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Jun 2017 Manila Surety, Fidelity Company and three other filipino insurers, have announced their intention to stop their activities,because of their inability to comply with the new minimum capital requirement. The latter was set at 550 million PHP (11.1 million USD) as of December 31, 2016.
This amount will be raised to 900 million PHP (17.8 million USD) by the end of 2019 and to 1.3 billion PHP (25.7 million USD) by the end of 2022.
The new regulation has also resulted in a wave of concentration in the market: eight insurance companies are ready to embark on mergers and acquisitions transactions. These movements will reduce the number of local insurers to 54.
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