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Industry premium income drops 4% in Philippines

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Philippines’ Insurance Commission said that the local insurance industry’s total premium income fell by 4.1% year-on-year to 136.1 billion Philippine pesos ($2.8 billion) in the first half of 2020 due to the COVID-19 pandemic, The Philippine Star reported. The net premiums written by the non-life insurance sector reached PHP22.66 billion, reflecting nearly 18% decline. Aviation, which saw almost 315% rise in premium payments, was the only insurance line to see growth.

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