THE consolidated premium collection of the insurance industry saw a 13.45 percent jump as of end-September versus the previous year’s level.
According to a report released by the Insurance Commission (IC), total premiums rose to P328.55 billion in January to September 2024, up from the P289.6 billion posted in the same period a year ago.
The latest preliminary figures are based on the submitted income reports of 127 out of the 137 licensed life and non-insurers and mutual benefit associations.
The insurance density or the average spending of each individual on insurance went up by 12.44 percent to P2,910.10 from P2,588.05 in the first nine months of 2023.
The total net income of all the reported companies inched up by 4.23 percent to P39.93 billion from last year’s P38.31 billion.
Insurance penetration, or the contribution of the insurance sector to the national economy, improved to 1.74 percent in January to September from the 1.68 percent recorded in 2023.
Total assets rose 12.13 percent to P2.5 trillion in the first three quarters of 2024.
Total invested assets saw an increase of 13.75 percent to P2.26 trillion, while liabilities went up 13.26 percent to P2.02 trillion. The overall net worth of these companies stood at P484.82 billion, 7.66 percent up year-on-year.
