Philippines sees stellar premium expansionDecember 13 2018 by InsuranceAsia News Staff
Premium income in the Philippines’ insurance market grew by 18% during the first nine months of 2018 across life, P&C and microinsurance lines, according to the local Insurance Commission.
Data from the Commission shows the market recorded total premium income of P218.9 billion (US$4.16 billion) in the period from January 1 to September 30. This was 18% higher than the P185.51 billion recorded in the same period last year.
The life insurance sector record P174.15 billion in premiums, which accounted for 79.6% of the total premiums collected. This figure was 20.4% higher than the P144.63 billion posted during the same period in 2017.
Meanwhile, net premiums written by the P&C insurance sector increased by 7.34% to P36.83 billion from P34.31 billion registered a year ago.
Motor insurance business is the main driver for growth in the Philippines P&C sector, contributing more than half or 51.4% of the total net premiums. After motor, fire insurance accounted for 13% of premiums and accident insurance contributed 10%.
The Philippines market is ripe for further growth and is expected to finish the year in a similar fashion to the first nine months of 2018.
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