Decrease in the number of non life insurers
Following the introduction of new thresholds for minimum capital requirements imposed on insurance companies, the authorities are bracing themselves for a decrease in the number of non life players which is expected to go from 63 down to 55.
Insurance companies have been granted the date of 30 April 2017 as a deadline for the submission of annual statements displaying a capital of 550 million PHP (11.1 million USD).
Eight non life insurers have already started a merger process whereas three others are still conducting talks with investors. Manila Surety and Fidelity Co. has already announced the halting of its operations.
In the life class of business, excluding one company in search of a buyer, the other insurers would be willing to continue their activities.
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