Density jumps to ₱4,414.58 in 2025, crossing ₱4,000 for the first time in 10 years.
The Philippines’ insurance penetration in 2025 reached 1.79% and insurance density climbed to $75.05 (₱4,414.58), the first time it exceeded ₱4,000 in the past decade, indicating broader access to insurance protection, the Insurance Commission said in a press release.
The country also paid out more than $2.64b (₱155b) in benefits in 2025 as premiums, assets and coverage indicators all improved.
Furthermore, the regulator said life insurers paid $2.07b (₱121.88b) in benefits during 2025, whilst non-life insurers paid $0.58b (₱34.05b), highlighting the sector’s role as a financial safety net amidst economic uncertainty.
The strong payout performance coincided with continued industry expansion. Total insurance premiums rose 14.10% to $8.55b (₱502.64b) in 2025 from $7.49b (₱440.53b) in 2024, surpassing the half-trillion-peso mark.
Life insurance accounted for 80.22% of total premiums, whilst non-life insurers and mutual benefit associations contributed 16.41% and 3.37%, respectively.
The industry’s balance sheets strengthened alongside growth. Total assets rose 7.93% to $45.22b (₱2.66t) in 2025 from $42.00b (₱2.47t) in 2024, whilst invested assets increased 8.01% to $40.46b (₱2.38t) from $37.57b (₱2.21t).
Despite higher liabilities and benefit payments, total net income grew 15.10% to $1.10b (₱64.79b).
The Insurance Commission said effective regulation and industry collaboration should support continued growth and allow insurers to expand protection for Filipino households and businesses.
($1.00 = ₱57.97)