Philippines - Insurance

The Government Service Insurance System (GIS), a government organization set up in 1936, provides life, permanent disability, accident, old age pension, burial insurance and salary and real estate loan benefits. Compulsory third-party motor liability insurance went into effect on 1 January 1976. In addition, workers' compensation and personal accident insurance for workers abroad are compulsory. The Insurance Commission of the Department of Finance oversees the insurance industry.

Life and nonlife insurance companies provide coverage against theft, fire, marine loss, accident, embezzlement, third-party liability, and other risks. In 2001 US $906 million in direct insurance premiums were written, US $493 of which were for life insurance and US $414 for nonlife insurance.

User Contributions:

Comment about this article, ask questions, or add new information about this topic: