AS the year 2024 is ending, and this will be my last column for the year, I believe it is just the right time to talk about the year that was for the insurance industry. What comes to mind very easily is the series of typhoons that occurred in the second half of the year, six of them occurring within two months. In previous columns, this writer has mentioned the importance of insurance covers on our properties, especially for typhoons and floods.
The examination is done annually, and the audited balance sheet is published in a newspaper of general circulation so the public may be informed of the financial condition of their insurers.Let us look at the big picture — the Philippine insurance industry and some selected statistics. In the press release of the Insurance Commission dated Nov. 19, 2024, it is stated that the premiums as of the 3rd quarter of 2024 showed a robust growth of 13.45 percent compared to the same period in 2023.