Total assets of the insurance industry rose to a record P1.549 trillion in 2017, 17.9 percent higher than P1.314 trillion a year ago, as economic activities expanded, Insurance Commissioner Dennis Funa said Friday.
“… 2017 has turned out to be another banner year for us, with industries under our jurisdiction performing exceedingly well… ,” Funa said in his speech during the 69th anniversary of the Insurance Commission.
He said total net worth of the industry climbed 16.3 percent to P315.435 billion from P271.180 billion in 2016. Total premiums also grew 12 percent to P259.646 billion from P231.883 billion a year ago, while total paid-up capital/guaranty increase 10.5 percent to P50.750 billion from P45.939 billion a year ago.
“The three sectors, life, non-life and MBAs [mutual benefit associations], all posted positive growth in the four parameters of assets, premiums earned, net worth and paid-up capital or guaranty fund,” Funa said.
Data showed total assets of the life insurance sector rose 18.3 percent to P1.264 trillion from P1.069 trillion in 2016. Total net worth grew 19.7 percent to P202.904 billion from P169.461 billion a year ago. Total premiums increased 10.7 percent to P202.341 billion from P182.793 billion, while total paid-up capital climbed 26.1 percent to P20.559 billion from P16.300 billion a year ago.
Total assets of the non-life insurance sector in 2017, meanwhile, rose 18 percent to P207.328 billion from P175.630 billion a year ago. Total net worth increased 7 percent to P81.978 billion from P76.629 billion. Total premiums increased climbed 16.7 percent to P48.561 billion from P41.608 billion, while total paid-up capital rose 1.77 percent to P29.282 billion from P28.771 billion in 2016.
Mutual benefit associations posted total assets of P77.468 billion in 2017, up 11.6 percent from P69.433 billion a year ago. Total fund balance of the sector also rose 21.8 percent to P30.552 billion from P25.088 billion on year. Total premiums increased 16.9 percent to P8.744 billion from P7.480 billion on year, while total guaranty fund rose 4.7 percent to P908.9 million from P868 million.
Funa said the insurance industry continued to seek ways of improving its services in order to ensure the continued financial strength of the licensed providers and the protection of policy and plan holders.
Funa said around 32 million low-income Filipinos as of the third quarter of 2017 were already insured under the commission’s micro-insurance program, up 22 percent year-on-year.
“In celebration of the continued success of the micro-insurance program, and to further enhance its growth, we are aiming to launch a Micro-insurance Awareness Campaign by the end of this month. We are also preparing other avenues and materials which will further promote micro-insurance,” Funa said.
