The insurance industry’s total premium income posted double-digit growth of 18.15 percent last year with both life and non-life sectors recording significant expansions, regulators said on Tuesday.
Preliminary data from the Insurance Commission (IC) placed the industry’s total premium income at P233 billion in 2015, up 18.15 percent from the previous year’s P197.2 billion.
“This is well within the range of our target, which I announced at the beginning of last year, that our premium will total within P230 billion and P240 billion, the highest in our history,” Insurance Commissioner Emmanuel Dooc said during a Philippine Life Insurance Association Inc. event on Tuesday.
He reported that the life insurance sector’s net premium income totalled P188.5 billion, up by 18.78 percent. The non-life sector, meanwhile, posted a 16.20-percent gain to P37.3 billion.
“This is their highest in the history. This is their banner year,” Dooc said, noting that traditionally, the non-life insurance sector would expand by only 5 percent 10 percent per year.
Mutual benefit associations (MBAs), meanwhile, contributed P7.2 billion to the industry’s total premium income in 2015.
“The performance of the MBAs is nothing to sneeze at. They are now a major contributor to our premium income,” Dooc said.
He said the agency would be issuing an industry ranking once final figures are obtained.
“We have achieved so much and all our statistics are all in upward trajectory. Numbers don’t lie, as they said. Definitely, 2015 is a banner year for us,” Dooc said.