August 24, 2025 | 12:00am
MANILA, Philippines — Insurance coverage penetration within the Philippines rose barely within the second quarter, as premium collections from each life and non-life insurance coverage merchandise posted double-digit progress, in accordance with the Insurance coverage Fee.
The IC stated insurance coverage penetration – the ratio of premiums to the nation’s gross home product (GDP) – elevated to 1.8 % from April to June.
In an announcement, the IC credited the upper penetration to the sector’s sturdy premium progress, which it stated mirrored each insurers’ efficiency and the general public’s rising uptake of insurance coverage merchandise.
“This appreciable improve was pushed by an increase in complete premiums that exceeded the inhabitants progress price of 0.87 %. The expansion suggests a better degree of adoption and use of insurance coverage providers inside the inhabitants as of the quarter,” the IC stated.
Life insurance coverage accounted for the majority, with premiums climbing by 12 % to P195 billion within the second quarter from P174.1 billion a 12 months in the past.
Variable life insurance coverage merchandise booked a 15.5-percent improve to P130.7 billion, adopted by conventional life with a seven-percent rise to P64.3 billion.
In the meantime, non-life insurance coverage posted even quicker progress, with web premiums written leaping by 20 % to P39.6 billion.
Contributions to mutual profit associations additionally rose modestly by 3.1 % to P8.16 billion.
The typical spending per individual on insurance coverage pushed up insurance coverage density by 12 % to P2,137.32 in the course of the interval.
Within the first six months, the overall premiums paid by policyholders for all times and non-life insurance coverage reached P242.8 billion, which is a rise of 13 % from the identical interval final 12 months.
The trade additionally paid out extra advantages in the course of the interval, rising by 1.18 % to P77.6 billion from P76.6 billion a 12 months in the past.
The sector posted a modest 3.6-percent progress in web earnings to P28.78 billion, whereas complete invested belongings expanded by 10.7 % to P2.26 trillion.