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Philippine nonlife insurers to benefit from proposed quake insurance fund: Fitch

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Fitch Ratings Inc. said a earthquake insurance fund proposed by the Insurance Commission and the Asian Development Bank would reduce the risk to Philippines' nonlife insurance industry, The Philippine Star reported.

Fitch also said "the demand for reinsurance is high, but increasingly costly due to previous high losses." Four major disasters in the last two years resulted in economic losses of around 76 billion Philippine pesos ($1.7 billion).

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