AM Best: stable outlook for the Filipino non-life insurance market

AM Best has maintained a stable outlook for the Filipino non-life insurance market. The rating agency says that a number of factors contributed to maintaining this position, including an 11.9% turnover increase of non-life insurers reaching 64.3 billion PHP (1.2 billion USD) in 9M2021.

In addition, the government's " Build Build Build " program, which includes more than 20 000 infrastructure projects, is likely to play a role in the growth of the property damage, construction and engineering businesses.

Despite the Covid-19 related complexity, insurance companies have successfully adapted to the new health situation by improving digital skills to operate remotely.