In 2016, the Philippines’ brokerage industry logged a modest rise in its activities, data from the Insurance Commission (IC) showed.
For last year, the premium income arising from brokerage activities reached P50.82bn (US$994 mn), representing an increase of 2.46 percent from 2015’s P50.82 bn.
The figure was obtained from the reports tendered by 62 insurance brokerage firms in the country.
Premium income accounted for 44.49 percent of the total P117.29bn generated by the entire insurance industry in 2016.
The commission identified the top five insurance brokers — which represented more than half of the brokerage sector’s total premium — as:BDO Insurance Brokers, AON Insurance and Reinsurance Brokers Philippines, Marsh Philippines, HSBC Insurance Brokers (Phils) and Jardine Lloyd Thompson Insurance Brokers.
In the same period, mediated premium income in life insurance stood at P7.88bn or 15.14 percent of the overall mediated premium by industry.