Finance Secretary Ralph Recto has called on the life insurance industry to expand its reach to prevent Filipinos from falling into poverty.
“Risk is a significant driver of poverty, and adequate insurance coverage is among the powerful tools for mitigating this challenge,” he said.
He was speaking at an event on 30 July marking the Philippine Life Insurance Association’s 74th anniversary. He pointed out that life insurance penetration in the Philippines remained low at 1.2% in 2023.
Bright outlook
Also officiating at the anniversary event was Insurance Commission (IC) Commissioner Reynaldo Regalado who said that the insurance industry outlook in the Philippines would be positive for the next six years despite challenges.
According to the Commission, premiums collected by life insurance companies during 1Q2024 this year amounted to PHP87.66bn ($1.5bn), which is a 12.04% increase from the PHP78.24bn chalked up in 1Q2023.
Source: asiainsurancereview.com
Comments