A recent announcement that plans to raise the capital requirement for insurance companies could be delayed beyond 2016 could give local and international insurers more time to focus on growth areas such as microinsurance and bancassurance.
Philippines Financial Services
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There are signs that the Philippines insurance industry may be heading towards a period of solid growth, with both the state and the private sector stepping up efforts to encourage the public to embrace insurance as a way of life. It will be some time, however, before the domestic market will be able to rival that of most of its neighbours.
The Philippines’ central bank is confident the country’s financial system can withstand any strains imposed by an economic slowdown in Western markets, though it is keeping an eye on the domestic banking industry for any signs that it may be catching the chill afflicting the US and Europe.