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Emmanuel F. Dooc, Insurance Commissioner of the Philippines, said that the country's insurers saw total premium income surge in the first-quarter of 2013, reports Business World Online.
The only hurdle impeding growth is uncertainty about capitalization.
Insurers are required to increase capital to 250 million Philippines pesos ($6 million) as per an order issued in 2012.
By 2014, the requirement will be PHP 400 million ($9.6 million), and this will accordingly increase by PHP 200 million ($4.8 million) every two years to reach PHP 1 billion ($24.2 million) in 2020.