Insurance Commission execs, employees to get P10 K bonus

MANILA, Philippines - Officials and employees of the Insurance Commission will each get a P10,000 bonus.

The President announced this yesterday during the commission’s 65th anniversary, saying he is increasing the at least P3,000 “milestone bonus” that he is authorized to give the commission.

“I think you deserve it. So I am awaiting transmission of the request because that is the necessary first step,” he said.

“The industry is doomed to fail when the insuring public has a gross distrust of insurance companies; and it likewise cannot grow when insurance companies do not have confidence in a market. Your agency’s regulatory work, under the leadership of Commissioner (Emmanuel) Dooc, has fostered trust among all stakeholders; and while there is more to be done in this regard, your performance so far has already helped encourage the rapid growth of the industry,” he said.

Aquino said the IC has always performed in an “exemplary manner,” that “it has allowed me to leave most of the problem solving as regards the insurance industry in your very capable hands. And I believe it is only right for me to pause and give credit where it is truly due.”

Aquino said the numbers were clear: From the end of 2009 up to 2013, insurance premiums increased by more than 150 percent – from P78 billion to up to P200 billion.

He said the number of insured Filipinos also increased by more than 72 percent. This means that more than 23 million Filipinos are now insured – an increase of 10 million from 2009.

“As of the end of the third quarter of 2013, insurance has grown to become an P854-billion industry; and some project that by the end of 2014, it will be a trillion-peso industry in terms of assets. This means even more Filipinos insured, and even greater investments from insurance companies into other industries – all of which combine to spur a virtuous cycle of empowerment,” Aquino said.

“As you empower consumers, so too do you help spur the growth of the wider economy. It is no exaggeration: With your help, the industry has certainly made giant strides,” he said.

Aquino said the impact of the insurance industry could not be summarized by mere numbers but how it affected the people in a tangible manner.

“Every additional person insured is one more Filipino family that can live without the fear of one major accident destroying everything they have worked for. It is one more family that can sleep better at night – that can set aside their worries and focus on building a better life – knowing that they have authorship of the following chapters of their lives,” he said.

The President also cited the “excellent work” of Dooc, who he recently reappointed to a fresh six-year term.