, Philippines
165 views
/Toa Heftiba from Unsplash

Philippine’s premiums jump 14% in Q3 2024

It bagged $5.58b during the quarter.

The Philippines saw its insurance density record a 12.44% increase for the quarter ending 30 September (Q3 2024), rising to $49.47 (₱2,910.10) from $43.99 (₱2,588.05) in Q3 2023, revealed the Insurance Commission.

Insurance density, which reflects the average spending on insurance per individual, grew due to a significant rise in total industry premiums, which outpaced the population growth of 0.89% during the period.

Total industry premiums, encompassing life and non-life insurers and mutual benefit associations (MBAs), increased by 13.45% year-on-year (YoY), reaching $5.58b (₱328.55b) in Q3 2024, compared to $4.92b (₱289.60b) in Q3 2023.

In contrast, total benefits paid declined by 6.55%, dropping to $1.54b (₱90.64b) from $1.65b (₱96.99b) in the same period last year. Net income rose by 4.23%, growing to $0.68b (₱39.93b) from $0.65b (₱38.31b) in Q3 2023.

Insurance Commissioner Reynaldo A. Regalado attributed these trends to the industry's ability to expand its customer base and manage claims effectively, ensuring financial stability.

Insurance penetration, the ratio of premiums to GDP, marginally increased to 1.74% in Q3 2024 from 1.68% in Q3 2023.

Whilst GDP (at current prices) grew by 9.21% YoY, the premium growth rate outpaced this, indicating stronger expansion within the insurance sector.

The industry's combined assets grew by 12.13%, reaching $42.50b (₱2.50t) in Q3 2024 from $37.91b (₱2.23t) in Q3 2023.

Invested assets rose by 13.75% to $38.42b (₱2.26t), while total liabilities increased by 13.26%, reaching $34.34b (₱2.02t).

($1.00 = ₱58.94)
 

Follow the link s for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!