Byline: Reynaldo A. de Dios
Business insurance costs will definitely increase in the new year for both new and renewal policies coveting high-valued industrial plants and multistorey commercial buildings including high-rise residential condominiums.
This development is directly attributable to the terroristic acts of September 11, 2001, which struck New York City, specifically the twin towers of the World Trade Center and its surrounding buildings.
Why has this horrendous event affected the Philippine insurance industry?
The reinsurance sector which provides the protection for the excess risks of the non-life insurance companies suffered tremendous monetary losses …