Insurance
From The Report: The Philippines 2012
View in Online Reader

The Philippines insurance industry is poised for strong growth from a low base, being ranked as the third-smallest insurance market in the East Asian region. Penetration levels of just 14% indicate that there is considerable room for expansion. Sectoral figures are lobbying, with some success, to rewrite existing regulations, which they feel impose burdensome tax costs on the industry. Other expected changes include a gradual ramp-up of capital requirements, which should precipitate a wave of consolidation among the Philippines’ many small insurance providers.
This chapter features interviews with Emmanuel Dooc, Commissioner, Insurance Commission; and Riza Mantaring, CEO, Sun Life.

Articles from this Chapter

Overview

Gearing up for competition: Greater product uptake and more competition show the sector is in good health
OBG
plus

A brighter outlook is expected for the Philippine insurance industry, with the country’s economic fundamentals remaining sound, and the government and private sector pushing ahead with public education campaigns about the benefits of financial security. Financial literacy has historically been weak among the broader population but consumer awareness has started to improve, especially in light of the recent devastation wrought by typhoons and widespread flooding. In addition, penetration…

Analysis

Capitalisation hikes: New rules and greater competition are encouraging firms to combine efforts
OBG
plus

There has been a flurry of talk recently over mergers and acquisitions as insurance companies are scrambling to raise resources in order to meet new, stringent capital requirements that have been put in place to shore up an otherwise fragmented market. “Five insurers have already signalled interest to merge,” the insurance commissioner, Emmanuel F Dooc, told the press in November 2011. “We told them to come up with a critical number so they can better pool their resources. The ideal number…

Interview

OBG talks to Emmanuel Dooc, Commissioner, Insurance Commission
OBG
plus

Interview:Emmanuel Dooc What potential is there for regulatory changes that could grow the insurance industry? EMMANUEL DOOC: The insurance code of the Philippines was created in 1978 and has not been updated to keep pace with the changes in the insurance market. Thus the Insurance Commission, the industry, players and lawmakers are currently looking at how best to amend the code to facilitate the growth of the industry and to make it more competitive with regional counterparts. The expected…

Interview

OBG talks to Riza Mantaring, CEO, Sun Life
OBG
plus

Interview:Riza Mantaring What measures are necessary to increase the insurance penetration rate in the country? RIZA MANTARING: Financial literacy is quite low, and people do not realise the value of insurance and its role in protecting them and their families against life’s uncertainties, such as illness, accidents and death. It also helps to protect their retirement. Efforts must be made to increase financial literacy so people understand that insurance is not an optional product, but…