INSURANCE INDUSTRY LUMAGO

FUNA

NAGTALA ang insurance industry ng double-digit increase na 34.38 percent sa total premium nito sa unang tatlong buwan ng taon sa likod ng malakas na performance na ipinakita ng life, nonlife at mutual benefit associations (MBAs).

Iniulat ng Insurance Commission (IC) na batay sa preliminary data sa quarterly reports na isinumite ng life, nonlife companies at mutual MBAs, ang total premium collection ng insurance industry sa first quarter ng 2018 ay tumaas ng 34.38 percent sa P76.64 billion mula sa P57.04 billion na naiposte sa kaparehong panahon noong 2017.

Ang life insurance sector ay nagtala ng P61.79 billion sa premium collection hanggang noong katapusan ng Marso, mas mataas ng 40.18 percent sa P44.08 billion na naiposte noong nakaraang taon.

Ipinaliwanag ni Insurance Commissioner Dennis B. Funa na ang pagtaas ng premiums para sa sektor ay maaaring sanhi ng paglobo ng benta sa variable life insurance products ng 51.24 percent.

“While the premiums generated from both traditional life insurance products and variable life insurance products posted double-digit growth, the increase in the premiums collected of the life sector is attributed to the 51.24 percent growth in the sale of variable life insurance products,” wika ni Funa.

Ang premiums ng nonlife insurance sector ay lu­mago rin ng 13.29 percent sa P12.34 billion mula sa P10.89 billion na naitala sa first quarter noong 2017.

“The premiums generated from motor and fire insurance products account for the majority share in the total premiums collected by the nonlife insurance sector for the period,” paliwanag ng IC.

Ang kinita mula sa contributions/premiums ng MBAs ay umabot naman sa  P2.51 billion sa unang tatlong buwan ng 2018, mas mataas ng 21.75 percent sa P2.06 billion na naitala sa kahalintulad na panahon noong nakaraang taon.

Samantala, ang net income ng insurance industry ay nagtala ng double-digit growth na 26.72 percent sa P8.03 billion para sa unang tatlong buwan ng taon mula sa P6.34 billion noong nakaraang taon, nang ang net income mula sa life insurance sector ay lumago ng 31.16 percent.

“The life insurance sector posted an increase of 31.16 percent to P6.31 billion from P4.81 billion during the same period which was brought about mainly by the remarkable increases in premium income, underwriting income and gross investment income,” dagdag ni Funa.  REA CU

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