Philippines insurance premiums up 12% in 2017

March 14 2018 by InsuranceAsia News Staff

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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