, Philippines

Philippine non-life insurers must apply new catastrophe rates by April 2022

The cession of facility rates will be based on a maximum limit per risk.

All non-life insurers in the Philippines must implement new rates and rating structures for their catastrophe risk policies by April 2022, according to the country’s Insurance Commission (IC).

In a circular order dated 12 April, IC Commissioner Dennis Funa said that the sector must adopt new rates and help build the Philippine Catastrophe Insurance Facility (PCIF). It will hold a consultation to discuss the new premium rates.

In addition, non-life insurers must appoint their authorized representatives to the PCIF-Technical Working Group within fifteen days of the release of the order, to ensure the inclusive process for drawing up the structure, governance and implementation details of the PCIF.

The surrendering of the right to set rates for the facility shall be based on a “reasonable” percentage and maximum limit per risk/per policy, agreed upon by the industry through the Philippine Insurers and Reinsurers Association, the order said.

The cession shall commence no later than 1 April 2022.

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Insurance Asia in your inbox

Aussie PM frets about sustainability of disability insurance scheme

The growth in payment per participant was due to inconsistent information, he said.

China Taiping Insurance maintains stability amidst pandemic: report

But ROE and ROA were lower in 2020 compared to 2019.

Pivoting to Digital: How the insurance sector is moving with tech

Making bolder moves on digital will be needed to attract a bigger part of the market.

Singapore life insurers post 29% jump in Q1 2021 weighted new premiums

Single-premium products grew 85% QoQ in weighted premiums.

Luxury import cars drive South Korean non-life premiums in 2020

Top general insurers had  $16.82b in premiums through credit cards in 2020.

Indian insurers at the cusp of transformation: retired IRDAI chairman

India's IT capabilities will accentuate the further growth of the sector.

Indian general insurers likely to hit $36.4b in 2025

The sector has a CAGR of 8.7% over FY2019-2024.

HSBC Life, dacadoo partner to promote better health amongst users

The insurer will integrate dacadoo into its health platforms.

Philippine insurers' 2020 net income slips 8.6% to $859m

Premium income only crept up 1.18% YoY.