Insurance

This is an important period of transition for the Philippine insurance sector, as stakeholders attempt to meet a range of new regulatory requirements designed to expand the industry’s depth and reach. There has been strong growth in profitability and gross written premium in recent years, generated by a wide range of insurance types and entities. Indeed, one of the main characteristics of the Philippine market is that it includes not only conventional life and non-life insurance, but also composite companies, pre-need outfits, mutual benefit associations, health maintenance organisations, and micro- and macro-insurers. All segments are likely to benefit from continued efforts to strengthen the market by the sector regulator, the Insurance Commission. Moves towards establishing a more comprehensive disaster and emergency fund are also expected to improve market standing and spread risk in the years ahead. This chapter also contains an interview with Rahul Hora, CEO, AXA Philippines.