Non-life insurers post 9% premium growth in 2019

MANILA, Philippines — Non-life insurance firms registered growth in premiums earned, benefits paid and net risks written year-on-year in 2019, the Insurance Commission (IC) said yesterday.

IC Commissioner Dennis Funa said the submission deadline of the annual statements of the non-life insurance firms last year had been moved numerous times because of pandemic restrictions.

“Hence, we are only seeing these pre-pandemic statistics now,” he said.

Total premiums earned by the non-life insurance industry rose by 8.82 percent to P56.52 billion in 2019 from P51.94 billion in 2018.

Total benefits paid by the industry likewise increased by 21 percent to P27.23 billion in 2019 from P22.61 billion in 2018.