AGRI Party-list Rep. Wilbert Lee wants the House of Representatives to probe the impending abrupt and unreasonable increase of "catastrophe insurance" premium rates, which he claimed will greatly affect the prices of basic commodities.
AGRI Party-list Rep. Wilbert T. Lee (Ellson Quismorio/ M
Local insurers will officially be required to hike their capitalization at the onset of 2023 as the government will no longer postpone the implementation of the measure.
The Philippine Insurers and Reinsurers Association expects more foreign firms to enter the local insurance market, with several local insurers still unable to comply with new minimum capital requirements ahead of a statutory deadline.
More foreign companies are likely to enter the insurance business in the Philippines as the final tranche of the increase in capital requirement – a move that would impact small local firms – nears implementation.
Local insurers are no longer optimistic on the possible extension of the final tranche of increase in capital requirement by yearend, but the industry maintained it would continue to push for its review.