Country: Philippines Page 4 / 16
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- March 30 2023
‘Tough’ Philippines renewals seeing up to 50% hikes in property, PV to climb 30%
Reinsurers adamant on rate increases even for loss-free accounts due to cat exposure, inflation and treaty costs.
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- March 28 2023
HDI International leads Thai insurtech Roojai’s US$42m fundraise
The funding, which also saw IFC invest, will support its expansion in Indonesia and the Philippines as well as M&A.
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- March 9 2023
Exclusive: Philippines oil spill could cost Shipowners’ Club over US$100m
IAN understands that the P&I club is the sole insurer on a sunken oil tanker that was carrying 800,000 litres of toxic fuel oil.
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- February 27 2023
Philippine regulator’s cat rate hike legally vulnerable: report
The Anti-Red Tape Authority has pointed out that the now-deferred insurance premium increase did not go through a mandatory regulatory impact assessment.
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- February 24 2023
Axa continues pivot from nat cat reinsurance
Axa XL's property cat premiums fell 36% in FY 2022, while the French giant saw Asia P&C profits rise 34% to US$109m.
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- February 14 2023
Asia flood losses to worsen amid data deficit
(Re)insurers are feeling the heat from record rainfall events and fast-evolving climate risk scenarios.
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- January 30 2023
Asia 1.4 renewals to bring more rate hikes and tough negotiations
Nat cats are set to impact the Philippines, while global trends will push up pricing in India and Japan.
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- January 5 2023
SEC approves Axa Philippines-Charter Ping An merger
Axa will assume the assets, liabilities, rights and obligations of the firm, while customers will not be affected.
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- December 29 2022
Philippines regulator sets aside cat premium hikes
The Insurance Commission has suspended the revised schedule of minimum catastrophe rates that took effect from November 1.
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- December 21 2022
Bernardo López named CEO of Axa Philippines
He was most recently heading Axa Colpatria, the French giant’s Colombia operations.
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- November 11 2022
PGA Sompo’s outlook revised to ‘good’: AM Best
The Makati City-headquartered insurer holds a 3% non-life market share in the Philippines.
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- October 31 2022
Tropical Storm Nalgae wreaks havoc in the Philippines
Multiple buildings, crops, bridges and roads destroyed as storm continues in the South China Sea.
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- October 21 2022
Warburg Pincus commits US$350m for ‘buy-and-build’ South-East Asia P&C digital player
IAN recently revealed that the new company, to be called Oona Insurance, had completed an acquisition in the Philippines.
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- October 14 2022
Mapfre sells Philippines business to Aseana
The Spanish group has been closing its direct insurance business in Asia even as it expands its reinsurance arm.
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- September 28 2022
Typhoon Noru rips through South-East Asia as it moves to Thailand via Laos
After slamming the Philippines and Vietnam, the tropical storm is expected cause flooding along the Mekong river.
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- September 26 2022
Typhoon Noru threatens World Bank cat bond default: Plenum
Hundreds of hectares of rice fields and banana crops were destroyed in the Philippines, with the cyclone threatening Vietnam's coffee crop.
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- August 19 2022
ADB signs US$1bn capacity deal with Tokio Marine, Chubb, Liberty, Allianz and Axa XL
The three-year agreement transfers credit risk from the bank's portfolio to the insurers’ balance sheets.
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- August 16 2022
Luzon earthquake triggers major infrastructure damage
Crawford reports damage to power plants, airport construction project and SMEs.
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- August 2 2022
Asia political risk rates to rise as Ukraine crisis bites
Even fairly benign countries such as Indonesia, the Philippines and Thailand could see hikes of 15-20%.
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- August 1 2022
Malayan Insurance COR hampered by fire and cat losses: AM Best
The company reported a five-year average combined ratio of 101.4%.
