Source: AIR eDaily | 30 Jan 2014
The Philippine life insurance sector collected PHP169.8 billion (US$3.76 billion) in total premiums last year, 41 percent higher than the PHP120.3-billion figure for 2012, according to the Insurance Commission.
Insurance Commissioner Emmanuel Dooc, who was speaking at the Philippine Life Insurance Association (PLIA)’s annual general meeting earlier this week, said that preliminary figures for 2013 also showed that the total net income of the life insurance sector grew by 31 percent to PHP13.8 billion. He attributed the performance to the country's economic growth, according to local media reports.
He added that although only about half of the companies in the non-life sector had submitted figures to the Insurance Commission, he esimated that the combined premiums of both life and non-life sectors will hit PHP200 billion for 2013. “We may be a couple of billion more or a couple of billion less. Anywhere from PHP190 billion to PHP202 billion,” the Business Mirror cited him.
He said that industry growth in the fourth quarter of last year slowed down because of the impact of Super Typhoon Haiyan which struck the central Philippines last November.
For 2014, he predicted growth of 15-20 percent for the entire insurance industry.
The Philippine life insurance sector collected PHP169.8 billion (US$3.76 billion) in total premiums last year, 41 percent higher than the PHP120.3-billion figure for 2012, according to the Insurance Commission.
Insurance Commissioner Emmanuel Dooc, who was speaking at the Philippine Life Insurance Association (PLIA)’s annual general meeting earlier this week, said that preliminary figures for 2013 also showed that the total net income of the life insurance sector grew by 31 percent to PHP13.8 billion. He attributed the performance to the country's economic growth, according to local media reports.
He added that although only about half of the companies in the non-life sector had submitted figures to the Insurance Commission, he esimated that the combined premiums of both life and non-life sectors will hit PHP200 billion for 2013. “We may be a couple of billion more or a couple of billion less. Anywhere from PHP190 billion to PHP202 billion,” the Business Mirror cited him.
He said that industry growth in the fourth quarter of last year slowed down because of the impact of Super Typhoon Haiyan which struck the central Philippines last November.
For 2014, he predicted growth of 15-20 percent for the entire insurance industry.
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