THE insurance industry’s total premium income this year could range between P280 billion and P300 billion, with all sectors projected to post double-digit growth, Insurance Commissioner Emmanuel Dooc said.
“My prediction is we may hit anywhere from P280 [billion]to a high end of P300 billion in premiums including life, non life, and mutual benefit associations [MBAs],” Dooc told reporters in a roundtable on Thursday.
Last year, the entire insurance industry reported premium income of P231.720 billion, up 18.59 percent from P195.401 billion in 2014.
Dooc said total premium income of the life insurance sector may grow by 25 percent to P235.6 billion this year from P118.5 billion in 2015.
The non-life sector’s total net premiums written are seen growing by 20 percent to P42.97 billion from P35.79 billion last year.
Total premium of MBAs, on the other hand, are expected to expand by 25 percent to P9.25 billion from the P7.39 billion in 2015.
“I am banking more on the phenomenal growth of MBAs, because major players have positioned themselves to be aggressive and active in promoting micro insurance,” he explained.
“What is encouraging in MBA is we are seeing new players being formed because their advantage is they have a lower capital requirement,” he added.