He Country 39s Financial Hub The Continued Recovery Of Domestic Economy Is Seen Asa Boost To Growth Insurance Penetration In Philippines 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 ....

Dennis Funa , Raoul Antonioe Littaua , Philippine News Agency , Association Of Southeast Asian Nations Asean , Insurance Commissioner Dennis Funa , Southeast Asian Nations , Insular Life , Chief Executive Officer Raoul Antonio , Insurance Boost View Of Makati , He Country 39s Financial Hub The Continued Recovery Of Domestic Economy Is Seen Asa Boost To Growth Insurance Penetration In Philippines , Takeholders Said On Friday June 17 , 022 Pna File Photo Manlla Insurance Penetration In The Philippines Has Been Improving But Challenges Remain , He Need To Further Boost Financial Literacy , Mong Others , Takeholders Said At Around 2 Percent Of Gross Domestic Product Gdp Insurance Penetration Rate , Insurance Commissioner Dennis Funa , Na Reply To Questions From The Philippine News Agency Pna Said On Friday Level Of People With Insurance Coverage Remains Low Compared Other Jurisdictions In Association Southeast Asian Nations Asean He , Oted That Quot The Insurance Penetration Rate Has Been Increasing Consistently And Continuously Over Years We Are Somewhere In Middle Asean Rankings Biggest Hurdle Is Growth Of Income Sector Which Can Easily Afford Premiums , Uot Funa Said He People From The Low Income Sector Are Not Far Behind Because They Can Buy Microinsurance , She Said , 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 , E Said Quot The Insurance Sector In Country Is Vibrant With An Improved Gdp , E Will See Further Growth In The Insurance Sector , Uot Funa Added Relatively , Nsular Life Inlife President And Chief Executive Officer Raoul Antonioe Littaua Said Ideally Insurance Penetration Ofa Country Should Be Around The Same Growth As Its Domestic Output , Hich For The Philippines Is About 6 Percent Before Pandemic He Cited Need To Enhance Financial Literacy Programs In Country And Strengthen Lessons Even Schools Quot Because Of Low Level Penetration Rate We Havea Lot Elbow Room Grow ,