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Insurance industry goal ambitious

The Insurance Commission may fail to meet its goal of bringing the insurance industry to the P1-trillion mark in terms of total assets, a life insurance company source said Sunday.

The source said due to slower sales in single premium products and the volatile market, the goal of the commission may not be met.

“No. I think we will not be able to reach that goal,” the source said. “As you see, the single premiums are still down and 2013 was a totally different scenario.”

As of end-June 2014, the insurance industry’s total assets stood at P951.667 billion, or up 14.53 percent from P830.952 billion in the same period last year.

Total premiums, meanwhile, dropped 24.49 percent to P81.761 billion from P108.278 billion a year ago due to slower single pay sales.

Total net income of the industry also suffered losses due to typhoon Yolanda. Combined profits in the first six months totaled  P8.180 billion, down 13.45 percent from P9.450 billion on year.

 

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