AFTER a busy and stressful week, I thought that I will just cool it and do what women like to do — roam around their favorite mall and go shopping with tons of coffee in between! However, before doing that, I decided to browse over my laptop to check on my mail messages. One of them was the link to the PIRA Fact Book, which I recall I requested for. PIRA stands for Philippine Insurers and Reinsurers Association, Inc., the association of the non-life insurance companies in the country. I quickly forgot about the shopping trip and decided to continue reading the fact book. It is good to know that the 55 non-life insurance companies are all doing well and except for a few, have complied with the minimum net worth requirement of P1.3 billion as of Dec. 31, 2022. Some are way above the minimum level which should be a big comfort for the insuring public. Gross premiums reached a record P120 billion and net income for 2022 was P6.9 billion.
The Fact Book mentions the several challenges still facing the industry.
