Premium income generated from brokerage activities increased 11.2 percent in 2017 from a year ago, data from the Insurance Commission show.
Insurance commissioner Dennis Funa said the 63 insurance brokerage companies reported a combined premium income of P57.92 billion last year, up from P52.07 billion in 2016.
Funa said in a statement about 20.56 percent or P57.08 billion of the P277.58 billion total premium generated by the life and non-life insurance sectors came from brokerage activities in 2017.
The mediated premium in life insurance amounted to P8.70 billion, representing 15.02 percent of the overall mediated premium by the insurance brokerage industry, while the mediated premium in non-life insurance business hit P48.38 billion or 83.54 percent of the total.
The insurance brokerage industry also generated P837.34 million in membership fees for the health maintenance organization business.
The 10 largest insurance brokers last year were BDO Insurance Brokers Inc., Marsh Philippines Inc., AON Insurance and Reinsurance Brokers Philippines Inc., HSBC Insurance Brokers (Phils.) Inc. Jardine Lloyd Thompson Insurance Brokers Inc., Lockton Philippines Insurance and Reinsurance Brokers Inc., Anchor Insurance Brokers Corp., Gotuaco, Del Rosario Insurance Brokers Inc., Unicon Insurance Brokers Corp. and Intertrade Insurance Brokers.
The insurance brokerage industry earned P7.32 billion in commissions last year, up by 12.10 percent from P6.53 billion in 2016.
“As of end of 2017, commissions of insurance brokers were mainly from the non-life insurance business in the amount of P6.17 billion which represents 84.21 percent of the total commissions earned,” Funa said.
