Insurance

With development dating back nearly 200 years, the Philippine insurance sector is among the region’s most mature and competitive, expanding steadily in recent years despite serious challenges in 2014. The nation remains prone to natural disasters, as evidenced by Typhoon Haiyan, a category-five storm that caused billions in damage when it struck in November 2013. It cost the sector millions and dampened industry growth the following year. The industry stayed resilient, however, with continuing growth in investment and assets in 2014. Meanwhile, the sector remains open to foreign investment, despite a high tax burden and rising capital requirements. Indeed, recently enacted legislation, though painful for some smaller players, should improve industry stability and spur consolidation in 2015, keeping the industry on a steady long-term growth path. This chapter contains an interview with Lorenzo Chan Jr, President, Pioneer Life & Retail Organisation Head, Pioneer Group.