Friday, March 23, 2018

Philippines insurance premiums up 12% in 2017

The Philippines’ insurance industry finished 2017 with flying colours, according to the growth report from the Insurance Commission.

Last year, the insurance sector’s premiums expanded 11.97% to P259.8 billion (US$5 billion) from P231.8 billion in 2016.

According to insurance commissioner Dennis Funa, the life insurance sector constitutes about 78% of the total premiums of the industry, valued at P202.5 billion.

The nonlife sector and mutual benefit association, on the other hand, make up about 19% and 3%, respectively.

An unaudited quarterly statistical report as of December 31 last year showed that the life insurance sector posted growth of 10.78% in premiums collected.

This put the value up to P202.50 billion as of end-2017 from P182.79 billion in the previous year, 74% of which was generated from the sale of variable life insurance products, said Funa.

Insurance industry assets, meanwhile, reached an all-time high of P1.56 trillion in 2017.


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