Insurance Commissioner Dennis Funa is optimistic for a recovery of the Philippine insurance industry in the next three years since the domestic economy’s fundamentals remain strong.
“In spite of all the difficulties we have in 2020 there are reasons to be optimistic,” Funa said during the virtual briefing for the upcoming 23rd ASEAN Insurance Regulators Meeting (AIRM) and the 46th ASEAN Insurance Council (AIC) Meetings Monday. ASEAN stands for the Association of Southeast Asian Nations.
Even with the expected contraction of domestic growth this year because of the coronavirus disease 2019 (Covid-19) pandemic, Funa said the economy is projected to grow between 5 to 6 percent next year primarily due to its resiliency.
He said possible availability of a Covid-19 vaccine is also a plus.
“So recovery is, in fact, on the horizon. And perhaps by 2022 our figures will be back to pre-Covid-19 figures,” he said.
Relatively, Funa said they have yet to receive reports for the second quarter performance of industry players since the community quarantine has limited entities’ capacity to process the necessary documents.
He, however, said that the second quarter reports will be impacted in two ways – declining investments and declining in sales. PNA