A legacy of trust: celebrating the Insurance Commission’s 75 years of service
Ever since its establishment in 1949, the Insurance Commission (IC) has been a salient figure in the development of the insurance sector in the country. They are committed to ensuring that Filipinos live an empowered life by equipping them with financial safeguards and aiding them in managing risks in capital-related matters.
This 2024, the IC celebrates its 75th anniversary in service of the Filipino people. The Commission’s efforts are etched in the annals of history, with records to show their strides as they aim to ensure the continued health and stability of Filipinos.
PUBLIC TRUST AT A HIGH
With the anniversary theme “Serving with integrity: 75 years of public trust”, the IC celebrates this milestone at a time when the need for insurance and financial safeguards is becoming apparent.
In this pursuit, there should be robust trust between the IC and the public it serves. It was, thus, telling that in December 2023, the Presidential Communications Office (PCO) awarded the IC a 2023 Freedom of Information Award under the Top Requested and Performing Agencies category.
The IC received this recognition for its efforts in ensuring the public’s freedom of information, demonstrating the Commission’s transparency and accountability in the process of making data accessible to the public.
INSURING FILIPINOS ONE STEP AT A TIME
In 2023, the IC displayed quality service, with data showing an increased appreciation for all forms of insurance. The Commission reported that last year, the insurance industry’s net income increased to 9.38 percent, amounting to P38.28 billion.
During the 75th anniversary celebration of the Commission, Finance Secretary Ralph Recto shared that as of the third quarter of 2023, the total premiums collected by the insurance industry from non-life and mutual benefit associations amounted to P289.60 billion. This marked a 2.8-percent increase in comparison to the same time in 2022.
Yet, a lot of work is still needed for the IC as they continue to blaze a trail toward their mission in insuring the entire Filipino population. Nevertheless, the IC is committed to finding ways to sustain the growth of the insurance industry.
A NEED FOR FINANCIAL LITERACY
Promoting financial literacy is one of the IC’s priorities. After all, it’s part and parcel in the mission to challenge the current perception with regards to insurance and to solidify the Commission’s reputation among the people.
To further this cause, Recto has instructed the IC to actively form collaborations with schools and universities in the country to foster financial education among students. He maintains that forming a financially literate population plays a crucial role in making the Philippines a globally competitive economy.