Uot Has Also Been Growing Over The Years Quot Funa Added That Financial Literacy Amongst Filipinos Needs Improvement But Cited We Have Seen Significant Improvements In This Regard Government Does Not Havea Specific Growth Target For Insurance Penetration Several Programs Such As And Adoption Of Digital Initiatives Will Help Increase Number Who Coverage News Today : Breaking News, Live Updates & Top Stories | Vimarsana
INSURANCE BOOST. View of Makati, the country's financial hub. The continued recovery of the domestic economy is seen as a boost to the growth of insurance penetration in the Philippines, stakeholders said on Friday (June 17, 2022).(PNA file photo) MANlLA - Insurance penetration in the Philippines has been improving but challenges remain, thus, the need to further boost financial literacy, among others, stakeholders said. At around 2 percent of gross domestic product (GDP) insurance penetration rate, Insurance Commissioner Dennis Funa, in a reply to questions from the Philippine News Agency (PNA) said on Friday the level of people with insurance coverage remains low compared to other jurisdictions in the Association of Southeast Asian Nations (Asean). He, however, noted that "the insurance penetration rate has been increasing consistently and continuously over the years." "We are somewhere in the middle in the Asean rankings. The biggest hurdle is the growth of the mi