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Reinsurance brokers created ₧2.36 billion in premiums in 2019

REINSURANCE brokers generated a total of P2.36 billion in premiums and earned P144.81 million in commissions in 2019, the Insurance Commission (IC) said.

Based on the updated report released by the IC, most of the reinsurance premiums were generated in the fire insurance line, which stood at P1.27 billion.

This was followed by reinsurance premiums in miscellaneous lines amounting to P348.83 million and those from the engineering line with P318.01 million, according to Insurance Commissioner Dennis B. Funa.

In terms of commissions, Funa said reinsurance brokers earned the most in the fire insurance line with P72.35 million in earnings.

It was followed by miscellaneous lines with aggregate earnings of P23.02 million and by the marine hull line with P18.45 million.

The IC released the updated reports given that some brokers have not yet submitted their “Statement of Business Operations” (SBOs) in October 2020 when the IC first released the performance report. To recall, the IC extended the submission of SBOs without penalty under its Circular Letter 2020-23.

PhilPacific Insurance Brokers and Managers Inc. still ranked first in terms of premiums produced in 2019 as it earned P769.17 million in reinsurance premiums.

It also led the list of reinsurance brokers in terms of commissions earned in 2019 amounting to P50.57 million.

KRM Reinsurance Brokers Philippines Inc. ranked second in terms of premium production and commissions earned in 2019.

Anchor Insurance Brokerage Corp., Alsons Insurance Brokers Corp. and Pana Harrison Reinsurance Brokers (Philippines) Inc. placed third, fourth and fifth, respectively, in terms of premium production.

As for commissions earned in 2019, Mega Re International Inc., Alsons Insurance and CBR Asia Insurance Brokers Inc. took the third, fourth and fifth spots, respectively.

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