Aug
31
Aetna Global Benefits Appoints New Head of Middle East Operations
Filed Under Aetna, Africa, Health Insurance, Medical Insurance, Middle East | 11 Comments
Stuart Leatherby has been appointed as the Managing Director to head up Aetna’s expatriate health insurance business, Aetna Global Benefits, in the Middle East and Africa.
Leatherby has been working with Aetna Global Benefits since 2000, and prior to his promotion he has been working as the head of Aetna Global Benefits’ International Markets Development team where he was responsible for expanding business across new, and preexisting geographical and market segments. In his decade of service at the company, Leatherby has worked in a number of diverse positions with a variety of responsibilities that have included areas such as compliance, technical claims, product development, workflow management, information technology, underwriting and portfolio management.
As the new Managing Director and Head of Aetna Global Benefits business in the Middle East and Africa, Stuart Leatherby will be based in Dubai, United Arab Emirates (UAE), with effect from September 1st, 2010.
David Corkum, Aetna Global Benefits Group Managing Director, said that “Stuart’s extensive international health insurance experience will serve us well in our continued efforts to provide world-class benefit solutions and service for our valued customers and members in the Middle East and Africa. This region is a strategically important market for our organisation, and Stuart and his team’s efforts will be instrumental in our continued successful growth and expansion.”
The current Aetna Global Benefits Managing Director for the Middle East and Africa, Mark Jardin also says that “Stuart possesses a unique combination of strong technical expertise and business experience that will be key to cultivating our consultant, broker and customer relationships, as well as market development activities in the region. I have greatly enjoyed my time in the region and look forward to continuing to assist in Aetna’s international expansion and growth upon my return to the United States.”
Insurance Companies Mentioned:
Aetna
Aetna is a leading global diversified healthcare benefits company head-quartered in the US, serving approximately 35.8 million people with information and resources to help them make better informed decisions about their healthcare. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioural health, group life and disability plans, and medical management capabilities and healthcare management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labour groups and expatriates.
Aetna Global Benefits
Aetna Global Benefits, the international business segment of Aetna, is committed to helping create a stronger, healthier global community by delivering comprehensive health benefits and health management solutions worldwide. AGB’s expatriate business is one of the industry’s largest and most prominent US-based international health benefits providers, supporting more than 400,000 members worldwide. The organisation’s health management business collaborates with healthcare systems, government entities and plan sponsors around the world to design and build locally-applied health management solutions to improve health, quality and cost outcomes.
Aug
19
Insurance Market in UAE grows 9.8 Percent in 2009
Filed Under Life Insurance, Medical Insurance, Middle East, UAE Insurance | Leave a Comment
The insurance industry in the United Arab Emirates seemed unaffected by the global downturn in 2009, growing 9.8 percent over the previous year and generating AED 20.1 billion (USD 5.5 billion) in premiums for the year.
A report issued by the UAE’s industry watchdog, the Insurance Authority, showed that the insurance industry contributed AED 23.7 billion (USD 6.5 billion) towards the economy, compared to AED 21.6 billion (USD 5.8 billion) during 2008.
Property and Casualty business in the UAE pulled in AED 16.8 billion (USD 4.6 billion) in gross written premiums in 2009, an increase of 7.7 percent over the AED 15.6 billion (USD 4.2 billion) in gross written premiums in 2008. Of all premiums underwritten in the property and casualty sector, accident and casualty insurance made up 46.7 percent of premiums, medical insurance comprised 24.5 percent, fire insurance totaled 12.7 percent, and land, sea and air transport business made up 12.1 of underwritten premiums, with the remaining 4 percent coming from other business.
National insurance companies in the UAE accounted for 76.3 percent of all underwritten property and casualty insurance business, with the remainder being comprised of foreign companies. The Insurance Authority’s report pegs earned premiums from property and casualty insurance at AED 16.3 billion (USD 4.4 billion).
While the insurance industry in the UAE did well in 2009, it remains to be seen whether it will continue to do so in 2010. With nearly half of all underwritten premiums coming from accident and casualty insurance, which directly pertains to insuring construction projects among other things, the insurance industry could see a drastic drop in this sector of business considering that the construction industry is still trying to come back from its near total collapse in 2009.
Major construction companies are reeling from the aftermath of Dubai’s economic crisis, with many projects having been postponed and property prices falling sharply across the UAE. Arabtec, one of the UAE’s construction giants saw a 40 percent year-on-year drop in profits for the second quarter of 2010, while British construction company Balfour Beatty reported a 10 percent drop in revenue from its Middle Eastern construction business for the first half of 2010, compared with the same time period last year. If the construction industry in the UAE continues to flounder, then it has a potential knock on effect on the property and casualty insurance industry.
Life insurance and fund accumulation operations in the UAE made AED 3.3 billion (USD 898 million) worth of underwriting premiums in 2009, growing 22.22 percent year-on-year. National companies accounted for a 35.1 percent share of the premiums, while the claims ratio for the life insurance business in the UAE rose from 58.8 percent in 2008, to 59.1 percent in 2009.
At the end of 2009, there were 58 insurance companies operating in the UAE, 32 of which are national companies, while the number of insurance brokers working in the country dropped 20 percent to 169 companies. The large drop in the number of insurance brokers was due to many of them being found not in compliance with a regulation of the insurance brokers profession, namely ministerial resolution (543)/2006.
Aug
10
Medical Tourism in the United Arab Emirates
Filed Under Healthcare, International Healthcare, Middle East | 9 Comments
The United Arab Emirates (UAE) is the number one destination for medical tourism in the Middle East, with an estimated 4.3 million medical tourists seeking treatment in the country.
In 2010 the medical tourism sector is expected to generate AE$ 1.7 billion (US$ 462 million). It is estimated that the second half of 2010 will see an increase of 13% compared to the same time last year – an indication of the strengthening demand for healthcare and the medical tourism industry.
The UAE is becoming a prime medical tourist destination due to its developed infrastructure, specialist doctors, state-of-the-art medical centres, and modern technology. These factors, together with a community which caters for sizable numbers of expatriates, have allowed the medical sector to develop and meet the needs of the patients from western countries.
The Dubai based Canadian Specialist Hospital is one of the Middle East’s most well established healthcare providers, catering to approximately 1500 American patients each month. The Chairman of the Canadian Specialist Hospital – Mohammed Rashid Al Falasi said “Treatment rates in the UAE are lower than overseas hospitals, while the country’s hospitals and healthcare centres offer a higher level of diagnostic, curative and rehabilitative services.”
The UAE has been able to provide medical services at a lower cost – when compared to North America and European counterparts in the private sector – with no waiting times in modern, fully equipped facilities. These factors provide significant incentives to patients who would otherwise face long waiting periods for treatment in public healthcare facilities in their home countries.
Demand for medical tourism has escalated over the years, driven by deteriorating national healthcare services, extortionate medical costs and long waiting times. This has contributed to strong demand for affordable medical treatment performed by highly trained medical specialists in state-of-the-art facilities.
Competition in the medical tourism industry is increasing with Malaysia promoting its healthcare facilities in the Gulf, emphasizing its lower cost base and its appeal as a tourist destination.
Singapore, India, Thailand and China also provide high quality and cheaper medical care compared to the UAE, but the UAE still has the ambition to establish itself as a specialist medical care provider in the Gulf region. The UAE continues to invest in the healthcare sector and to face the challenges arising from international markets; the comparatively higher cost of recruiting top medical professionals to the region poses a particular drawback. The challenges are exacerbated by residents in the Gulf region being prepared to travel to Singapore, India, China and Southeast Asia for treatment because of the availability of advanced care and lower charges.
Dubai Healthcare City is at the forefront of the medical sector and the medical tourism industry in the UAE. It offers a dedicated project designed to provide healthcare excellence across a wide range of specialties and meets international standards for healthcare quality. This consists of more than 90 medical facilities and 1,700 healthcare professionals, with the presence of global medical brands such as UK’s Great Ormond Street Children’s Hospital, American Academy of Cosmetic Surgery Hospital, Astra Zeneca and Johnson and Johnson.
However, the ability for the UAE to compete on price is a matter of concern, as the average cost of heart bypass surgery in the UAE amounts to US$44,000. This compares with an average cost of US$18,500 in Singapore, US$11,000 in Thailand, US$10,000 in India and US$9,000 in Malaysia, although a similar medical procedure is more expensive in the US where the cost is approximately US$ 130,000 or US$ 51,000 in a private hospital in the UK.
The UAE is facing strong competition from the Asian medical tourism industry, where the sector has been established for many years. The Asian market continues to develop and expand its influence, catering for international patients seeking medical treatment from cosmetic surgery to heart bypasses, with India being the dominant medical tourist destination; by 2014 it is forecast that the industry will be worth US$62.9 billion in India alone.
Although the UAE is developing its medical tourism industry region, Asian destinations such as Singapore, India and Thailand are the market leaders for providing medical treatment to foreign patients. Further competition will be forthcoming from other countries seeking to exploit the medical tourism industry such the Philippines, Taiwan and Latin American nations.
Companies Mentioned:
Dubai Healthcare City (DHCC)
Dubai Healthcare City was launched in 2002, to meet the demand for high-quality, patient-centred healthcare. DHCC is home to two hospitals, over 90 outpatient medical centres and diagnostic laboratories with over 1,700 licensed professionals occupying 4.1 million square feet in the heart of Dubai.
Canadian Specialist Hospital
Canadian Specialist Hospital was designed to deliver superior quality, inpatient and outpatient medical care in a luxurious environment, providing utmost comfort to patients and visitors.
Aug
4
Allianz Reshuffling Regional CEOs
Filed Under Allianz, Insurance Company, Life Insurance, Middle East | Leave a Comment
Allianz Group is set to move regional CEOs around the world, reorganizing the upper management due to the departure of Massimo Michaud, the previous Chief Executive Officer of Allianz Italia S.p.A.
The vacancy at the top of Allianz Italia will be filled by George Sartorel, who is currently the Chief Executive Officer of Allianz Turkey. Sartorel will be succeeded in Turkey by Mr. Alexander Ankel, who will be transferring from his current dual posting as both the CEO of Allianz Malaysia Berhad, the holding company for Allianz business in Malaysia, and CEO of Allianz Life Insurance Malaysia Berhad, positions he has held since 2008. Mr. Ankel has more than 16 years of experience in the insurance industry.
Jens Reisch, currently the CEO and Country Manager of Allianz’s Indonesian business, PT Asuransi Allianz Life Indonesia, will step into Mr. Ankel’s shoes as the CEO of Allianz Malaysia Berhad and Allianz Life Insurance Malaysia Berhad. His replacement in Indonesia has yet to be announced.
All of the aforementioned personnel transfers are dependent on the approval of the relevant regulatory authorities and supervisory boards.
In other Allianz personnel shifts not related to the global reshuffling, Dr. Abdullah Mansury has been promoted to the position of Chief Executive Officer of Allianz Takaful, taking charge of its operations in the Middle East region. Dr. Mansury has spent the last 8 years working for various Allianz subsidiaries, with his previous position at the company being the Deputy Chief Financial Officer of Allianz MENA Holding, an Allianz subsidiary based in Bahrain.
Dr. Abdullah Mansury said “Allianz has been my home since 2002 and it is a great privilege to work with family members. Within a short span of its operations, Allianz Takaful has established itself as a trustworthy company with its innovative portfolio of products and customer-focused approach. The Middle East region is one of the fastest growing markets for Allianz and I am confident that with the support of my committed colleagues and a dynamic team we can strengthen our position as a trusted financial partner of our clients.”
Insurance Companies Mentioned:
Allianz
Allianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.
Allianz Takaful
A fully owned subsidiary of the Allianz Group, Allianz Takaful was established in March 2009 and is headquartered in Bahrain. Allianz Takaful is the Allianz group’s first foray into the Gulf Cooperation Council or GCC, and offers Shariah-compliant products and services.
Aug
2
Health Plan Options Expanded in the Middle East by Aetna
Filed Under Aetna, Expat Insurance, Healthcare, Middle East, UAE Insurance | 1 Comment
The Regional Healthcare Plan (RHP) already offered by AGB to companies in need of healthcare cover for their expatriate employees living across the region has been expanded. There are now two Regional Healthcare Plans on offer: RHP Lifestyle Plus and the RHP Lifestyle plan, which have different levels of cover and benefits, and complement the portfolio of products for individuals and groups of all sizes offered by AGB.
Employers in the Middle East can look forward to an expanded choice of cost-conscious plans and options that can be customised to maximise their investment in employee benefits.
Benefits not normally offered under a local healthcare plan feature in the new Regional Healthcare Plan, in addition to covering both hospital stays and out-patient treatment, Regional Healthcare Plans include the following:
Access to the Aetna Global Benefits’ international healthcare provider network, consisting of over 750 hospitals, labs and medical centres in the Middle East, South-east Asia and Indian Sub-Continent countries;
Cover and evacuation benefits within the Arabian Gulf Cooperation Council (AGCC), Middle East, Southeast Asia and Indian Sub-Continent countries;
Out-of-area cover for accident and emergency treatment and for elective treatment in the country of nationality of a member, should the said country be outside the area of cover; and
Optional benefits including routine dental treatment, pregnancy and childbirth, chronic conditions and wellness.
Members of the RHP also enjoy access to AGB resources and services aimed at helping them achieve optimum health and productivity, including both the online Global Health Databank, and the online Health and Wellness Centre. The Global Health Databank provides a search tool for doctors and medical facilities, city profiles, medical translation services and worldwide safety and security information. The online Health and Wellness Centre contains a wealth of educational information and resources about the key, developing health conditions in the region.
Companies mentioned:
Aetna Global Benefits, the international business segment of Aetna, is committed to helping create a stronger, healthier global community by delivering comprehensive health benefits and health management solutions worldwide. AGB’s expatriate business is one of the industry’s largest and most prominent US-based international health benefits providers, supporting more than 400,000 members worldwide. The organisation’s health management business collaborates with healthcare systems, government entities and plan sponsors around the world to design and build locally-applied health management solutions to improve health, quality and cost outcomes.
Aetna is a leading global diversified healthcare benefits company head-quartered in the US, serving approximately 35.8 million people with information and resources to help them make better informed decisions about their healthcare. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioural health, group life and disability plans, and medical management capabilities and healthcare management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labour groups and expatriates.
Aug
2
Qatar Insurance Company to Set Up Life and Medical Insurance Subsidiary
Filed Under Africa, Health Insurance, Insurance Company, Life Insurance, Medical Insurance, Middle East | 2 Comments
Qatar’s largest underwriting company, Qatar Insurance Company (QIC), is getting ready to establish a new life and medical insurance subsidiary by the end of the year.
The Group President and CEO of Qatar Insurance Company (QIC) talked to reporters about the new company which appears to be in the planning phase, indicating that it will most likely be based in the Qatar Financial Center (QFC) and will service the wider regional area of the Middle East.
The news about the creation of a company focused on life and medical insurance comes on the heels of the QIC setting up Q-Re, a reinsurance company that was previously part of Qatar Insurance Company International. Q-Re was set up earlier this year to focus on reinsurance in the Middle East, Africa and Asian geographical regions.
So far, the financing and organization of QIC’s new life and health insurance company is still being deliberated, with company officials still discussing internally whether or not to find strategic international partners for the life and medical insurance units; the capital base of the proposed company has also not been disclosed.
Khalifa Abdullah Al Subaey, the CEO and Group Presidnet of Qatar Insurance Company (QIC) said that “We have not reached that stage yet, we are still undertaking the studies and everything else. We hope that before the end of this year, it will be announced officially. We have the two options. We are discussing with a few international partners, but we have not taken any decision yet.”
Al Subaey indicated that while the company has been open to looking at the potential of strategic partnerships, the QIC group is well within it’s capabilities should they choose to eschew a partnership arrangement, saying “We are the largest medical insurance company not only in Qatar, but in the region. We are insuring around 70,000 people in Qatar at the moment and in the UAE, we are most probably the largest when it comes to medical insurance.”
Insurance Company Mentioned:
Qatar Insurance Company (QIC)
The Qatar Insurance Company was established on the 11th of March, 1964, by Emiri Decree. The currency of Qatar during this time was the Indian Rupee, and the Qatar Insurance Company was founded with a paid up capital of INR 1,500,000. Since its inception, the government of Qatar has held a 12% stake in the company which they still maintain today.
Jul
8
Munich Re Receives Reinsurance License for Middle East and Africa Business
Filed Under Africa, Health Insurance, Middle East | 2 Comments
Munich Re has been licensed by the Dubai Financial Services Authority (DFSA) to open a reinsurance unit called Munich Re Underwriting Agents (DIFC) Ltd. in the Dubai International Financial Center, making it the first of the biggest reinsurance companies in the world to do so.
Operating out of the Dubai International Financial Center will allow Munich Re Underwriting Agents to service the entire Middle East and African region, as the DIFC acts as a regional reinsurance hub. The subsidiary will be focusing on health reinsurance given the expanding need for affordable quality healthcare in the Middle East and Africa. Munich Re Underwriting Agents is part of Munich Re of Malta Holding Ltd. and its operations will be run under two broker agreements with Munich Re of Malta and Munich Re in Munich.
According to Dr. Frank Mayer, the Chief Executive Officer of Munich Re Underwriting Agents (DIFC) Ltd., “Munich Re will service governments and governmental institutions, insurance companies, self-funded schemes and other clients as a holistic one-stop shop to provide individual and tailor-made reinsurance and risk management solutions for the growing healthcare market in the Middle East and Africa.”
Abdulla Al Awar, the Chief Executive Officer of the DIFC Authority commented that “Munich Re’s decision to establish their offices in the DIFC as a regional hub is timely given the region’s increasing demand for quality and affordable healthcare. The DIFC office will offer Munich Re a strategic base to tap emerging markets in the region by combining their vast experience with local market expertise.”
The Head of Business Development and Deputy Chief Executive Officer of the DIFC Authority, Marwan Lufti, said that “The addition of Munich Re to the DIFC insurance and reinsurance cluster is an important development, given that the regional health reinsurance sector is rather under developed, offering Munich Re a vantage point to service Middle East and Africa. For regional firms looking to finance and manage corporate risk, the DIFC’s legislative framework, coupled with its favorable tax environment, offers a convenient and robust platform.”
Insurance Company Mentioned:
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. It operates in all lines of insurance, with around 47,000 employees throughout the world. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. The primary insurance operations are mainly concentrated in the ERGO Insurance Group. ERGO is one of the largest insurance groups in Europe and Germany and 40 million clients in over 30 countries place their trust in the services and security it provides. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand.
Jul
7
Standard Chartered Agrees to Sell Allianz Takaful Insurance Products in Qatar
Filed Under Allianz, Income Protection, Insurance Company, Life Insurance, Middle East | 3 Comments
Furthering their strategic alliance in the Middle East, Standard Chartered and Allianz Takaful have signed a five year agreement to sell Allianz Takaful’s insurance products through Standard Chartered Bank in Qatar.
In April this year, the two companies came to an agreement over selling Standard Chartered SME business insurance products through Allianz Takaful in Bahrain, and the new deal in Qatar serves to strengthen ties between the two regional allies. The five-year agreement will see Standard Chartered Bank promoting and selling Allianz Takaful life insurance products through their Bancassurance distributions channels.
The Allianz Takaful products which are now available throughout Standard Chartered’s branches in Qatar include protection plans, investment and savings plans, as well as child education insurance. The Chairman of Allianz Takaful, Abdulrahman Khalil Tolefat, said that “Customers can avail the services at Standard Chartered Bank’s relationship managers to tailor make Allianz Takaful products to suit their specific insurance requirements.”
Chief Executive Officer of Standard Chartered Bank Qatar, David Godwin said “Allianz is a major global financial services provider and we are pleased to associate with the group’s subsidiary in the Middle East. By working in collaboration with third party expertise, we are able to broaden our portfolio of products with a best-in-class offer to address the whole range of our customers’ financial well-being objectives. Additionally, the general insurance services fit well as one of the wealth protection tools that complement the bank’s overall wealth management solutions.”
Companies Mentioned:
Allianz Takaful
A fully owned subsidiary of the Allianz Group, Allianz Takaful was established in March 2009 and is headquartered in Bahrain. Allianz Takaful is the Allianz group’s first foray into the Gulf Cooperation Council or GCC, and offers Shariah-compliant products and services.
Standard Chartered Bank Qatar
Standard Chartered Bank first opened a branch office in Qatar in 1950, making it the oldest foreign bank in Qatar. It operates 3 branches and 6 ATM machines in the country, employing 167 employees from 30 different countries. Their two core divisions of Wholesale and Consumer Banking have given them a 27% market share in Qatar.
Jun
28
Allianz Takaful Signs Medical Insurance Agreement with Apex Real Estate
Filed Under Allianz, Health Insurance, Medical Insurance, Middle East | 2 Comments
Allianz Takaful and Apex Real Estate Development Company have signed an agreement whereby Allianz Takaful will be contracted to provide employee medical insurance to Apex.
The agreement was signed by Allianz Takaful CEO, Dr. Abdul Rahman Tolefat and Apex Real Estate Development Company Managing Director Majed Al Khan. It will see Allianz Takaful, a wholly owned subsidiary of Allianz Group, organize medical insurance coverage of over BD 490,000 (US$ 1.3 million) for Apex employees and their family members, including cover for international emergency medical treatment.
Majed Al Khan, the Managing Director of Apex, said “’Apex Real Estate and its subsidiaries, Apex Green and Apex Properties, have witnessed operational growth leading to an increase in number of staff. As part of our initiatives to provide our employees with a professional and value-added working environment, we sought to engage a company offering a range of medical services supported by a high degree of expertise.”
The Allianz Takaful CEO, Dr. Abdul Rahman Tolefat said that “We are pleased to welcome Apex amongst our clients. We continuously seek to exceed our clients’ expectations by providing excellent service. We look forward to continuing this relationship with Apex.”
Insurance Company Mentioned:
Allianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.
Jun
8
Philippine Health Insurance Corporation opens Saudi Arabian office
Filed Under Expat Insurance, Health Insurance, Insurance Company, International Healthcare, Medical Insurance, Middle East | Leave a Comment
The Philippine Health Insurance Corporation (PhilHealth), which is the arm of the Philippine Government that runs the National Health Insurance Program, is opening an office in Saudi Arabia’s capitol, Riyadh, in order to provide better service to the Overseas Filipino Workers (OFWs) employed in the country.
The Philippine Health Insurance Company office, the organization’s first in the Middle East, will open in the Philippines Embassy in Riyadh. PhilHealth’s new office opening is accompanied by the distribution of flyers to OFWs with information on National Health Insurance Program membership procedures, program benefits, and how to take advantage of services. This acts both as a way to raise awareness of health insurance plan benefits and a reminder to regularly pay premiums for people already enrolled, as well as a marketing drive for OFWs in Saudi Arabia who would like to be members.
The PhilHealth office will also assist OFWs with making benefits claims, changes in membership details and collection of premiums, which are set at PHP 900 (USD 19.30). PhilHealth has a number of agreements with banks for collection of premiums to ensure that payments are easy to make for OFWs, so that they do not lose out on health insurance coverage. PhilHealth’s currently has agreements for overseas premium collections with the Development Bank of Philippines, iRemit, and Philippine Veterans Bank.
Benefits offered by the Philippine Health Insurance Company through the National Health Insurance Program cover inpatient hospital treatments including room and board, operating room fees, Laboratory tests, X-rays, medications, examination and doctor’s fees, which are automatically subtracted from the beneficiary’s hospital bill prior to leaving the hospital. PhilHealth also reimburses the costs of medical treatment for members receiving said treatment abroad.
Insurance Company Mentioned:
Philippine Health Insurance Corporation
The Philippine Health Insurance Corporation, also known as PhilHealth, is a company owned by the Philippines Government that oversees the financing of the Philippines National Health Insurance Program. Set up in 1995 according to Republic Act 7875 or “The National Health Insurance Act of 1995”, The Philippine Health Insurance Corporation is tasked with the collection of premiums from National and Local governments as well as members while they work towards providing social health insurance cover for all Filipinos.