MANILA, Philippines – The life insurance industry grew at a slower pace last year, according to the Philippine Life insurers Association (PLIA).
In a media briefing, Gregorio Mercado, president of PLIA, said the industry registered P85.8 billion in premium sales in 2011, a 21 percent growth from P70.7 billion the previous year.
Year-on-year growth in 2010 however was faster at 23 percent, Mercado said.
“Assuming the economic issues affecting Europe and the United States do not get any worse, a double-digit growth of about 16 percent or premium income of P100 billion would be a reasonable expectation this year,” the executive said.
He said the government’s push for microinsurance should increase the number of insured Filipinos, as this requires premium payments of P1 to P19 a day.
To date, nine members of PLIA have obtained licenses to sell microinsurance products. These are Asian Life and General, Banclife, CISP, CLIMBS, Cocolife, Country Bankers, Manila Bankers, Philippine Prudential and Pioneer Life.
Another five firms are seeking licenses to sell microinsurance, namely BPI-Philam, Manulife, PELAC, Philamlife and Sun Life Grepa.
source: interaksyon.com
