THE low contribution of the insurance sector to the economy can still be improved through digitalization and financial literacy programs, the Insurance Commission (IC) said.

In his keynote speech at the first Life Insurance Convention Philippines held in Cebu City recently, Insurance Commissioner Reynaldo Regalado said while total assets, net worth, total invested assets and total premiums have all increased based on figures collated by the commission as of the first quarter of 2023, the insurance density and insurance penetration remained low.