Nonlife insurance company Mapfre Insurance has announced that it raised its paid-up capital to P900 million, and was able to comply with the minimum net worth requirement set for 2019 by the Insurance Commission.
According to Mapfre Insurance Senior Vice President and Chief Financial Officer Jean Israel, financial stability of an insurance company plays a big role for consumers.
“This is also relevant to the consumers, it will put us in a more competitive market, because only a financially stable insurer can provide more for the country,” said Israel.
Under Republic Act 1067, or the Amended Insurance Code of the Philippines, domestic life or non-life insurance company should have at least a net worth of P250 million by June 2013, P550 million by December 31, 2016, and P900 million by the end of 2019.
“This development shows the strengthened presence of Mapfre Insurance in the country, with significant investment that will contribute to the Industry and most especially improve lives of Filipinos,” Mapfre Insurance President and CEO Tirso Abad said.
The insurance company has also introduced the Mapfre Insular Virtual Office, centralized policy claims, QR code for verifying policies, 24/7 claim reporting, and use of nonlife insurance intermediaries where partners can access accounts for renewal, draft quotations instantly, and make payments online.
“As we leap toward the digital future, we are presented with more choices to connect with people. This is a great opportunity to be more efficient and agile to serve our client’s unique needs. Since our launch in 2018, we have been continuously developing our channels and we look forward to be digital leader, as well for the insurance industry,” said Abad.
Mapfre Insurance offers general insurance and risk management covering fire allied lines, motor vehicles, personal accident, casuality, liability, engineering, marine cargo and surety.
The company has also developed its network in Isabela, Lipa, Iloilo, Cebu, Cagayan de Oro and Davao.