Live Breaking News & Updates on Hile Net Income Dropped From Php31 74 Billion In 2019 To Php28 62 2020

Insurance Commissioner Dennis Funa (File photo) MANILA - The Philippine insurance industry saw robust growth under the Duterte administration, with total gross premiums rising 64.3 percent from PHP169.6 billion in the third quarter of 2016 to PHP278.7 billion in the same period in 2021, according to data from the Insurance Commission (IC). IC Commissioner Dennis Funa said the industry's total net income increased 64.1 percent from PHP22.85 billion by end-September 2016 to PHP37.5 billion in the same period last year, another indicator of the insurance sector's continuous and steady expansion under the Duterte presidency. As for the insurance industry's contribution to the economy, Funa said the continued improvement can be seen in the last four years. From 1.64 percent of the gross domestic product (GDP) in 2017, he said the industry's contribution to the economy grew to 2.03 percent as of the third quarter of last year. "We will see that the highest ever penetrati ....

Randy Escolango , Dennis Funa , Erickson Balmes , Ferdinand George Florendo , Insurance Commission , Finance Secretary Carlos Dominguez , Insurance Commissioner Dennis Funa File Photo Manila The Philippine Industry Saw Robust Growth Under Duterte Administration , Ith Total Gross Premiums Rising 64 3 Percent From Php169 6 Billion In The Third Quarter Of 2016 To Php278 7 Same Period 2021 , Ccording To Data From The Insurance Commission Ic Commissioner Dennis Funa Said Industry 39s Total Net Income Increased 64 1 Percent Php22 85 Billion By End September 2016 Php37 5 In Same Period Last Year , Nother Indicator Of The Insurance Sector 39s Continuous And Steady Expansion Under Duterte Presidency As For Industry Contribution To Economy , Una Said The Continued Improvement Can Be Seen In Last Four Years From 1 64 Percent Of Gross Domestic Product Gdp 2017 , E Said The Industry 39s Contribution To Economy Grew 2 03 Percent As Of Third Quarter Last Year Quot We Will See That Highest Ever Penetration Rate Was Achieved At End 2020 , Nd We See Bright Figures For 2021i Believe That The Highest Ever Penetration Rate Will Even Be Surpassed In 2021 , Uot Funa Said In His Report To Finance Secretary Carlos Dominguez Iii The Insurance Density Or Average Amount Spent By Every Filipino For Is At Php2 , 528 As Of The Third Quarter 2021 , P From Php1 , 768 In The Same Period 2017 , E Added For 2021 , Una Said He Seesa Record Insurance Density Figure As People Become More Conscious Of The Benefits , Specially After The Peak Of Coronavirus Disease 2019 Covid 19 Pandemic In 2020 Quot This Has Just Brought To People 39s Attention Risks Life And Realization That Livelihoods Can Be Wiped Out Ina Flash , Uot Dominguez Said Thanked Funa And The Ic 39s Three Deputy Commissioners Erickson Balmes , Ferdinand George Florendo , Nd Randy Escolango For Guiding The Insurance Industry Towards Path Of Rapid Growth Under Duterte Administration Quot We Have Made Progress This And Your Leadership , Uot Dominguez Told Funa Said The Industry Only Sawa Slight Dip In Both Premiums Earned And Net Income Generated 2020 , He Year When The Outbreak Of Coronavirus Pandemic Hobbled , F Not Shut Down ,