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Insurance industry grows by 2.83% to P1.79T as of Q3 2020 —IC

The Philippines’ insurance industry has expanded to P1.79 trillion as of the third quarter of 2020, the Insurance Commission (IC) said Wednesday.

In his report to Finance Secretary Carlos Dominguez III, IC Commissioner Dennis Funa said that despite the challenges resulting from the COVID-19 pandemic, the insurance industry grew 2.83% year-on-year (YOY) as of end-September 2020, with assets increasing from P1.74 trillion in 2019 to P1.79 trillion last year.

In particular, the life insurance sector grew by 0.96% as of the third quarter of last year to P1.4 trillion, while the non-life sector expanded by 9.92% in the same period to P274.5 billion.


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