Daniel Slotta
Research expert covering Greater China
Insurance industry in the Philippines - statistics & facts
The Philippines has an underdeveloped insurance market with a penetration rate of less than two percent. But thanks to the growing middle class and increasing disposable income, the country's insurance landscape is poised for growth in the coming years. In 2024, the insurance market generated premiums amounting to approximately 440 billion Philippine pesos, indicating an 80 percent growth from its 2016 value.
The Philippines remains to have a very low insurance penetration rate, showing minimal growth since 2016. Government intervention and more flexible insurance policies offered by private insurance companies can be expected to increase insurance uptake in the country.Â
Filipinos spend more on life insurances
The insurance industry is varied and comprehensive, with plans ranging from life to non-life, pre-need, and micro and macro insurances. Between insurance types, life insurance has a higher insurance density — about five times more than non-life or general insurance. In addition, the number of newly insured people with life insurance surged in 2020, reaching its peak in 2023. Among insurance providers, Sun Life of Canada (Philippines) was the leading life insurance company in the Philippines by premium income, followed by Pru Life Insurance Corporation and FWD Life Insurance Corporation.Popular non-life insurance types
For general insurance, gross premiums written were highest for motor insurance in 2024. The popularity of this type of insurance is perhaps unsurprising considering the importance of motorcycles in the daily lives of Filipino commuters. In Metro Manila alone, motorcycles, particularly scooters, contributed the highest volume of daily traffic. Next to motor insurance, fire insurance contributed the second-highest gross premiums written, followed by other casualties. In 2024, Pioneer Insurance & Surety Corp. and Malayan Insurance Company, Inc. were the leading non-life insurance companies by gross premiums written.Insurance for low-income individuals
Since getting insurance coverage could mean additional expenses, Filipinos belonging to low-income households or individuals with minimal savings could turn to cheaper insurance products known as microinsurance. Microinsurance policies were mostly written by the Mutual Benefits Association (MBA). Paying sick benefits and furnishing financial support to MBA members while out of employment were two of the associations’ provisions. In 2023, Mutual Benefits Associations (MBAs) issued premiums of over 15 billion Philippine pesos for covering microinsurance needs.Gearing towards insurance coverage for all
Considering the COVID-19 pandemic and recent calamities in the Philippines, insurance is now more necessary than ever. Selected private insurance companies started offering flexible insurance policies, some with built-in investments, to increase insurance uptake. In addition, the government, through the Government Service Insurance System (GSIS), offers social insurance programs for public and private employees, voluntary members, and overseas Filipinos, covering comprehensive benefits. Moreover, the Universal Health Care (UHC) Act has also automatically enrolled all Filipinos in public health insurance, ensuring them accessible and affordable healthcare coverage.The Philippines remains to have a very low insurance penetration rate, showing minimal growth since 2016. Government intervention and more flexible insurance policies offered by private insurance companies can be expected to increase insurance uptake in the country.Â
