The total premiums of the Philippine insurance industry breached the PHP500bn ($8.6bn) mark in 2025, driven by consumers' increasing focus on long-term protection despite economic uncertainties.
The Philippine life insurance industry saw steady growth in 2025, thanks to rising insurance penetration, higher premiums and improving profitability. Data from the Insurance Commission (IC) show that, insurance penetration in the Philippines increased to 1.78% in 2025 from 1.67% in 2024, with insurance density reaching a record high of PHP4,384.56 ($74.54), up from PHP3,894.03 a year earlier.
Aon has appointed Mr Karl Hamann as CEO of the Philippines, effective 1 April 2026 and subject to regulatory requirements.
The Philippine Competition Commission (PCC) has greenlighted the merger of two prominent non-life insurers, FPG Insurance and The Mercantile Insurance Company. The competition regulator said in a statement that it had found the transaction would not affect competition in the local non-life insurance market.
Nearly 3m Filipino farmers and fishers are expected to benefit from expanded government-backed insurance coverage following a significant budget increase, the Department of Agriculture (DA) said.
The Philippine Health Insurance Corporation (PhilHealth), the state insurer of the Philippines, has reported paying more than PHP300bn ($5.07bn) in benefit claims across the country in 2025.
The Philippines has long been exposed to climate hazards, from typhoons to floods and earthquakes, due to its geographical location. While the insurance market is stronger than a decade ago, extreme events still test claims operations and the resilience of weaker carriers. To address this, Southeast Asia is developing innovative risk-financing solutions that the Philippines can adopt or scale, says the Philippine Insurers and Reinsurers Association (PIRA) Executive Director, Michael Rellosa.
Philippines state-run Philippine Health Insurance Corporation (PhilHealth) is under scrutiny for weak anti-fraud safeguards according to a study conducted by the Philippine Institute for Development Studies (PIDS).
Philippine President Marcos has signed the country's PHP6.793tn ($121.3bn) national budget for 2026, restoring government subsidy to the state insurer, the Philippine Health Insurance Corporation (PhilHealth). The signing was held on 5 January at Malacañang Palace.
Vitarich Corp. announced on Monday that it has signed a PHP400m ($7.1m) compromise agreement with AXA Philippines Life and General Insurance Corp to resolve a long-standing dispute related to damages from Typhoon Ondoy in 2009.