Asean Insurance confab in Manila

MANILA, Philippines - Top leaders of the insurance industry in Southeast Asia gathered in Manila recently for the Asean Insurance Council Meeting.

The gathering tackled important issues such as insurance education, natural disaster research and other mutual concerns and best industry practices.

This was the second time Manila hosted the Asean Insurance Meeting since 1974. The Asean gathering was highlighted by a presentation by the Young Asean Managers Award or YAMA at the Manila Polo Club. Meanwhile, the Insurance Commission said only 14 percent of Filipinos have any kind of insurance coverage.

Countries like Japan or Singapore boast of insurance penetration rate of more than 100 percent, which means their citizens have one or more insurance policies.

Insurance representatives came from member nations of Malaysia, Singapore, Indonesia, Vietnam, Cambodia, Brunei Darussalam, Thailand and Laos. Michael F. Rellosa, president of the Philippine Insurers and Reinsurers Association (PIRA) represented the Philippines.