IC: Insurance penetration up to 1.79%, premiums reach PHP242.84B

The Insurance Commission (IC) reported an increase in insurance penetration and density for the second quarter, with total premiums reaching PHP242.84 billion.

Insurance penetration rose to 1.79% from 1.71%, while insurance density grew by 12.07% to PHP2,137.32.

Life insurance premiums increased by 12.01% to PHP195.05 billion, with variable life insurance leading the growth at 15.47%. Non-life insurance premiums rose by 20.48% to PHP39.63 billion.

Total benefits payments by the industry increased by 1.18% to PHP77.57 billion, and net income grew by 3.62% to PHP28.78 billion.

Invested assets in the insurance sector also saw an increase of 10.7% to PHP2.26 trillion.