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Standard & Poor's gives 'high-risk' score to Philippine nonlife insurance sector

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Standard & Poor's Corp. has given the Philippine nonlife insurance sector a high-risk Insurance Industry and Country Risk Assessment score, Inquirer.net reports.

The agency derived the score after taking into consideration the country's “high” country risk and “moderate” industry risk.

In a report, the rating agency said poor governance and transparency of local institutions and weak rule of law made it difficult for insurers to do business.

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