What about the nonlife insurance industry? Nonlife insurance refers to insurance of property (residences, commercial buildings, factories, etc. Congratulations to the insurance companies and the people behind them for being innovative and immediately adapting to the changes brought about by the pandemic. All these efforts ensure we continue to get adequate covers for property and other insurance assets further improved if the taxes on non-life insurance covers can be reduced. It is heartening to note in spite of the pandemic, the non-life insurance industry remains to be strong and stable as shown by the total assets and net worth of the non-life companies amounting to P280 billion and P106 billion, respectively, as of the end of 2020.

Source: Manila Times June 06, 2021 16:05 UTC