Articles and Insights
July 27, 2024
Understanding the Different Types of Life Insurance Policies
Life insurance can feel like a complex topic, but it doesn't have to be. When it comes to choosing a policy, understanding the three main types - term life, whole life, and universal life - is key. Each offers distinct advantages and disadvantages, making it crucial to find the one that aligns with your needs and goals.
July 26, 2024
Tips in choosing Non-Life Insurance that suits you
A non-life insurance, also known as general insurance, provides financial protection against losses and damages other than those covered by life insurance. It includes a wide range of policies that cover various aspects of life, excluding the risk of death. Non-life insurance policies are typically short-term and need to be renewed periodically.
July 26, 2024
Essential Non-Life Insurance Policies Every Business Should Have
Running a business involves various risks, and having the right non-life insurance policies is crucial to protect against unforeseen events.
July 26, 2024
The Importance of Life Insurance for Filipino Businessmen
In the fast-paced world of business, Filipino entrepreneurs juggle numerous responsibilities, from managing day-to-day operations to planning for future growth. Amid these demands, one crucial element often overlooked is life insurance. Life insurance is not just a financial product; it’s a cornerstone of a comprehensive business strategy, providing security and stability for both the entrepreneur and their enterprise.
July 26, 2024
Choosing the Right Health Maintenance Organization (HMO) Plan for Your Employees
As a Filipino employer, offering a Health Maintenance Organization (HMO) plan is a fantastic way to invest in your employees’ well-being. But with so many HMO options available, choosing the right one can feel overwhelming. Here’s a helpful guide to navigate the process and find the perfect fit for your team:
July 26, 2024
The importance of a comprehensive health plan
The Philippines continues to see heart disease, cancer (neoplasms), and strokes as leading causes of death. These conditions can strike anyone, anytime, and the financial burden of treatment can be overwhelming.
July 26, 2024
Growing need for cyber insurance in the Philippines
The Philippines has seen an increase in internet users, with the figure doubling from 48 million in 2018 to 69 million by 2023. This rapid growth, combined with Filipinos spending an average of nine hours online each day, has resulted in a robust digital landscape. Despite its high digital penetration rate, the Philippines has the lowest level of digital literacy in the world, according to the United Nations. As a result, the country remains an epicenter for digital threats incidents, ranking fifth among Southeast Asian countries in terms of the number of phishing cyberattacks in 2022.
July 26, 2024
Growing Awareness of Health and Wellness
The recent pandemic was a clear wake-up call for Filipinos, pushing a shift in priorities towards health and wellness. A staggering 98% of Filipinos reported adopting healthier lifestyles, according to The GWI Consumer Trends Report 2022.
July 26, 2024
Building employee trust amidst the recession
The recent pandemic has had a devastating impact globally, bringing the economy to a halt and significantly affecting businesses and employees. This economic downturn has taken a toll on the well-being of Filipinos. According to a report by The Philippine Business Coalition for Women Empowerment and Investing in Women, over half (55%) of workers reported experiencing a decline in mental well-being, while 50% noted a deterioration in physical well-being. Additionally, insurance company AXA highlighted that 87% of professionals in the Philippines have reported work-related mental health issues, a figure that significantly exceeds the global average of 76%.
July 26, 2024
Insurance Market Landscape in the PH
The COVID-19 pandemic has significantly altered financial behaviors among Filipinos, with six out of ten individuals reporting changes. According to the BSP Financial Inclusion Survey in 2021, 58% of adults indicated a shift in their financial habits compared to pre-pandemic times. Notably, 37% of adults started saving more for emergencies, 17% increased their usage of online banking and digital payments, 15% resorted to borrowing more, and a modest four percent acquired insurance. This data highlights the growing awareness of financial security and the need for protection during uncertain times.
July 26, 2024
Surety Bonds: Why your business needs it
A surety bond is an important financial instrument that provides a guarantee in the event of underperformance or non-performance by a business. Essentially, it serves as a safeguard for the Obligee (usually a government agency or a project owner) by ensuring that the Principal (the business or professional) fulfills their contractual obligations. If the Principal fails to perform, the Surety (an insurance company or surety bond provider) steps in to cover the losses. However, the Principal is ultimately responsible for reimbursing the Surety, including any legal fees incurred.
July 26, 2024
Growing need for a One-Stop-Shop for ALL Insurance Needs
The Philippines is on the path to becoming one of the fastest-growing economies over the next decade, with significant economic development anticipated. According to S&P Global, the country&rquo;s GDP is projected to rise sharply from USD 440 billion in 2023 to USD 800 billion by 2030. This growth is supported by an increasing population, positioning the Philippines as the 13th most populous nation globally. The Philippine Statistics Authority (PSA) forecasts that the country’s population will reach approximately 138.67 million by 2055 under a moderate-growth scenario
Feb 7, 2024
IMC 2024-01
Increase in the Benefits for Compulsory Motor Vehicle Insurance Coverage
April 3, 2023
IMC 2023-02
Amendment to Sections 5 and 6 of Insurance Memorandum Circular No. 2023-01 Entitled “Implementing Rules and Regulations of Republic Act No. 11765 otherwise known as “The Financial Products and Services Consumer Protection Act”
March 8, 2023
IMC 2023-01
Implementing Rules and Regulations of Republic Act No. 11765, Otherwise known as the “Financial Products and Services Consumer Protection Act”
August 15, 2022
IMC 2022-03
Amendments to Insurance Memorandum Circular (IMC) No. 2016-01 on the Rules of Procedure for Small Claims Cases in the Insurance Commission, Further Increasing the Jurisdictional Amount in Small Claims Actions to One Million Pesos (Php 1,000,000.00)
August 15, 2022
FSCC IDENTIFIES GLOBAL RISKS RELEVANT TO PH FINANCIAL SYSTEM
Amendments to Insurance Memorandum Circular (IMC) No. 2016-01 on the Rules of Procedure for Small Claims Cases in the Insurance Commission, Further Increasing the Jurisdictional Amount in Small Claims Actions to One Million Pesos (Php 1,000,000.00)
