The Philippines In The Philippines In The - amazonia.fiocruz.br

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Where some see challenges others will see opportunities and that is exactly what happened within the Philippine non-life insurance industry during The year was expected to be a catalyst to economic growth, with even the Philippinee Bank citing the Philippines as having one of the most dynamic economies in the East Asia Pacific region, rooted in strong consumer demand, supported by a dynamic labour market and strong remittances.

These opinions were grounded on sound economic fundamentals and a globally renowned competitive workforce. Ths, with the negative effects of the global pandemic on the economy, said projected growth has significantly slowed down in In fact, the Philippine economy fell into recession as GDP spiraled down by Nonetheless, economic growth is projected to slowly rebound in the latter source ofwith an expected 7.

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The non-life insurance landscape Intotal gross Phklippines written from the local non-life insurance sector grew by 13 percent to P However, as a result of the pandemic, the insurance industry, specifically non-life, is expected to be adversely affected by the decline in economy as well as its key industry drivers. With over half the net premiums generated from motorcar premiums, the non-life insurance sector is expected to take a huge hit on its premiums portfolio, especially with new motorcar sales taking a huge Similarly, other key industry drivers such as the property, stock market, tourism and travel sectors, among others, all suffered huge setbacks.

Further, with the mandated increase in capitalisation implementation in recent years, the remaining industry players are financially strong and are expected to survive.

We continue to grant full salaries and Philippins to all, from the start of this pandemic up to the present day. Interestingly, the pandemic has forced insurance companies to embrace the changes of the new normal — digitalisation of operations was among its top priorities. As indicated in the past by the insurance commissioner, innovations in technology are changing the industry almost imperceptibly. The insurance industry was considered non-essential and was thus not operational for several months, which propelled insurance companies to embark on more aggressive initiatives towards digitalisation of operations.]