Insurance penetration in the Philippines rose in 2Q2025 to 1.79%, up from 1.71% in 2Q2024.
The Insurance Commission (IC), the insurance regulator of the Philippines, attributed the increase in penetration to the high growth rate of premium collection by insurers.
Latest data shows that total premiums paid for both life and non-life insurance products amounted to PHP242.84bn ($4.24bn) as of 30 June 2025.
The number is 12.98% higher than the total premiums collected during the same six-month period in 2024.
Premiums paid for life products increased by 12.01% to PHP195.05bn, the bulk of which was paid for variable life insurance products.
Premiums paid for non-life products increased by 20.48% to PHP39.63bn.
“This considerable increase was driven by a rise in total premiums that exceeded the population growth rate of 0.87%. The growth suggests a higher level of adoption and use of insurance services within the population as of the quarter,” said the IC in its analysis of the data.