More Filipinos are getting insurance as total premiums in the country rose 13.2 percent year-on-year by the end of September, data from the Insurance Commission (IC) showed.
The domestic industry’s total premiums reached PHP372 billion by the third quarter, up from PHP328.55 billion in the same period last year. Life insurance led growth, increasing 13.77 percent to PHP299.45 billion, while non-life insurance rose 13.07 percent to PHP60.07 billion, and mutual benefit associations grew 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,” the IC said. Traditional life insurance offers fixed risk coverage, while variable life insurance includes an investment component.
Total assets of the insurance industry hit PHP2.62 trillion, up 4.72 percent from last year, with invested assets rising 2.92 percent to PHP2.32 trillion and total net worth climbing 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.