Insurance industry hopeful of recovery

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    Things remain encouraging for the insurance industry amid the new coronavirus disease 2019 (COVID-19), according to Insurance Commissioner Dennis Funa.

    “In spite of all the difficulties we’ve had in 2020, there are reasons to be optimistic.

    Hopefully we’ll be having the vaccine, maybe mid next year. The fundamentals of the Philippines, of the economy, are still very good. As predicted earlier… the economy is projected to grow five or 6 percent next year. So recovery is in fact, on the horizon,” said Funa.

    Funa said by 2022, “our figures will be back to pre-COVID-19 figures.”

    Funa also said the flattening of the spread of the pandemic will be beneficial to the insurance industry in general.

    “There are reasons to be hopeful and optimistic,” he added.

    Despite the lack of timely data due to the quarantine protocols imposed by the government starting in March that delayed the submission of reports by insurance companies, Funa said the COVID-19 has dragged the industry in two ways — decline in investments and in sales.

    Funa said to counteract these, the Insurance Commission introduced measures like the temporary licensing for insurance agents to help boost sales in the industry.

    “We allowed the sales to be conducted through technology, online and through other means,” he said.