, Philippines

Regulator confirms new insurance player coming to the Philippines

It will establish both life and non-life insurance firms in the country.

The Philippines Insurance Commission has confirmed that a new insurance player is set to establish both life and non-life insurance firms in the country.

According to Insurance Commissioner Dennis B. Funa, the new company has easily met the government’s new increased capital requirements.

The Philippine government is currently requiring insurance firms to have a minimum net worth of P900m ($17.5m). An amendment to the capital requirement law is set to increase this amount to P1.3b ($25m) by the end of 2022.

This increase was opposed by the Philippine Insurers and Reinsurers Association in a letter to the Senate, saying that the current capital requirements are ‘sufficient’ to maintain solvency.

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