Manila: More Filipinos now have insurance coverage as total premiums rose 13.2 percent on an annual basis as of end-September, data from the Insurance Commission (IC) showed. Total premiums of the domestic industry reached PHP372 billion by the end of the third quarter this year, up from the PHP328.55 billion in the same period last year, the IC said in a press release on Wednesday.

According to Philippines News Agency, data from the IC website showed that the latest figure was significantly higher than the PHP242.84 billion as of the end of June. Premiums for life insurance rose 13.77 percent to PHP299.45 billion, from the previous year’s PHP263.21 billion. Non-life insurance premiums, meanwhile, increased by 13.07 percent to PHP60.07 billion compared to PHP53.13 billion in the same period last year. Mutual benefit associations (MBAs) saw a rise of 2.86 percent to PHP12.57 billion.

‘Both (the) traditional and variable life insurance continued to be the main drivers of premium growth, increasing by 9.7 percent and 16 percent, respectively,’ according to the IC. Traditional life insurance offers risk coverage and fixed or guaranteed benefits, while variable life insurance includes an investment component, allowing account holders to invest in bonds and shares of publicly listed firms, among others.

Total assets of the insurance industry as of end-September reached PHP2.62 trillion, marking a 4.72 percent increase compared to the PHP2.5 trillion in the same period last year. Invested assets rose 2.92 percent to PHP2.32 trillion, and total net worth increased by 8.49 percent to PHP525.97 billion. ‘The accelerating growth in total premiums and other key statistical indicators underscores not only the increasing trust and recognition of the vital role insurance plays in economic resilience, but also the stronger awareness among Filipinos on the value of financial protection,’ Insurance Commissioner Reynaldo Regalado said.