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Catastrophe risk premiums insufficient for climbing costs


Dennis Funa, commissioner of the Philippines' Insurance Commission, said that catastrophe risk premiums need to be increased as the current premium structure is unsustainably low, BusinessWorld reports. Premiums were last adjusted in 2006 and the other nonlife business lines have been subsidizing catastrophe insurance products and claims, a situation that is unsustainable given the constant exposure to catastrophe risks.


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