Country: Philippines Page 1 / 16
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- December 2 2024
Yagi third costliest typhoon in Asia with US$1bn insured loss: Munich Re
Early estimates of the overall losses from the typhoon season are thought to be around US$22bn, with insured losses of US$2bn, the reinsurer said.
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- December 2 2024
KRM Reinsurance Brokers elevates Leonard Carreon as assistant vice president
Manila-based Carreon has been with the broker since October 2019, most recently serving in the role of senior manager.
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- October 11 2024
Strong growth in Nat Re’s non-property lines: AM Best
The rating agency has affirmed Nat Re’s rating at B++ (good) with a stable outlook, primarily driven by its strong balance sheet.
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- October 7 2024
Typhoon Krathon’s economic losses likely reach ‘tens of million’ in Taiwan, Philippines
The local government in Taiwan's Keelung city estimated that restoration and rebuilding work related to typhoon Krathon will cause US$14.8m according to local media citing city mayor George Hsieh.
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- October 3 2024
WTW reshuffles Philippines leadership with Aon hire
The broker has appointed Gerald Dolina as head of Philippines & head of corporate risk & broking, and promoted the incumbent, James Matti, to managing director, health, wealth and career.
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- September 30 2024
Typhoon Krathon expected to make ‘rare’ direct hit on Taiwan’s western plains
The tropical storm, likely to intensify into a super typhoon, is forecast to hit the major port city of Kaohsiung early on October 2 and make its way to Japan.
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- September 6 2024
Typhoon Yagi wreaks havoc in Vietnam, China losses top US$100m
The storm has been downgraded to a tropical depression but the Vietnamese meteorological bureau has cautioned about ongoing risks of landslides and flooding as it continued to move westwards.
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- September 6 2024
Super typhoon Yagi set to bear down on southern China, Vietnam
The most intense tropical cyclone in decades in the South China Sea is expected to have severe impact in Hainan, southern China and northern Vietnam.
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- August 29 2024
Philippines regulator imposes money laundering risk assessments on insurers, brokers
The Insurance Commission issued the guidelines that require institutional risk assessments on insurers and brokers at least once very two years.
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- August 21 2024
Philippines non-life GWP for H1 2024 tops US$1bn
Casualty net premiums saw the strongest growth, up 35% year-on-year, while fire premiums were down 0.11% over the same period.
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- August 9 2024
Malayan Insurance’s underwriting to benefit from portfolio measures, retail growth: AM Best
The rating agency has affirmed its “B++” financial strength rating and “stable” outlook on the Philippines' non-life insurer.
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- August 5 2024
Typhoon Gaemi losses to weigh on Taiwan, Philippines reinsurance market
While China losses are the most significant out of all three markets, the local reinsurance market is unlikely to be affected as agricultural sector is covered by the government.
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- August 1 2024
Axa Philippines elevates Ayman Kandil to CEO and president
Kandil, who was chief distribution officer for the carrier in Manila, will take on the new role in October replacing Bernardo Serrano, who will be transitioning to a new role within the group by end-September.
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- July 26 2024
Typhoon Gaemi to make landfall in mainland China after hitting Taiwan and the Philippines
The storm, which landed near the city of Hualien that faced losses from an earthquake earlier this year, is believed to be the most powerful storm to hit Taiwan in eight years.
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- June 11 2024
Asian geopolitical threats cast a shadow in boardrooms
Demand for political violence coverage continues to increase while reinsurance capacity and appetite are reducing over fears that escalation in the South China Sea could disrupt supply chains and trigger civil unrests.
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- June 7 2024
Philippine regulator places two local non-life insurers under conservatorship
The Premier Life and General Assurance and Travellers Insurance and Surety have received cease-and-desist orders from the Insurance Commission.
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- May 29 2024
AM Best upgrades Philippine non-life market outlook to stable
The market experienced double-digit increases in the casualty, health and accident lines of business in 2023 with GWP growing 13% year-on-year.
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- May 6 2024
Asian insurance pricing moderates across lines but Japan, Taiwan, Philippines buck the trend: Marsh
Japan was the only Asian country that saw price increases in all lines of business, other cat-exposed markets like Taiwan, Philippines and Indonesia saw strong hikes in property classes but saw varying trends in other lines.
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- April 23 2024
Asia warming faster than global average, hit by 79 weather-related disasters in 2023: WMO
Floods and storms are causing the highest number of reported casualties and economic losses, whilst the impact of heatwaves became more severe, according to a report from the UN climate agency.
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- April 8 2024
Philippines budgets US$80m for crop insurance funding in FY 2024
The allocation is under the 2024 General Appropriations Act and is expected to cover the full cost of crop insurance premiums of more than 2.3m of the country's targeted farmers and fishermen.
