Philippine non-life insurers object to new minimum capital requirements

The Filipino government plans to tighten the minimum capital requirements for local insurers. The latter will rise from 900 million PHP (17.6 million USD) to 1.3 billion PHP (25.4 million USD) by the end of 2022.

Non-life insurance companies are calling on the government to maintain the current minimum capital of 900 million PHP (17.6 million USD). According to the Philippine Insurers and Reinsurers Association (PIRA), this capital is more than enough to maintain the insurers' solvency.