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Philippines: Increased risks require bigger capitalization, says insurance head

April 28, 2014 - 6:00am

A new risk-based capital framework is being implemented in the Philippine insurance sector and the Insurance Commission will be organizing seminars to train insurers on this framework, reports Business Mirror.

Insurance Commissioner Emmanuel F. Dooc said bigger capitalization is needed from insurers to cover new risks such as cybercrime and more destructive natural disasters.

The new Insurance Code prescribes a paid-up capital of at least 1 billion Philippines pesos ($22.5 million) for new insurers, and a gradual increase in capital requirement for existing players.

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