Insurance
From The Report: The Philippines 2017
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The Philippines’ insurance sector has been exhibiting strong growth in recent years. While it did experience a slowdown in 2014, and then again in early 2016 ahead of the election, the trend overall has been positive, and its strong performance is likely to continue. Although premium growth remained flat in 2016, insurers are forecast to collect a combined P500bn ($10.6bn) in premiums by 2019, double the amount in 2015. By then, around half the country’s population will be insured, more than triple the percentage in 2009. The push for inclusiveness is adding to new business coming from individuals seeking to build wealth and protect their assets.

This chapter contains an interview with Peter Grimes, President and CEO, FWD Philippines.

Articles from this Chapter

Overview

Bright prospects: Stable growth in premiums and market penetration continues, while regulatory reforms ensure insurers remain strong
OBG
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The Philippines’ insurance sector has been exhibiting strong growth in recent years. While it did experience a slowdown in 2014, and then again in early 2016 ahead of the election, the trend overall has been positive, and its strong performance looks likely to continue. Although premium growth remained flat in 2016, insurers are forecast to collect a combined P500bn ($10.6bn) in premiums by 2019, double the amount in 2015. By then, around half the country’s population will be insured,…

Interview

Guiding growth: Peter Grimes, President and CEO, FWD Philippines, on increasing penetration and the effects of regulations on the industry
OBG
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Interview: Peter Grimes What has been the industry’s reaction to the new framework for the valuation of insurance policy reserves and risk-based capital? PETER GRIMES: I think it fair to say that the insurance industry’s reaction locally to the regulatory changes has been mixed. Globally, the industry has witnessed and welcomed moves towards risk-based capital and robust levels of reserving, which is essential for an insurer to be adequately solvent and resilient to volatilities in capital…