The 2019 reports were a pleasant surprise to the insurance industry: contrary to the impression of Filipinos being conservative spenders, the industry was found to have grown significantly in 2019 prior to pandemic. As the Inquirer headline announced in a May 2020 article, “2019 [a] good year for insurance industry as income rises to P45.12B.” From the article, Dennis Funa, Commissioner of the Insurance Commission had shared that, “Increases in premium income, commissions and underwriting earnings ‘drove the overall increase of the net income of the entire insurance industry.’”
EY, a strategy and consulting firm, surveyed different markets across the globe about their attitudes towards insurance in pandemic. Filipinos, according to their study, have been forced to use their savings at the onset of pandemic and have seen a dire shift in paid work hours. These appear to inform a rise in interest in health insurance and life insurance.
There is also a growth in willingness to apply for insurance online, with a preference towards flexible insurance products. More than setting premiums aside, as most insurance products do, there is an expressed interest in getting insurance based on usage of the product. For example, with car insurance, they are charged in proportion to how many miles driven. EY’s recommendation based on this study is to launch “targeted and value-added customer-centric solutions”.
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Inquirer: 2019 good year for insurance industry as income rises to P45.12B