In­surance in­dus­try mostly un­af­fected by in­fla­tion’s rise

Business World - - BANKING & FINANCE - EJCT

THE IN­SURANCE in­dus­try is un­fazed by high in­fla­tion in the sec­ond quar­ter, the In­surance Com­mis­sion (IC) said, as it hopes to sus­tain dou­ble-digit growth fig­ures.

“Seems very good. Al­though the sub­mis­sion for the sec­ond quar­ter is June 30, that will prob­a­bly take us one month to con­sol­i­date the fig­ures, but I’ve been ask­ing around if they are af­fected by in­fla­tion, at ap­par­ently

hindi (and ap­par­ently they’re not),” IC Com­mis­sioner Den­nis B. Funa told re­porters on Tues­day. “Wala na­man

kam­ing nakik­i­tang (We haven’t seen any) ad­verse im­pact.

He noted that some in­surance prod­ucts were also com­pul­sory, hence were un­af­fected.

Mr. Funa said bulk of non-life in­surance prod­ucts came from mo­tor ve­hi­cles.

Asked whether the in­dus­try could sus­tain the dou­ble-digit growth in the April-June pe­riod, he said: “Well we are hop­ing, but of course the first quar­ter was very good, wala na­mang (there is no) in­di­ca­tion that sec­ond quar­ter will not be good.”

In­fla­tion or the av­er­age rise in prices of widely used goods stood at 5.2% in June, bring­ing the first-se­mes­ter av­er­age to 4.3%.

In the first quar­ter, IC re­ported the in­dus­try over­all col­lected P76.64 bil­lion in pre­mi­ums, a 34.38% in­crease from the P57.04 bil­lion posted in the same pe­riod a year ago.

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