Insurance reform in the Philippines

PhilippinesThe Insurance Committee (IC) is preparing a new amendment to the regulations, the last reform having taken place in 2013. The project currently under consideration will be sent to Parliament before the end of 2020.

The reform covers, among other things, agricultural insurance (parametric insurance), Takaful activity and natural disasters. In addition, the new text provides for the introduction of new mandatory insurance such as that for Filipino workers abroad.

The IC proposes also the creation of a government entity in charge with the liquidation insurers in difficulties. The establishment of an insurance supervisory authority is being developed as well.

Read also | Philipino insurers against capital increase

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