Insurance penetration improves to 1.71% of GDP

The insurance industry saw its net income rise to P28 billion in the first half amid increases in the life and non-life segments with the sector's contribution to the overall economy also improving to 1.71 percent.

- LOUISE MAUREEN SIMEON

Data from the Insurance Commission showed that the net income of the sector grew by 24 percent to P27.78 billion from January to June compared to last year's P22.39 billion.

As such, insurance density or the average spending of an individual on insurance went up by 14 percent to P1,907.19 from P1,667.50.

In turn, the share of the sector to the country's gross domestic product (GDP) also improved to 1.71 percent in the first half from 1.63 percent last year.