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MANILA, Philippines—A brand new foreign-led life insurer will enter the Philippine market this yr, reflecting not solely restoration but in addition higher curiosity in insurance coverage amid the extended COVID-19 pandemic, Insurance coverage Commissioner Dennis Funa mentioned on Thursday (March 17).
On the launch of the maiden Philippine life insurance coverage advisors awards, Funa disclosed that the brand new participant will probably be formally introduced by the top of this month or subsequent month. “It’s an investor from a international entity,” Funa mentioned, however he declined to establish it.
“So you’ll be able to see the curiosity of those international insurers within the Philippine market,” Funa mentioned.
Funa mentioned that because the COVID-19 pandemic padded the financial savings of some Filipinos who had been locked down of their houses for therefore lengthy, many additionally realized the significance of insurance coverage to guard themselves.
Citing the most recent information of the regulator Insurance coverage Fee (IC), Funa mentioned insurance coverage density—or common spending per capita of every Filipino on insurance coverage merchandise—rose to P3,400 in 2021 from P2,800 in 2020.
Funa added that insurance coverage penetration—the share of premiums or gross sales generated by the business to the financial system or gross home product (GDP)—additionally inched as much as 1.93 p.c final yr from 1.71 p.c in 2020, regardless of the larger base in 2021 as Philippine GDP recovered from its worst annual recession two years in the past.
Complete life and non-life premiums final yr climbed to P374-billion from P308 billion in 2020, Funa mentioned. Gross sales of the life insurance coverage sector alone jumped to P310 billion in 2021 from 2020’s P247 billion.
As such, life insurers ended 2021 with a mixed internet earnings of P39 billion, up from P30 billion in 2020, Funa mentioned.
“The longer term could be very brilliant for the life insurance coverage business,” the IC chief mentioned.
TSB
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