The Department of Finance (DOF) asked the Insurance Commission (IC) to take a proactive and innovative approach to ensure the insurance sector’s continued growth and protect Filipino consumers.
Finance Secretary Ralph Recto instructed the IC to strengthen the implementation of the Financial Products and Services Consumer Protection Act which helps consumers access financial products and services within a secure environment that prioritizes their rights and interests to sustain the insurance industry’s continued growth in the years to come.
Data from the IC showed that as of the third quarter of 2023, the total premiums collected by the insurance industry from life, non-life and mutual benefit associations reached P289.60 billion, higher by 2.8 percent than in the same period in 2022.
Total assets grew by 10 percent, reaching a record P2.23 trillion by the end of the third quarter of last year. Total investments also jumped by 15 percent to P1.98 trillion in the same period.
“All these numbers underscore the formidable strength of the insurance industry. In addition, this outstanding performance is a testament to the efficiency of the regulatory and supervisory measures implemented by the Insurance Commission,” Recto said.
Recto also instructed the IC to proactively collaborate with schools and universities nationwide in fostering financial education among students, highlighting that a financially literate population is crucial for the development of a strong capital market and a globally competitive Philippine economy.
He asked the IC to take a leading role in pioneering creative, out-of-the-box solutions to tackle emerging issues, such as the development of new insurance products addressing the country’s vulnerability to disasters and climate change.
Recto also ordered the IC to continuously institute regulatory measures and enforcement mechanisms to ensure the financial stability of its regulated entities and protect the insuring public.
“A credible insurance industry encourages more people to avail themselves of financial protection. That is important to strengthening our people’s financial resilience in the face of so many uncertainties,” he said.
Recto said the IC should take advantage of emerging technological innovations even as it pursues ongoing information system projects to broaden Filipinos’ access to a wide range of financial products and services. The IC is an attached agency of the Department of Finance (DOF) mandated to regulate and supervise the insurance, pre-need and health maintenance organization (HMO) industries in accordance with the provisions of the Insurance Code.
