MANILA -- 1Cooperative Insurance System of the Philippines (1CISP), touted as the country’s largest cooperative insurance firm, projects to end this year with a record-high growth in assets, its president and chief executive officer Roy Miclat said.
In a press briefing Tuesday, Miclat said 1CISP’s total asset at end-2018 is expected to increase up to 36 percent reaching around PHP2.7 billion to PHP2.8 billion compared to its 2017 asset.
As of end-September this year, 1CISP total asset amounted to PHP2.04 billion.
Miclat attributed the company's growth to the conducive environment in the local insurance industry.
He said the sector has been growing by double digits in the past four years, a trend that is seen to continue in the next five years.
“The insurance industry, in the last four years -- because of conducive policy environment -- is growing double digit,” Miclat said, noting that the industry grew only around 8 percent five years ago.
“If the government will continue its conducive policy environment in the insurance industry, everybody will benefit, whether cooperatives, insurance companies, even 1CISP. In the next five years it will continue double-digit growth,” he added.
He mentioned that 1CISP’s growth last year is faster compared to the local and global industry growth.
In 2017, the firm grew by 25 percent, while Philippine insurance industry rose 18 percent and the global industry expanded by 14 percent, said Miclat.
Meanwhile, 1CISP is one of the top 10 fastest growing cooperative insurers in the world, which ranked eighth by the International Cooperative and Mutual Insurance Federation (ICMIF) this year.
“ICMIF is one of the industry benchmarks we hold ourselves to, as the only global representative body of cooperative and mutual insurance sector,” Miclat said.
ICMIF has 197 cooperative insurance players around the world.
1CISP has been in the insurance business for 44 years, serving the financial and insurance needs of farmers, fisherfolk, labor groups, cooperatives, and individuals who are not covered by usual insurance providers such as the Government Service Insurance System, Social Security System, and private insurance companies. (PNA)
