September 22, 2023|12:00 am
MANILA, Philippines– The insurance coverage market saw its earnings boost to P22 billion in the very first term of the year amidst enhancements in both life and non-life sectors, with its contribution to the general economy likewise inching as much as 1.63 percent.
Information from the Insurance coverage Commission revealed that earnings of the sector increased 4.23 percent to P22.39 billion in January to June this year from the P21.48 billion in earnings in the exact same duration in 2015.
This, even as insurance coverage density or the typical costs of a specific on insurance coverage reduced 1.73 percent to P1,667.50 from P1,696.89.
However, the share of the sector to the nation’s gdp likewise enhanced, albeit very little, to 1.63 percent from 1.61 percent in the very first half of in 2015.
Broken down, the life insurance coverage sector signed up a 2.58 percent boost in earnings to P16.37 billion from P15.96 billion in 2022.
This was mostly due to the 7 percent decrease in overall advantage payments to P46.97 billion.
Investments increased by 14.85 percent to P1.68 trillion, while properties increased by 12.53 percent to P1.73 trillion.
On the other hand, the non-life insurance coverage sector’s earnings skyrocketed 33 percent to P3.64 billion from P2.75 billion.
Investments for the non-life sector grew by almost 20 percent to P168.09 billion while properties inched up by a portion to P355.67 billion, primarily positioned in financial obligation securities in both federal government and economic sector, time deposits, financial investment residential or commercial property, shared funds, and property financial investment trusts, to name a few.
Even More, the IC reported that shared advantage associations (MBAs) increased their premiums by 14 percent to P7.59 billion while costs slipped 17 percent to P3.49 billion.
In general, the sector narrowed its net surplus by 14 percent to simply P2.37 billion.
Integrated, overall properties of the 3 sectors enhanced 10 percent to P2.23 trillion in the very first half while overall advantages paid decreased 5 percent to P61.77 billion.
The very first term insurance coverage information originated from submissions of 128 out of the 136 certified insurance companies and MBAs.