Insurance
From The Report: Philippines 2014
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At the end of 2012, the Philippines was home to 79 non-life insurance companies, 29 life insurers and a single reinsurance firm. With a strong history and few limitations and restrictions on foreign investment, the Philippine insurance industry is open, thriving, growing and competitive; however it is widely acknowledged that the sector should be more inclusive, as it currently serves only a small percentage of the population. This is set to change, however, as financial services inclusiveness is not only seen as important to the individual; it is also regarded as a way to improve economic efficiency and promote long-term sustainable growth.
This chapter contains an interview with Yvonne S Yuchengco, President and CEO, Malayan Insurance.

Articles from this Chapter

Overview

Raising regulations: New legislation driving consolidation in an already competitive market
OBG
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With a strong history and few limitations and restrictions on foreign investment, the Philippine insurance industry is open, thriving, growing and competitive. Unlike the banking sector, insurance is not the subject of great debate about who should be let in and how much equity they should be allowed to own. That said, the industry is facing certain pressing issues. It is seen as crowded and in some lines a bit too competitive. A good number of insurance firms lack capital and need to be shored…

Analysis

Micro-coverage: Reaching underserved populations presents opportunities for growth
OBG
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While the insurance industry in the Philippines is competitive, it is only serving a small portion of the country. Total premiums are estimated to be 1.2% of GDP, the lowest among the ASEAN 5. Insurance remains primarily a luxury for the rich and the urban. This is set to change. The government has been promoting the delivery of insurance to the poor and rural. Financial services inclusiveness is not only seen as important to the individuals, as it will protect them from risks and allow them…

Interview

An expanding reach: OBG talks to Yvonne Yuchengco, President and CEO, Malayan Insurance
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Interview:Yvonne Yuchengco What opportunities have been unlocked by the expansion of microinsurance to cover the nation’s underserved population? YVONNE YUCHENGCO: The most significant sector development is microinsurance. This has been spearheaded by the Department of Finance, which, in conjunction with the Insurance Commission, the Bangko Sentral ng Pilipinas, and the insurance industry organisations Philippine Insurers and Reinsurers Association (PIRA) and Philippine Life Insurance Association,…