Global insurance giant Sun Life of Canada is on the lookout for acquisition opportunities in the Philippines, as rising capital requirement is seen prompting more consolidation in the local insurance industry.
Generali Philippines, a joint venture between global insurer Generali Group and local banking giant BDO Unibank, plans to phase out non-life operations and concentrate solely on the life insurance business by 2013.
Thanks to the restraining order issued by a Quezon City judge, the country’s insurance industry and the thousands of Filipinos it employs and on whose services it relies will live another day, or perhaps several more years.
Local insurance companies gained a respite from a requirement to jack up their minimum paid-up capital as the Quezon City Regional Trial Court last Tuesday issued a writ of preliminary injunction against the regulation.
Pru Life UK is pushing for the lifting of the premium tax on insurance, saying such a move will address the problem of low insurance penetration rate in the Philippines.
Sun Life Financial Philippines expects to report a sharp rise in revenues this year as sales of its insurance and investment products surged, aided by the country’s booming economy.
Some of the things I really do not have a grasp for details are insurance, mutual funds, interest charges or anything monetary or numerical that will require talking to a lot of math geniuses. I hate math, period. The reason why I took up philosophy (besides being a fun pre-law course) was that there were only two math subjects. Every time my math teacher would enter the classroom, I felt like the clouds would darken, similar to an alien invasion. Since math bothers me, I thought maybe perhaps others are bothered with it too.
A group of nonlife insurers is pushing for lower taxes on premiums as a way to encourage industry players to go into microinsurance, which the government is actively promoting.
Q: In our recent sales planning, we ended in a deadlock. For growing our life insurance business, our Sales Group of insurance brokers proposed to just continue with the strategy they’ve gotten used to over the past so many years but with more and better incentives.
Philippine Life Financial Assurance Corp. of the Tanco group and the Philippine Women’s University on Monday signed a partnership agreement to make available salary loans of P20,000 to P300,000 to teachers wishing to pursue a master’s degree in education.
In spite of massive information campaign and education, the Philippines still has the lowest insurance penetration among Asean nations, with barely 1.04 percent of the population covered in 2011, according to the Insurance Commission (IC). The IC study underscored that most Filipinos see insurance as a costly added expenditure.
The preneed industry suffered a black eye last week when the Insurance Commission (IC) ordered Prudential Life Plans Inc. (PPI) to be placed under receivership.
