Insurance brokers see more than P70 billion in premiums
INSURANCE brokers generated a total of P73.61 billion in premiums in 2020, earning P8.07 billion in commissions.
Aon Insurance and Reinsurance Brokers Philippines, Inc. topped the list with premiums reaching P13.48 billion that year, followed by Marsh Philippines, Inc., BDO Insurance Brokers, Inc. and Lockton Philippines Insurance and Reinsurance Brokers, Inc.
BDO Insurance earned the most in commissions with P1.5 billion, followed by Aon Insurance, Marsh Philippines, and Lockton Philippines.
“In terms of product line, insurance brokers generated the most premiums in fire insurance, amounting to P22.14 billion as of year-end 2020,” Insurance Commissioner Dennis B. Funa said in a press release on Wednesday.
“This is followed by the health insurance and life insurance lines, amounting to P17.29 billion and P9.48 billion, respectively.”
Insurance brokers earned the most commissions in fire insurance and health insurance.
Meanwhile, reinsurance brokers generated P2.19 billion in premiums and P157 million in commissions in 2020.
Among them, PhilPacific Insurance Brokers and Managers, Inc. ranked first in premiums produced with P732.65 million, while also earning the most in commissions with P52.36 million.
Alsons Insurance Brokers Corp. came in second in premium production, while KRM Reinsurance Brokers Philippines, Inc. ranked second in commissions.
“Reinsurance brokers generated the most reinsurance premiums in 2020 in the fire insurance line, with P1.41 billion; in the engineering line, in the aggregate amount of P286.96 million, and in the marine hull line, with P142.96 million,” Mr. Funa said.
“In terms of commissions earned as of year-end 2020, reinsurance brokers earned the most commissions in the fire insurance line, with P87.98 million in earnings.” — Jenina P. Ibañez
