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Insurance industry premiums grow 64% under Duterte presidency - Vimarsana News

Insurance industry premiums grow 64% under Duterte presidency

Published: February 9, 2022

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 exp...

Source: philippinetimes.com
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Randy EscolangoDennis FunaErickson BalmesFerdinand George FlorendoInsurance CommissionFinance Secretary Carlos DominguezInsurance Commissioner Dennis Funa File Photo Manila The Philippine Industry Saw Robust Growth Under Duterte AdministrationIth Total Gross Premiums Rising 64 3 Percent From Php169 6 Billion In The Third Quarter Of 2016 To Php278 7 Same Period 2021Ccording 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 YearNother Indicator Of The Insurance Sector 39s Continuous And Steady Expansion Under Duterte Presidency As For Industry Contribution To EconomyUna Said The Continued Improvement Can Be Seen In Last Four Years From 1 64 Percent Of Gross Domestic Product Gdp 2017E 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 2020Nd We See Bright Figures For 2021i Believe That The Highest Ever Penetration Rate Will Even Be Surpassed In 2021Uot Funa Said In His Report To Finance Secretary Carlos Dominguez Iii The Insurance Density Or Average Amount Spent By Every Filipino For Is At Php2528 As Of The Third Quarter 2021P From Php1768 In The Same Period 2017E Added For 2021Una Said He Seesa Record Insurance Density Figure As People Become More Conscious Of The BenefitsSpecially 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 FlashUot Dominguez Said Thanked Funa And The Ic 39s Three Deputy Commissioners Erickson BalmesFerdinand George FlorendoNd Randy Escolango For Guiding The Insurance Industry Towards Path Of Rapid Growth Under Duterte Administration Quot We Have Made Progress This And Your LeadershipUot Dominguez Told Funa Said The Industry Only Sawa Slight Dip In Both Premiums Earned And Net Income Generated 2020He Year When The Outbreak Of Coronavirus Pandemic Hobbled