Allianz PNB Life eyes microinsurance business in PhilippinesAugust 24 2018 by InsuranceAsia News Staff
Allianz PNB Life Insurance is planning to move into the local microinsurance business.
In a recent press briefing, Allianz PNB chief finance officer Efren Caringal said that the joint venture Allianz and Philippine National Bank (PNB) is intending to launch a number of microinsurance products in the country.
The venture plans to target the country’s underserved protection gap by providing cover where it is needed to protect customers from asset loss.
Speaking at an event in Makati City in the Philippines last week, Caringal said Allianz is already one of the biggest global players in microinsurance, particularly in markets such as Indonesia and India.
He said that they are aiming to replicate that success now in the Philippines.
- February 21
Kelvin Ang will replace current chief executive Ariel Cantos.
- January 23
The country's regulator is to delay accounting standard implementation by another 12 months.
- January 21
Minimum capital requirements of P900m are necessary by the end of the year.
- December 13
The market's premiums grew 18% during the first nine months of the year.