More foreign insurers expected to enter Philippines

The Philippine Insurers and Reinsurers Association expects more foreign firms to enter the local insurance market, with several local insurers still unable to comply with new minimum capital requirements ahead of a statutory deadline, Asia Insurance Review reported citing The Philippine Star. Insurers, which are required to raise their capital to 1.3 billion Philippine pesos ($23.4 million) by Dec. 31, have seen their finances hit by the COVID-19 pandemic and it may be difficult for some of them to meet the new standard.