Philamlife sees growing demand for insurance

Michelle Ong, ABS-CBN News

Posted at May 04 2016 12:54 PM

One of the country's largest insurers, Philamlife, said Wednesday it saw a huge opportunity for growth in the insurance industry as an exploding population fueled demand.

By 2020, the cumulative gap between the amount of insurance protection of the population and what they actually need was projected to reach P25.1 trillion, said Philam Life Officer-in-charge Aibee Cantos.

Penetration rate is also at less than two percent of GDP with many Filipinos still thinking that insurance is only for the sick and the dying, he said.

In 2015, Philamlife's added 100,000 policyholders, representing a 17-percent increase from the previous year. Net income was at P7.4B, he said.

The company's gross premium has also steadily risen from P13.6 billion in 2011 to P21.1 billion last year, he said.