September 27, 2021
Dear Kristine T,
Greetings!
Thank you for your request dated Sep 03, 2021 12:40:20 AM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.
Your Request
You asked for Insurance penetration rate in the Philippines.
Response to Request
1. Concerning data on insurance penetration rate, you may access the Insurance Commission’s Key Statistical Data published in the agency's website
(https://www.insurance.gov.ph/statistics/key-data/). However, the key data for year 2020 is not yet available, as there are still insurance companies that have yet to submit their Annual Statements.
2. For the Top 10 Insurers in the Philippines, kindly qualify the following:
2.1. The specific parameter for the ranking as there is no single report for the performance of insurance companies but rather multiple reports based on various indicators, e.g. asset, net worth, net income, and premiums; and,
2.2 Whether requested data involve life or non-life insurance companies or both.
Moreover, the Performance of Insurance Companies are also posted on the IC website for years 2014 to 2020, with the following links: for life companies, https://www.insurance.gov.ph/statistics/life/; and, non-life companies, https://www.insurance.gov.ph/statistics/non-life/.
3. The data and statistics requested on Top Insurance Products and on Demographic information of insured Filipinos are not available, as these are not part of the data required by the Insurance Commission for submission by insurance companies.
Your right to request a review
If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to
[email protected]. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.
If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011).
Thank you.
Respectfully,
Tranquilino Espejon
FOI Receiving Officer
