Insurance penetration in the country remained low, demonstrating that Filipinos are still aware or are not ready to spend for insurance.
According to the Insurance Commission (IC), insurance penetration in the Philippines increased to 1.89 percent in the first quarter of the year from 1.78 percent in the same quarter last year.
The global insurance coverage is at 7 percent.
Insurance penetration represents the ratio of insurance premiums to the country’s gross domestic product (GDP).
Meanwhile, insurance density went up by 13.40 percent from P965.56 to P1,094.90 per capita.
Insurance density reflects the ratio of total premiums to the population.
The figures were obtained from the unaudited Enhanced Quarterly Reports on Selected Financial Statistics by 127 of the 129 insurers and mutual benefit associations as of the first quarter of 2025.
“The increase in insurance penetration is due to the faster growth in premiums than the GDP expansion of 7.80 percent, at current prices, during this review period,” Insurance Commissioner Reynaldo Regalado said.
“The growth in insurance density was mainly driven by a rise in total premiums that exceeded the population growth rate of 0.87 percent during the same period,” he added.
Data from IC showed that the total premiums of life and non-life insurers and MBAs grew by 14.41 percent from P108.53 billion to P124.17 billion this year.
Total net income rose by 7.09 percent to P15.30 billion, which the IC said underscores the sectors’ solid financial health.
The total assets of insurers and MBAs also increased by 4.13 percent to P2.48 trillion from P2.38 trillion in the first quarter of 2024.
