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Asian News - Philippines: Insurance mart to grow 28% this year to US$6 bln

Source: Asia Insurance Review | Mar 2016

The Philippine insurance industry is tipped to sustain its robust growth with regulators expecting premium revenue to increase by 28% this year to PHP300 billion (US$6.3 billion).
   Insurance Commissioner, Mr Emmanuel Dooc, said that a 28% growth is an ambitious goal for the insurance sector as growth in premium income traditionally averages only around PHP58 billion annually, reported the Manila Bulletin.
   Saying that the sector will need to increase by PHP66 billion from last year’s PHP234 billion, Mr Dooc told reporters that he believes PHP300 billion is achievable. 
   In comparison, premium revenue surged by 18% last year to PHP234 billion from 2014’s PHP197.2 billion.
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