There are expectations that the life insurance sector will sustain its growth this year. The premium income is seen to rise by a quarter from the end of the 2015 level. According to Emmanuel F. Dooc, Insurance Commissioner, the premium income could grow specifically to Php 233 billion for 2016.
The sector earned a total income of Php 188.5 billion in 2015, which is up by 18.78% from the Php 158.7 billion in 2014. However, it was down from the Php 198.13 billion that was posted in 2013, which is seen as the industry’s previous record year. Insurance penetration in the Philippines by the year 2019 may increase up to 3%.
