Michael Rellosa, Executive Director of the Philippines Insurance and Reinsurance Association (PIRA) says the use of fixed tariffs has hampered attempts to launch the PCIF.
Committee says there was a "collective failure" by insurers to meet policyholder obligations and has proposed 86 recommendations to improve fairness and consumer protection in the industry.
P&C insurers in three major North Asian markets of China, Japan, and Taiwan hold almost three times the amount of regulatory capital for asset risk than US carriers.
New ICA Charter aims to improve response and coordination to nat cats and introduces a new insurance event designation for catastrophes of unprecedented scale.
