Insurance 1H premium up 24.2%

The Insurance Commission reported a double-digit growth in insurance industry revenues averaging 24.27 percent year-on-year (YoY) in the first six months this year.

Insurance premium income grew P145.76 billion during the period compared to only P117.29 billion the previous year.

“All sectors of the insurance industry — the life insurance sector, non-life insurance sector, and mutual benefit associations — posted double-digit growth in terms of premium income at end-June this year,” said Insurance Commissioner Dennis Funa.

Funa attributed the performance to the 35.91 percent uptrend on variable life products reaching P88.45 billion YoY versus the previous only P65.08 billion.

The non-life insurance sector posted a 10.07 percent growth in net premiums amounting to P24.44 billion from P22.20 billion. Contributing to this expansion was the 14.87 percent gain on motor car insurance products’ premiums, the regulator said.

According to Funa, the non-life sector also posted premium reaching P223.77 billion in the first six months this year. This translates to 15 percent YoY growth from P194.55 billion last year.

“The life insurance sector’s assets hit P1.23 trillion or 80 percent of the total industry’s 1.54 trillion assets, representing 1.32 percent increase from P1.21 trillion year-on-year,’ he added.