“The growth of the life and non-life insurers’ and MBAs’ aggregate premiums and contributions earned and their aggregate net income in the second quarter of 2021 are indicative of economic recovery amid the COVID-19 pandemic,” Funa said.
With COVID-19 still posing a threat to lives and livelihoods, the amount of benefits paid by insurers to clients jumped 46.7 percent to P64.9 billion from January to June compared to 2020’s P44.3 billion. Funa said that “the year-on-year increase in benefits paid during the [second] quarter highlighted the responsiveness of our insurers and MBAs to the needs of the insuring public despite the challenges posed by the COVID-19 pandemic.”
The IC said these latest figures on the industry’s end-June performance came from unaudited financial statistics submitted by 128 of the 135 licensed insurance players in the country.
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