More Filipinos now have insurance coverage as total premiums rose 13.2 percent on an annual basis as of end-September, data from the Insurance Commission (IC) showed.
Total premiums of the domestic industry reached PHP372 billion by the end of the third quarter this year, up from the PHP328.55 billion in the same period last year, the IC said in a press release on Wednesday.
Data from the IC website showed that the latest figure was way higher than the PHP242.84 billion as of end of June.
Premiums for life insurance rose 13.77 percent to PHP299.45 billion, from the previous year’s PHP263.21 billion.
Non-life insurance premiums, meanwhile, went up by 13.07 percent to PHP60.07 billion against the PHP53.13 billion in the same period last year, and mutual benefit associations (MBAs) rose by 2.86 percent to PHP12.57 billion.
“Both (the) traditional and variable life insurance continued to be the main drivers of premium growth, increasing by 9.7 percent and 16 percent, respectively,” according to the IC.
Traditional life insurance has risk coverage and fixed or guaranteed benefits, while variable life insurance has an investment component, which allows account holders to invest in bonds and shares of publicly listed firms, among others.
Total assets of the insurance industry as of end-September reached PHP2.62 trillion, up by 4.72 percent compared to the PHP2.5 trillion in the same period last year.
Invested assets rose 2.92 percent to PHP2.32 trillion, and total net worth rose 8.49 percent to PHP525.97 billion.
“The accelerating growth in total premiums and other key statistical indicators underscores not only the increasing trust and recognition of the vital role insurance plays in economic resilience, but also the stronger awareness among Filipinos on the value of financial protection,” Insurance Commissioner Reynaldo Regalado said. (PNA)