Navigating Pandemic Challenges and Financial Losses

The COVID-19 Pandemic has greatly affected the Philippine Non-Life Insurance Industry. Due to non-renewals and branch closings, premiums have significantly dropped affecting topline revenue and business growth for the year. Loss ratios, meanwhile, have decreased, specifically for the Motor business due to the decreased mobility during the quarantine period.

The actuarial calculations, IBNR and URR, for 2020 is then crucial for both the company's net profit as well as the regulatory compliances on net worth and risk-based capital.

Talk to your Actuary.

The Miravite CEO: Miravite is the first actuarial consulting firm in the Philippines, and we focus on strategic management recommendations beyond compliance in each of our engagements. With the fearless forecast of 2021 loss ratios in this New Normal, the Miravite Actuary recommends recalibrating business scenarios with the corresponding revenue projections, variable expenses, and overhead budget.

In consideration of the COVID19 pandemic that redefined operating platforms and market dynamics, the Actuary can help the company reengineer its business economics.