MANILA, Philippines – Charter Ping An Insurance Corp. (Charter Ping An) is targeting a 22 percent increase in gross written premiums (GPW) to P5.1 billion this year from P4.17 billion in 2015.
Charter Ping An president Melecio C. Mallillin said the double digit growth target is based on the strong premium growth of the insurance industry, the more than six percent economic growth, the increasing awareness of the public in terms of protection from worsening natural catastrophes, and improving financial literacy, among others.
In the first nine months of 2015, the insurance industry recorded a 30-percent growth in total premiums.
The sector also reported a 122 percent growth in terms of net earnings.
“As long as we can sustain our strong GDP growth, insurance will likewise experience strong growth,” Mallillin said.
Charter Ping An has nine non-life insurance lines, including fire, marine cargo, marine hull, motor car, bonds, personal accident (PA), engineering, overseas Filipino workers-specific, and other casualty.
Fire insurance is Charter Ping An’s top product, accounting for P1.54 billion worth of premiums last year.
Motor car insurance is second with P1.34 billion.
Auto insurance is expected to expand to P2 billion this year due to the continued double-digit growth in car sales.
Marine cargo, marine hull and engineering insurance, as well as overseas Filipino worker (OFW)-specific insurance, are expected to move sideways to slightly better this year.