Premium revenue generated by the insurance brokerage sector rose by 11.2% to PHP57.9bn ($1.1bn) last year, compared to PHP52.1bn in 2016, according to Insurance Commissioner Dennis Funa.
The premiums, generated by 63 brokerage companies, accounted for a fifth (20.56%) of the total premiums of PHP277.6bn of the life and non-life insurance sectors.
Mediated premiums in the life sector reached PHP8.7bn while those from non-life business stood at PHP48.4bn.
Brokerage commissions earned increased, by 12.1% to PHP7.3bn in 2017 from PHP6.5bn in 2016.
“In 2017, commissions of insurance brokers were mainly from the non-life insurance business in the amount of PHP6.2bn, which represents 84.2% of the total commissions earned,” Mr Funa said.
Insurance brokers also gained PHP837.3m in membership fees from the health maintenance organisations (HMOs).
Mr Funa said that the top 10 insurance brokers, whose combined premiums composed 75% of last year’s total, were:
- Anchor Insurance Brokers;
- Aon Insurance and Reinsurance Brokers Philippines;
- BDO Insurance Brokers;
- Gotuaco, Del Rosario Insurance Brokers;
- HSBC Insurance Brokers (Philippines);
- Intertrade Insurance Brokers;
- Jardine Lloyd Thompson Insurance Brokers;
- Marsh Philippines;
- Lockton Philippines Insurance and Reinsurance Brokers; and
- Unicon Insurance Brokers.
Meanwhile, the 19 firms engaged in reinsurance brokerage posted a combined net income of PHP2.2bn in 2017, up by 61.5% from 2016’s PHP1.4bn. However, the commissions earned by reinsurance brokers last year declined by 8.6% to PHP154.2bn from PHP168.8m in 2016.
Reinsurance brokers PhilPacific Insurance Brokers and Managers; KRM Reinsurance Brokers Phils; Pana Harrison Reinsurance Brokers (Phils.); Alsons Insurance Brokers Corp; and Jardine Lloyd Thompson Insurance Brokers produced 70% of the premiums generated by the reinsurance brokerage industry last year.