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Jul 2020

Asian News - Philippines: Total premium forecast for 2016 lowered marginally to US$5.9 bln

Source: Asia Insurance Review | Apr 2016

Total premiums in the Philippine insurance industry will likely hit PHP280 billion (US$5.9 billion) this year, marginally lower than an earlier forecast of PHP300 billion.
   Insurance Commissioner Emmanuel Dooc told Business World that he would prefer to adopt PHP280 billion as the forecast volume because it stands at the lower end of a targeted range. In January, he had said that he believed PHP300 billion was achievable this year.
   The revised target would still be 20% higher than the PHP233 billion in total premium income seen in 2015, which was a record high for the insurance industry.
   Mr Dooc said that the life insurance sector could grow to PHP233 billion for 2016, up by 25-26%, while the non-life insurance sector could grow as fast to PHP47 billion.
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