Non-life insurers say that they welcome revised rating schedules for earthquake, typhoon and flood risks that will apply to new and renewed insurance policies from 1 November 2022. The rates had previously not been reviewed for the past 30 years.
More insurance companies are now geared toward complying with the PHP1.3bn ($23.6m) net-worth requirement under the Insurance Code as 31 December 2022 fast approaches, says Insurance Commissioner Dennis Funa.
ADB is assisting the Philippines' crop insurance industry with a technical assistance grant, which builds on $600 million in ADB loans supporting government reforms since 2016.
The Department of Finance is opposing a legislative proposal canceling the capital buildup for life and non-life insurance providers to P1.3 billion within the year.
Non-life insurers want the industry regulator to stipulate that the minimum capital requirement would be maintained at the current level of PHP900m ($17.6m) under a pending Senate bill aimed at raising the minimum to PHP1.3bn by end-2022.