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Philippines' insurance industry expected to grow by 14%

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P/C insurers

Data analytics and consulting firm GlobalData Plc expects Philippines' general insurance industry to grow by 14% this year, backed by a strong economic growth, the country’s exposure to natural catastrophic events, and greater insurance uptake in the construction sector, Asia Insurance Review reported. Property insurance, which is the leading line of business in the country’s general insurance sector, is forecasted to grow by over 17% this year, supported by increasing demand for policies covering natural catastrophe events.

 

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