News and Updates
Samar and Leyte—In 2018, PREMIUM explored the development of new distribution channels to help provide risk managing financial services such as savings, loans and microinsurance products throughout Samar and Leyte. One such distribution channel is through the Insurance, Savings and Loan Advocates (ISLA). Sari-sari store owners (SSSOs) from Eastern Visayas were profiled and trained to become the pilot group of ISLA facilitators that would provide access to risk managing financial services through the sari-sari store business model. Through this scheme, sari-sari stores increase the outreach and scope of microinsurance services—especially for remote and hard-to-reach communities.
Insurance Commissioner Dennis B. Funa announced the results of the 2018 ASEAN Corporate Governance Scorecard (ACGS) assessment among 116 insurance companies and MBAs composed of 30 life insurance companies, 56 non-life insurance companies, and 14 MBAs and 16 Microinsurance-MBAs. Results showed that the insurance industry gathered an average score of 41.34 points. This is a 1.61-point increase from the 2017 result. In line with this, Commissioner Funa said in a statement, “This shows that there is a continuous improvement in the performance of the life insurance, non-life insurance, and MBA sectors since the adoption of the ACGS ...