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Jun 2019

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Philippines: Major life insurer upbeat about sector's prospects

Source: Asia Insurance Review | Jan 2019

The Philippine insurance industry will experience positive growth in the coming years, on the back of an increase in financial literacy efforts by the sector, says Sun Life Financial-Philippines (Sun Life), the country’s biggest life insurer.
 
Sun Life country head and CEO Benedict Sison said, “We are very bullish about 2019 and 2020. Our outlook for the next three years is very bullish, especially 2019. The year 2018 was very volatile yet life insurance grew. It’s not only related to the growing economic environment, but also to the growing financial education when you reach out to more Filipinos.” 
 
He said there are still opportunities to increase the country’s insurance penetration, according to a report in Business Mirror.
 
“Our penetration rate is still low at only 1.3%. Indonesia’s penetration rate is close to 2% and Malaysia’s is 3.6%. We are working as an industry to increase the penetration rate. I’m very positive and hopeful that we’ll get there,” he added.
 
He said the Philippines can achieve at least a 2% insurance penetration rate within five years, since most insurers - whether life or nonlife – are increasing their financial-literacy programmes. A 
 
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