Philippines insurers set for M&A wave: Fitch

The US ratings agency also expects premium growth to remain robust but warns about the country's high catastrophe risks.

The Philippines’ insurance industry is set for a wave of consolidation over the next few years as recently introduced capital rules continue to bite.

According to Fitch Ratings, insurers in the country highly prone to natural disasters face a challenging environment in the next few years with the market saturated and competitive.

The Philippines Department of Finance DOF imposed higher capital requirements on both life and non-life insurers in June 2012.

These minimum capital requirements require insurance companies to comply if they are to continue operating in the Philippines, said Jeffrey Liew, Fitch’s head of Asia Pacific insurance ratings.

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