ÌÇÐÄÆƽâ°æ

The insurance industry in the Philippines contributed around **** percent to the gross domestic product (GDP) in 2025, reflecting an increase from the previous year. Over the last few years, the GDP share of the insurance industry in the country fluctuated, reaching its lowest figures in 2019. 

Life insurance in the Philippines

A life insurance policy covers a death benefit for the insured's beneficiaries and has additional investment features that allow the insured to gain long-term savings benefits over time. This product, called variable and traditional life insurance, has gained popularity among Filipinos in recent periods. As of 2020, the number of newly issued variable life insurance policies reached **. In addition, the value of premiums for new policies for variable insurance amounted to approximately ** billion Philippine pesos in the same year.

General insurance in the Philippines

In 2020, the net value of risks written or insured for non-life insurance amounted to over ** trillion Philippine pesos. Of these insured risks, covering the losses due to fire was the highest and amounted to around ** trillion Philippine pesos. Due to significant losses incurred while protecting or insuring major risks, such as fire, in a densely populated country like the Philippines, non-life insurance businesses have incurred losses of almost ** billion Philippine pesos in 2020.