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Member, Beacon International Group, Ltd.
The Philippine Insurers' and Reinsurers' Association said that at least four nonlife insurers are expected to merge before the end of this year to meet the regulator's increased capital requirement, Asia Insurance Review reported citing sources. Under the rule, insurers' minimum capital requirement needs to total 900 million Philippine pesos ($17 million) by December 2019 and PHP 1.3 billion by December 2022. Dennis Funa, the country's insurance commissioner, said that at least 20 nonlife insurers out of 54 carriers are still far from the minimum capital requirement.