Country: Philippines Page 3 / 17
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- September 25 2023
Nat Re’s underwriting to improve on exit from unprofitable non-life treaties and focus on life, specialty: AM Best
The rating agency has affirmed the reinsurer ratings of the Philippines' sole reinsurer.
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- September 4 2023
Malayan Insurance’s long-term issuer rating downgraded: AM Best
The largest Filipino P&C carrier's five-year average COR up 1.4 points at 102.8% with capital adequacy under negative pressure after increased net retention following changes to its 2023 reinsurance programme.
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- September 4 2023
Typhoon Saola triggers claims across Hong Kong, Macau, China and the Philippines as Haikiu hits Taiwan
The storm to bring loss accumulation of tens of millions of dollars from flooding, crop damage, car and yacht write-offs, flight disruptions, fallen solar panels and trees.
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- August 31 2023
Hong Kong, Guangdong and Macau prepare as Super Typhoon Saola nears; Typhoon Haikui tracks China landfall
Saola, potentially the SAR's strongest storm in five years, to bring strong winds and heavy rainfall as another typhoon heads towards Taiwan and eastern China.
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- August 28 2023
Typhoon Saola causes flooding in the Philippines, threatens Taiwan, China and Hong Kong
The storm, also known as Goring, will exit the Philippine Area of Responsibility on Thursday and cross the Taiwan Strait before nearing southern China with a landfall area currently uncertain.
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- August 14 2023
Aon appoints head of Philippines reinsurance arm
Jun Galita has close to three decades of experience in the (re)insurance market.
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- August 11 2023
Reinsurance costs surge 50% in the Philippines: report
Reinsurers have either withdrawn or reduced exposure leading to higher non-life product prices, according to Malayan Insurance's CUO.
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- August 3 2023
Mixed picture for Asia’s P&C markets in Q2 as overall composite pricing flattens: Marsh
Hong Kong led the way in overall composite rate reductions at minus 6.6% and Taiwan climbed the highest at plus 24%.
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- August 1 2023
China, Philippines and Taiwan count US$150m-plus Typhoon Doksuri damage, prepare for Khanun
Beijing is facing a historic rain event after storm damaged crops, roads, bridges, and houses and triggered landslides, with yet another typhoon threatening the region.
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- July 27 2023
Philippines eyeing national indemnity programme for 2024 after World Bank cat bond expiry
The country, hit this week by Typhoon Doksuri, is seeking US$37m in the 2024 national budget to cover the premium costs.
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- July 26 2023
Large loss expected from stricken ship and containers off Taiwan coast as typhoon looms
A Palau-flagged container ship has sunk possibly triggering environmental and long-term liability claims, as the Philippines, Taiwan, China and Hong Kong prepare for huge storm.
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- July 26 2023
Philippines non-life market outlook negative due to higher risk retention: AM Best
The country’s carriers have reduced proportional cover for property insurance due to the hardening market and tighter terms.
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- July 24 2023
Philippines, Hong Kong, China and Taiwan brace for typhoon
The slow-moving storm is picking up strength as it approaches north-eastern Philippines with the government issuing strong wind and rain warnings in Luzon.
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- July 14 2023
Filipino carriers’ Covid-19 total claims bill was US$412m at end of 2022
Insurance Commission data shows that claims dropped sharply in the second half of last year.
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- July 14 2023
Nat Re to rejig portfolio with a shift to life business to improve profitability: AM Best
The rating agency has affirmed the reinsurer's rating of B++ (good) with a stable outlook.
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- June 16 2023
Philippines to get US$750m World Bank loan for ESG, expanding crop insurance
The policy loan will bolster environmental protection and fund new insurance products for smallholder farmers and support operations of the Philippine Crop Insurance Commission.
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- June 7 2023
Asian carriers on the hook from ‘hundreds of millions’ of Guam typhoon claims
Tokio Marine, MS&AD, DB and Chung Kuo among hit as Typhoon Mawar caused extensive property damage, but high deductibles could help keep losses down.
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- June 1 2023
Typhoon Mawar threatens Japan after slamming Guam
The storm, which is skirting the Philippines and Taiwan and heading to the Okinawa Islands, is one of the most powerful on record for May.
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- May 24 2023
Manila Central Post Office insured for US$11m with state-owned GSIS
The Government Service Insurance System (GSIS) will provide a loan to reconstruct the important building damaged in a fire on May 21.
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- May 19 2023
Philippines’ state Oriental Mindoro pushes for climate risk agri cover
Only one-third of over 10 million farm owners are covered by the country's state agricultural insurer PCIC.
