Philippine non-life insurer group bucks jacking of capital requirement

The group said the P900m capital requirement is sufficient.

Philippine insurance industry group Philippine Insurers and Reinsurers Association (Pira) is opposing the raising of the P900m ($17.63m) capital requirements to P1.3b ($25m).

According to a letter they sent to the Senate committee on banks, financial institutions and currencies, Pira said that the current minimum required amongst insurance players was “sufficient” to maintain their solvency.

Pira chair Edgardo Rosario said the current requirement in place since 2019 is already amongst the highest in the region.

The bill proposing to hike the insurance capital requirements is currently pending under the Philippine senate.