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Philippines insurance premiums up 64% in 2021 after 5 years

Insurance players in the Philippines saw their total gross premiums increase 64.3% in Q3 of 2021 to PHP278.7bn (USD5.4bn) from just PHP169.6bn in the same period of 2016, data from the Insurance Commission (IC) showed. The data highlighted that the insurance industry premiums have grown under the presidency of Rodrigo Duterte. The industry’s total net income also increased 64.1% from PHP22.85bn by end-September 2016 to PHP37.5bn in the same period last year. Insurance commissioner Dennis Funa said the insurance density or the average amount spent by every Filipino for insurance is at PHP2,528 as of the third quarter of 2021, up from PHP1,768 in the same period in 2017, he added. In terms of total assets, Funa said the industry recorded PHP2.01tr in assets as of the third quarter of 2021, up by 52.4% from PHP1.32tr in the same period in 2016.

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