Insurance Commissioner Dennis Funa said the insurance prospects in the Philippines have taken a positive turn following the coronavirus disease 2019 (COVID-19) pandemic as shown by industry figures.
Revealing insurance statistics for last year at the launch of the Philippine Life Insurance Advisors Awards Thursday, Funa said insurance density or the average spending by a Filipino for insurance in the country has increased to P3,400 per person last year compared to 2020’s P2,800.
Insurance penetration as measured by the ratio of total premiums generated in relation to the country’s national output or GDP has increased to 1.93 percent from 1.71 percent.
Funa said “the future is very bright for the life insurance industry.”
Total premiums last year reached P374 billion, up from P308 billion in 2020.
Life insurance premiums meanwhile were at P310 billion, up from P247 billion, while variable life insurance premiums were at P239 billion compared to P183 billion the prior year.
Life insurers meanwhile generated profit of P39 billion compared to P30 billion the prior year.
