Share capital increase for Filipino insurers

Despite the sector's pressure, the Philippine government has maintained the minimum share capital requirements for local insurers.

Currently set at 900 million PHP (18.57 million USD), the capitalisation requirement is expected to reach 1.3 billion PHP (26.84 million USD) by 2022.

According to AM Best, such a decision will surely impact the insurance companies. Due to the pandemic-related economic crisis, insurers may find it hard to meet the government’s requirements.