In a speech delivered by Department of Finance (DOF) Undersecretary Maria Luwalhati Dorotan Tiuseco during the IC’s 76th Anniversary celebration on March 20, 2025, Recto emphasized the Commission’s critical role in building a more secure and inclusive financial future for Filipinos.
“This means setting higher standards, championing financial empowerment, and ensuring that every policy and every regulation truly serves the evolving needs of the Filipino people,” Recto said.
Greater resilience and reliability
“You give our people a fighting chance. You make sure that no matter what crisis lies ahead, they have a shot at stability, dignity, and hope,” he added.
An attached agency of the DOF, the IC oversees the insurance, pre-need, and health maintenance organization (HMO) industries.
Recto lauded the agency’s efforts in steering the Philippine insurance sector toward greater resilience and reliability.
Financial performance
In 2024, the IC reported robust industry performance: combined assets rose 6.4 percent to P2.5 trillion, premium collections jumped 12.8 percent to P440.4 billion, and net income increased by 16 percent to P56.3 billion.
Benefit payments also rose 19 percent to P160.3 billion, while insurance density—average spending on insurance per person—grew 12.6 percent to P3,892.8.
“These are encouraging signs that we are making good, steady progress in widening financial inclusion among Filipinos,” Recto said, noting that more citizens are investing in financial protection as the economy grows.
Reforms and innovations
He also praised the IC’s recent initiatives, including the approval of Takaful or Islamic insurance products, digitalization efforts, and the creation of a registry for licensed insurance agents. Additionally, he commended the IC’s collaboration with the Anti-Money Laundering Council, which contributed to the Philippines’ removal from the FATF grey list.
Recto assured the Commission of the DOF’s continued support in advancing reforms and innovations that expand insurance access and fortify financial stability nationwide. — Ed: Corrie S. Narisma
