PHI INS Catastrophe Exposure Report


On Jun. 30, PHI INS issued circular on filing catastrophe reports.


  • PHI INS issued circular dated Jun. 29, on submission of catastrophe insurance reports.
  • Requirements
  • All non-life companies are required to submit their respective annual catastrophe exposures - property insurance reports (DFRI) covering each calendar year of data.
  • Reporting templates/forms for property insurance policy database (in-force policies as at Dec. 31), property insurance incurred loss database, and cover letter, are attached.
  • All submissions should be encrypted and uploaded to PHI INS DRFI uploading system, which will only be open for uploading 10 working days prior to the deadline every year.
  • First Extension
  • Submission of reports for 2019 will be extended until Aug. 31, 2020 due to Covid.
  • Aug. 2020 Date Extended
  • On Aug. 27, 2020, PHI INS issued notice extending the deadline of submitting reports.
  • Dates for submitting the Catastrophe Exposures - Property Insurance Report (aka DRFI) for the reporting period Jan. 1 to Dec. 31, 2019, is extended to Sep. 30, 2020.
  • All subject insurance companies must use the prescribed templates in CLZ020-75.
  • Upload encrypted submissions in their respective folders under the year 2020 only.
  • Incomplete and non-compliant submission will be considered as non submission.
  • Penalty for late submission is five thousand Pesos (P5,000) for each day of delay.
  • Jul. 2022 Deadline Extended
  • On Jul. 25, 2022, PHI INS issued notice extending the deadline of submitting reports.
  • To deadline to submit the DFRIs is extended to Dec. 31, 2022, however the deadline for subsequent reports will remain unchanged - May 31 of the following year.
  • The insurance committee will implement monitoring report submissions and will impose penalties: PHP5,000 for each day of the delayed submission, per CL 2014-15.
  • Jan. 2023 New Deadline
  • On Jan. 10, 2023, PHI INS issued advisory on the extension on the submission of insurance reports, due to systems maintenance by information system division.
  • Insurance committee shall implement stricter monitoring of reports and shall be imposing penalties for late submission after extension according to CL No. 2014-15.
  • The deadline for submission was extended until Jan. 13, 2023.
  • Jun. 2023 Extension of Deadline
  • On Jun. 20, 2023, PHI INS issued advisory on the extension on the submission of insurance reports, due to multiple requests from companies to give additional time.
  • PHI INS shall implement stricter monitoring of reports and shall be imposing penalties for late submission after the extension, in accordance with CL no. 2014-15.
  • The deadline for submission was extended until Jun. 30, 2023.
  • Feb. 2024 Additional Extension
  • On Feb. 22, 2024, PHI INS advised all authorized non-life insurers and professional reinsurers, that deadline for submissions of annual report (#71924) and catastrophe or property insurance reports for calendar year 2023 shall be moved to Apr. 30, 2024.
  • It said specific guidelines on preparation of these reports shall be issued separately.

Regulators PHI INS
Entity Types IB; Ins
Reference Adv RS-2024-003, 2/22/2024; Adv RS-2023-012, 6/20/2023; Adv RS-2023-001, 1/10/2023; Adv RS-2022-030, 7/25/2022; Cir Lt 32-2020, 8/27/2020; PR 6/30/2020; Cir Lt 2020-75, 6/29/2020
Functions Financial; Reinsurance; Reporting; Risk; Treasury
Countries Philippines
Category
State
Products Insurance; Insurance-Casualty; Insurance-Property
Regions AP
Rule Type Final
Rule Date 6/30/2020
Effective Date 4/30/2024
Rule Id 80820
Linked to N/A
Reg. Last Update 2/22/2024
Report Section International

Last substantive update on 02/27/2024