Archive for the ‘Insurance’ Category

Honesto General
Philippine Daily Inquirer
Read part 1
IN THE FACE of this worldwide financial meltdown, a life insurance company has to grapple with its own unique problems.
If you own a factory with a heavy loan on it, and you are hopelessly unable to keep up the amortization, the bank could foreclose on the mortgage and take over [...]

Zinnia B. Dela Peña
Philippine Star
Amid a difficult environment marked by soaring prices of gas and food, the country’s pre-need industry reported a 21.4 percent drop in sales in the first six months of the year to P7.8 billion from P9.92 billion a year earlier, according to data culled by the Securities and Exchange Commission’s Non-Traditional [...]

Ted P. Torres
Philippine Star
Total premium collections registered by the country’s life insurance industry in 2007 reached P74.125 billion, up 34 percent from P55.3 billion in 2006.
Based on official figures released by the Insurance Commission recently, Philippine American Life and General Insurance Co. (Philamlife) topped the list of life insurance companies in terms of assets and [...]

Manila Times
The chief of the state pension fund named companies that allegedly compose a cartel in a sector of the country’s insurance industry.
Winston Garcia, the president and general manager of Government Service Insurance System, or GSIS, on Wednesday identified the members of the cartel as Great Domestic Insurance, BF General Insurance Corp., Plaridel Surety and [...]

Likha C. Cuevas-Miel
Manila Times
FACED with a tough economic environment and lingering public ill will caused by the failure of some of its big players, the pre-need industry may suffer a further shakeup, with some companies likely to fold up, according to the Securities and Exchange Commission (SEC).
Based on the data obtained by The Manila Times [...]

Philippine Star
The country’s life insurers want the retention of the risk-based capital (RBC) framework but insists that the networth capital build-up formula be suspended.
The Philippine Life Insurance Association (PLIA) argues that majority of the 26-licensed life insurers have already attained the risk cover of 150 percent as prescribed by Insurance Memorandum Circular (IMC) 6-2006. Likewise, [...]