Higher Capital Requirement Rationalizes Philippine Insurance Industry

The number of insurance firms has gone down from over 200 in the 1990s to only 93 at the end of March. Four are composite licensees certified to operate as life and non-life insurers, 26 are life insurance firms, 62 non-life insurance companies, and one reinsurance firm. By the end of the year, insurers are required a new minimum capital of P550 million from the present P250 million, as regulators want to make sure insurers are…

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