Premiums generated by insurance brokers in the Philippines increased in 2019, according to data from the Insurance Commission (IC).
Insurance Commissioner Dennis Funa said the total premiums produced by insurance brokers amounted to PHP75.38bn ($1.56bn) last year. This was 11.08% higher than the PHP67.86bn in premiums generated in 2018, reported The Philippine Star.
“In terms of product line, insurance brokers generated the most premiums in health insurance, amounting to PHP22.38bn in 2019. This was followed by fire insurance and life insurance, amounting to PHP17.6bn and PHP11.53bn, respectively,” Mr Funa said.
Aon Insurance and Reinsurance Brokers Philippines was the best performing broking firm in the industry in terms of premiums with PHP10.96bn generated.
Brokers accounted for around 25% of the insurance industry's total premiums of PHP304.6bn in 2019, higher than their contribution of 23.4% in 2018.