit or other criminal conduct is proven, there is no “crime” to speak of. Thus, respectfully, an insurance claim cannot be categorized as “restitution” per se, because restitution presupposes a violation of law. In simpler terms, insurance is a promise kept, not a punishment imposed. It belongs to the realm of contracts, not crimes. Justice demands restitution from wrongdoers; insurance provides indemnity to the wronged. To confuse the two would not only distort legal meaning but also undermine the essential purpose of insurance, which is to provide financial protection, not penal consequences. It is from these definitions that insurance companies must properly approach the claims by issuing bonds covering the identified DPWH projects. Insurance companies are also victims in the conspiracy to defraud the government, and each claim must be reviewed carefully, yet with a sense of urgency, in order to properly indemnify the government. Source: tribune.net.ph