Industry premium income drops 4% in Philippines
Posted On: Dec. 30, 2020 9:43 AM CSTPhilippines’ 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.