Premiums generated by insurance brokerage businesses increased by 11.08 percent higher to P75.38 billion in 2019 from P67.86 billion premiums generated by the industry in 2018
But the reinsurance brokers saw a decline in their total premium income, according to data from the Insurance Commission (IC).
Citing data from the documents submitted by regulated entities, Insurance Commissioner Dennis Funa said the total premium produced by insurance brokers amounted to P75.38 billion last year.
In terms of product line, insurance brokers generated the most premiums in health insurance, amounting to P22.38 billion as of year-end 2019. This is followed by the fire insurance and life insurance lines, amounting to P17.6 billion and P11.53 billion, respectively,” Funa said.
Aon Insurance and Reinsurance Brokers Philippines Inc. emerged as the best performing firm in the industry in terms of premiums with P10.96 billion generated. The company ranked second last year. It was followed by BDO Insurance Brokers Inc., Marsh Philippines, HSBC Insurance Brokers (Philippines) and Lockton Philippines Insurance and Reinsurance Brokers Inc.
Meanwhile, commissions earned by insurance brokers also reached P8.48 billion in 2019, 4.05 percent higher than the P8.15 billion in the previous year.
BDO Insurance Brokers ranked first in terms of commissions in 2019, with P1.73 billion earned.
Aon Philippines placed second, followed by Marsh Philippines, Intertrade Insurance Brokers, and Lockton Philippines.
On the other hand, reinsurance brokers generated P2.19 billion in premiums in 2019, 42 percent lower than the previous year.
We noticed that insurance companies and NatRe (National Reinsurance Corp. of the Philippines) have been aggressive in accepting risks so there are more premiums on direct business than reinsurance business,” Funa said, quoting one of his staff.
Commissions earned from the reinsurance business likewise declined by 31.58 percent to P128.62 million.
PhilPacific Insurance Brokers and Managers ranked first in terms of premiums last year, with P769.17 million collected. It also topped the industry in terms of commissions earned amounting to P50.57 million.
