Insurance premiums hit P17.5 В in Q3 amid economic pressure

Total insurance premium income grew by nearly four percent to P17.52 billion as of the third quarter this year, reflecting the industry’s resilience amid economic challenges, the Insurance Commission (IC) said.

- MARCO LUIS BEECH

In a statement, IC commissioner Reynaldo Regalado said that the industry remains dedicated to strengthening operations and broadening market presence even with the ongoing difficulties.

“This growth demonstrates the industry’s continued development and consistent performance despite persistent economic challenges. It confirms the industry’s commitment to improving and expanding market reach,” Regalado said.

The IC reported that the industry's total assets as of the third quarter increased by 5.3 percent, reaching P173.41 billion from P164.6 billion in the same reporting period last year.