Philippines life industry ranks second for ASEAN preparedness

August 20 2015 by InsuranceAsia News Staff

Milliman’s ASEAN Liberalisation Index (MALI) has ranked the Philippine life insurance industry in second place out of the 10 ASEAN member states, a news posting on the official Philippines government website boasted.

According to the report, the Philippines ranked second next to Singapore, with a score of 58 in terms of openness of life regulatory regimes in ASEAN.

After the Philippines, Malaysia ranked third, followed by Indonesia, Thailand, Brunei, Vietnam, Cambodia, Laos and Myanmar in last place.

MALI assesses each ASEAN economy based on their relative stage development of the life insurance industry.

The assessment covers eight areas such as product, development distribution, investment, sophistication of capital regime, policyholder protection, foreign ownership, new licenses and talent mobility.

Philippine Insurance Commissioner Emmanuel Dooc welcomed the rankings and stressed that the index only showed that the country’s life insurance industry is better prepared to face the challenges of the ASEAN integration.