Finance chief: Insurance must be 'fairly-priced"

ABS-CBN News

Posted at Jan 27 2017 07:08 PM

MANILA - Finance Secretary Carlos Dominguez on Friday urged regulators to protect consumers against insurance companies that charge overpriced premiums.

Addressing the Insurance Commission during the agency's anniversary, Dominguez said the government should "protect the public by making sure that those who are taking the money are charging the public the right amount."

"There is no 100 percent safe in this world, that's why IC's job is to insure that the products are fairly priced and the companies, which are investing in their money on their behalf, are doing the right thing," he said.

Data from the Insurance Commission showed that 41.27 percent of the population have life insurance coverage in 2015.

Insurance density, or the average amount spent on insurance by each individual grew by 84.1 percent to P2,286 in 2015 from P1,241.5 in 2011.