Despite facing various challenges, the Philippine insurance industry is projected to maintain a robust performance over the next six years, according to Insurance Commission (IC) Commissioner Reynaldo Regalado. Speaking at the 74th anniversary of the Philippine Life Insurance Association (PLIA) on Tuesday, Regalado expressed confidence in the sector’s future.
“We’re generally optimistic about the uptake of insurance in our country. Projections from other sources also suggest a positive trend for the next five to six years,” Regalado stated.
In the first quarter of the year, the industry saw a notable increase in combined premiums, reaching PHP 108.53 billion, a rise of 10.9 percent from PHP 97.90 billion during the same period last year. Additionally, net income surged by 44.9 percent, climbing to PHP 14.29 billion from PHP 9.86 billion. Assets also grew by 7 percent, reaching PHP 2.38 trillion, up from PHP 2.22 trillion.
Finance Secretary Ralph Recto highlighted the need for the life insurance sector to broaden its impact in alleviating poverty. “This presents both a challenge and an opportunity—an urgent call for the industry to enhance its efforts to ensure that every Filipino, particularly those in low-income brackets, is safeguarded from falling into poverty,” Recto remarked.
Recto also expects increased adoption of insurance products as the government aims to achieve upper middle-income country status by 2025. “As income levels rise, we anticipate greater penetration of insurance products. Higher incomes will enable more people to afford and invest in insurance,” Recto added.
