Philippine insurance penetration rises to 1.89% in Q1 2025

Insurance density also grew by 13.40% YoY.

In the first quarter of the year (Q1 2025), the Philippines’ insurance penetration rose to 1.89% from 1.78% in the same period last year, data from the Insurance Commission showed.

Insurance density also grew by 13.40% year-on-year (YoY), from $17.38 (₱965.56) to $19.71 (₱1,094.94) per capita.

Insurance penetration reflects the ratio of insurance premiums to GDP, whilst insurance density represents total premiums divided by the population. 

Insurance Commissioner Reynaldo A. Regalado attributed the growth in penetration to insurance premiums outpacing GDP growth, which stood at 7.80% at current prices for the period. 

He added that the rise in insurance density was driven by premium growth exceeding the 0.87% increase in population.

Data was drawn from unaudited Enhanced Quarterly Reports on Selected Financial Statistics submitted by 127 of the 129 insurers and mutual benefit associations (MBAs) in the country.

Total Premiums collected by life and non-life insurers and MBAs rose by 14.41% YoY to $2.24b (₱124.17b) in Q1 2025. 

Benefit Payments declined slightly by 1.00% YoY to $699.48m (₱38.86b).  As a result, Total Net Income increased by 7.09% YoY to $275.40m (₱15.30b).

Total Assets of the sector reached $44.64b (₱2.48t) in Q1 2025, up 4.13% YoY. Total Invested Assets rose by 3.44% YoY to $39.42b (₱2.19t), whilst Total Liabilities grew by 3.06% YoY to $35.64b (₱1.98t). 

The combined Paid-Up Capital and Guaranty Fund of insurers and MBAs grew by 1.82%, reaching $1.55b (₱86.21b) in Q1 2025.

($1.00 = ₱55.63)