INSURANCE NEWS

Exciting news for the Philippines as it gears up to lead Southeast Asia's growth in 2023! The Asian Development Bank predicts a 5.7% growth rate, surpassing other regional forecasts. Despite challenges, like sluggish manufacturing, the region is expected to grow by 4.9% thanks to China and India's improved prospects. While inflation is gradually under control, concerns linger over global interest rates and potential disruptions like El Niño or geopolitical tensions. Although November saw a slowdown in inflation, the central bank remains cautious, aiming for a sustained downward trend. Stay tuned for a robust economic journey ahead!

Source:  Inquirer.net 12/14/2023

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Exciting developments in the Philippines' insurance industry! Recent data from the Insurance Commission reveals a thriving sector—profits are up by 4.2% to P22.39 billion, with a decrease in benefit payments by 5% and a slight dip of 0.5% in premiums. The industry's net worth has surged by 18.8% to P452.05 billion, showcasing remarkable growth.

In particular, life insurance firms have seen a 9.6% rise in collecting new business premiums, hitting P29.5 billion in the last quarter. This increase is attributed to a significant surge of 31% in traditional life insurance product premiums.

Insurance Commissioner Reynaldo A. Regalado highlighted the importance of financial literacy programs to promote awareness about the benefits of insurance. He emphasized the role of such initiatives in reducing the economic protection gap and encouraged insurers to support these endeavors.

The Commission is also advancing financial inclusion through digitalization initiatives, including online submission and approval of new insurance products. Additionally, the release of regulatory guidelines on Islamic insurance is on the horizon.

Regalado emphasized that financial inclusion isn't just about access to financial services but aims to bridge disparities between different demographics. The goal is to encourage more Filipinos to embrace insurance, ultimately strengthening the country's financial resilience.

#PhilippinesInsurance  #FinancialInclusion  #InsuranceIndustry  #FinancialLiteracy  #InsureYourFuture  #DigitalizationInInsurance  #ProtectYourself  #EconomicResilience  #InsuranceCommission  #SecureYourTomorrow

Two decades after the privatization of the Philippine National Bank (PNB), its impact continues to affect former employees who feel deprived of their rightful benefits. They demand compensation as retired government employees, specifically in the form of a regular lifetime pension from the Government Service Insurance System (GSIS) instead of a one-time gratuity from the bank, as part of its privatization deal.

Despite legal rulings in favor of the retirees, PNB's management has not addressed their concerns. This nationwide protest action is their response to the apathy shown by their former employer. The GSIS board initially denied state pensions to PNB retirees, but this position has been overruled by the courts.

The retirees are raising multiple issues against PNB and GSIS, supporting proposed legislation for a government pension. Notably, GSIS is now led by a former PNB president, Wick Veloso, appointed by President Marcos, adding an intriguing twist to the situation. PNB is also grappling with internal issues, including regulatory matters and shareholder disputes, making it a situation worth following closely.

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British insurer Pru Life UK is exiting the Philippine fund management sector after a five-year run. They've sold their business to ATR Asset Management (Atram) Group, with regulatory approvals in November. Atram Investment Management Partners Corp., another Atram affiliate, will acquire the business by 2024. The sale value remains undisclosed. This move aligns with Pru Life UK's strategy to focus on its core business. ATRAM will continue the legacy of Pru Life's asset management arm, PAMTC. This change comes amid pressures in the post-pandemic asset management sector due to rising costs and interest rates. This move is part of a strategic partnership announced last August, granting Pru Life customers access to Atram's financial solutions and local market expertise.

#PhilippineInsurance #FundManagement #FinancialNews #AssetManagement #WealthManagement

The Insurance Commission (IC) is throwing its full support behind the inaugural Insurance Development Forum - Microinsurance Network (IDF-MiN) Country Workshop for Inclusive Insurance in the Philippines. Held from August 3rd to 4th, 2023, this event aims to foster innovative solutions for the low-income sector, promoting financial inclusion and resilience. IC Commissioner Reynaldo A. Regalado emphasizes the commitment to crafting policies that enhance the country's financial landscape. With impressive figures, microinsurance covers over 46% of the population, reflecting the Philippines' dynamic growth in the microinsurance market. Stay tuned for more on this groundbreaking initiative! 

#PhilippineInsurance #FinancialInclusion #MicroinsuranceDevelopment

COVID-19 Insurance Claims Decline Sharply in the Second Half of 2022: Insurance companies and HMOs experienced a significant drop in COVID-related claims payouts as the number of COVID-19 cases decreased during the same period. A survey conducted by the Insurance Commission revealed a sharp decline in claims compared to the previous year.