MAPFRE Insurance Raises Capital to P900M; Takes the Lead in Non-life Insurance

Wazzup Pilipinas!

MAPFRE INSURANCE recently announced in a media launch that it has raised capital to P900 Million, having complied with the minimum net worth requirement set for 2019. Marking its 85 years in the business, the company is anchored on three main objectives: to offer non-life solutions with relevant products, to be efficient in claims service, and to better serve the Filipino people. 

MAPFRE INSURANCE, formerly MAPFRE INSULAR, recently announced in a media launch that it has raised capital to P900 million, having complied with the minimum net worth requirement set for 2019 by the Insurance Commission, according to the New Insurance Code of the Philippines (RA 10607).

Amended in 2013, the law states that a domestic life or non-life insurance company should have at least a net worth of P250M by June 30, 2013, P550M by December 31, 2016, and reached P900M by December 31, 2019.

At the helm of MAPFRE Insurance is Mr. Tirso Abad, President & CEO, who shared the company breakthrough during the said event held on November 26, 2019. “This development shows the strengthened presence of MAPFRE Insurance in the Philippines, with a significant investment that will contribute to the industry and most especially improve the lives of Filipinos,” he said.

Marking its 85 years in the business, the company is anchored on three main objectives: to offer non-life solutions with relevant products, to be efficient in claims service, and to better serve the Filipino people.

Owned by MAPFRE Sociedad Anonima Spain at 75% majority, and Insular Life at 25%, MAFPRE INSURANCE is one of the non-life insurance companies with the highest capital and solvency in the Philippines.

In 2018, it introduced digital services and innovations such as the: MAPFRE INSULAR Virtual Office, centralized policy services and claims, QR code for verifying policies, 24/7 claim reporting, and expanded payment channels. The MAPFRE Insular Virtual Office is the first digital office portal for use of non-life insurance intermediaries – where partners can access accounts for renewal, draft quotations instantly, and make online payments.

“As we leap towards 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 last year, we have been continuously developing our channels and we look forward to be a digital leader as well for the insurance industry,” Mr. Abad added.

MAPFRE INSURANCE offers general insurance for optimum financial protection and risk management covering fire and allied lines, motor vehicles, personal accident, casualty, liability, engineering, marine cargo, and surety. The company has developed a wide network nationwide expanding from 10 branches to 16 sales offices in NCR, Isabela, Lipa, Iloilo, Cebu, Cagayan de Oro, and Davao, among many others.

For more information about the MAPFRE INSURANCE, you may visit http://mapfre.com.ph or email info@mapfreinsular.com

IN PHOTO (L-R): Jean Israel, Senior Vice President and Chief Financial Officer; Maria Theressa Abrahan, Vice President and Technical Head; Hector Castello Nuñez, Senior Vice President; Mr. Tirso C. Abad, President and CEO; Mildred Rabena-Hugo, Chief Information Officer; Malou Santiago, Vice President and Operations Head; and Kimmy Sanchez-Alegarbes, Vice President and Human Resources Director

DOE Hosts First Forum on the Cleaner Energy Future Initiative for ASEAN

Wazzup Pilipinas!

The Department of Energy (DOE), in partnership with the Ministry of Economy, Trade and Industry (METI) of Japan, and the Mitsubishi Research Institute, Inc., hosted the inaugural Government-Private Forum on Cleaner Energy Future Initiative for ASEAN (CEFIA) yesterday (27 November) at the Makati Diamond Residences.

The CEFIA seeks to facilitate closer collaboration between the public and private sectors to help accelerate the development and utilization of cleaner energy and low carbon technologies within the ASEAN region.

“Today's event is significant for us in the ASEAN, as it has brought governments and the private sector together in one setting, providing a venue for multi-sectoral discussions on investment opportunities; industry innovations; and energy project financing. Governments cannot stand alone in sustaining a fully vibrant energy sector that is able to actively contribute to a country's robust economic growth. Bilateral and multilateral dialogues are needed,” Secretary Cusi emphasized in his keynote address.

The Energy Chief also took the opportunity to highlight the strides made by the Philippines as it works toward building a sustainable energy future, including the country’s efforts in support of the implementation of the ASEAN Plan of Action on Energy Cooperation.

A total of 200 delegates from the ASEAN+3 member countries, national government agencies, local government units, private industry stakeholders, financial institutions, and the academe participated in the first CEFIA Forum.

In addition, a bilateral meeting between the Energy Secretary and Parliamentary Vice-Minister Shuji Miyamoto of METI likewise took place at the sidelines of the CEFIA. Discussions revolved around recent energy sector developments in both countries, and ways to help move private sector initiatives forward. Also present were key officials from the DOE and METI.

Early Holiday Surprises for RedDoorz Guests to Enjoy Family-Friends Bonding

Wazzup Pilipinas!

The air is cooler, the nights are longer. Colored lights flicker in every place you see. Everybody’s easing into a holiday mood and RedDoorz advanced the holiday vibes with surprises for their hotel guests and target market.

In late October, RedDoorz surprised hotel guests nationwide in Luzon, Visayas and Mindanao with #RedDoorzKeyMoments. Randomly selected guests were gifted with RedDoorz “keys” as they registered at the front desk of RedDoorz properties in different key cities. The “key” entitled them to one more free stay at selected RedDoorz properties nationwide anytime until November so they can bond and share new memories with family and friends.

Guests loved the special touch that allowed them to share more special times with their chosen companions – from Lolo and Lola to Best Buddy to to Big Bro and Little Sis, to Mom and Dad and the barkada. “This will definitely come in handy when my brother comes back for home leave this month,” said Jennylyn Casitas, whose brother works in Bahrain.

RedDoorz uncorked even more surprises. At the Fablacion Street Party held on Halloween Night at Dulo MNL in Makati, RedDoorz activated its #RedDoorzFunMoments. RedDoorz brand ambassadors went around the party venue to present party goers with more RedDoorz “keys”. Revelers who sported the Most Unique Theme, Best Make-up, Best Joker look, Best Avenger, Best Animé, Best Celebrity Lookalike, Best Drag Queen, Best Maleficent or Disney Character and the Best Family Group were singled out and awarded the surprise “keys” that would let them experience more fun times with their special people.

“At this time of year, everybody is in a holiday mood. It’s time to bond, hold reunions, do impromptu get-togethers and plan for what the family, the barkada and special friends will do together. RedDoorz joins the celebration by providing people with more ways to bond and create more key and fun moments. We have prepared fun activities and promos to enable more and more people to enjoy short or long trips anywhere in the Philippines where our over 200 properties are located,” ssaid Raenald De Jesus, RedDoorz Country Marketing Manager.


For more information on how you too can experience RedDoorz, go to www.reddoorz.com and @RedDoorzPh on Facebook and Instagram