A brand-new life insurance agency has recently begun operations in PH
On March 18, 2022, a regulator announced that a new player would enter the Philippine life insurance sector this year, signaling ongoing investor confidence in the country. The launch of a brand-new life insurance agency was confirmed, with operations already underway in the Philippines.
During the presentation of the inaugural Philippine Life Insurance Advisors Awards by the Life Underwriters Association of the Philippines, Insurance Commissioner Dennis Funa revealed, “We have a new life insurance company that will be entering the market, backed by investors from another foreign entity.”
Although the specific company was not named, Funa emphasized the industry’s robust competition, describing it as “healthy and lively.”
Funa expressed optimism about the future of the life insurance sector, citing its recovery over the past year. He noted that total premiums reached P310 billion in 2020, up from P247 billion the previous year, with variable life insurance premiums increasing from P183 billion to P239 billion.
Furthermore, Funa highlighted the industry’s increasing net income, rising from P30 billion in 2020 to P39 billion by the end of the previous year, indicating significant growth since 2020.
Overall, the insurance industry saw an increase in generated premiums to P374 billion the previous year, up from P308 billion in 2020. Consequently, the life insurance agency density, also known as premium per capita or the average spending of each Filipino, rose from P2,800 to P3,400 over the year.
Additionally, the ratio of total premiums earned to GDP increased to 1.93 percent, reflecting a rise from the previously measured insurance penetration of 1.71 percent.
