The Philippines Insurance and Reinsurance Association (PIRA) has become an affiliate partner of the Global Asia Insurance Partnership (GAIP), which it says marks a step toward enhancing collaboration in the re/insurance sector across the Asia-Pacific region.
GAIP CEO John Maroney (pictured above) noted that the partnership underscores a shared focus on addressing protection gaps, fostering innovation, and improving community resilience throughout the region.
“This partnership represents a commitment to shared goals – closing protection gaps, empowering innovative solutions, and strengthening community resilience across the Asia-Pacific region. We look forward to working closely with PIRA to deliver meaningful change and help support the insurance sector [to] deliver a brighter future for all,” Maroney said.
PIRA executive director Michael F Rellosa described the collaboration as an alignment of shared values and objectives.
“PIRA's deep industry expertise and commitment align perfectly with GAIP’s mission to drive impactful solutions in the insurance landscape. This partnership marks a significant step forward in building a more resilient and inclusive insurance sector in Asia,” Rellosa said.
GAIP says that the partnership aims to address regional challenges by closing protection gaps, promoting transformative insurance solutions, and contributing to stronger, more secure communities. Both organizations intend to leverage their expertise to deliver impactful outcomes in the insurance landscape.
Founded in 1954, PIRA was originally designated to set standardized rates for insurance companies, thus bearing the name Philippine Insurance Rating Association. Four decades later, the organization merged with the Insurance and Surety Association of the Philippines (ISAP). Following the merger, PIRA kept its acronym but adopted a new name: Philippine Insurers and Reinsurers Association.
Elsewhere in the region, a recent report from S&P highlighted that Asia-Pacific's reinsurance sector is expected to maintain stable credit trends. However, it also notes that certain challenges, including increased exposure to physical risks and a slower economic outlook, are likely to impact the sector.
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