How much is the Philippine general insurance market worth by 2029?

Property insurance is expected to account for 40% of GWP this year.

The Philippines’ general insurance industry is forecast to grow at a compound annual growth rate (CAGR) of 10.6%, expanding from $2.7b (₱153.8b) in 2025 to $3.9b (₱229.7b) by 2029 in terms of gross written premiums (GWP), according to GlobalData.

GlobalData’s Philippines General Insurance Report projects the market will reach $2.7b (₱153.8b) in 2025, supported by stronger demand for comprehensive insurance products amidst frequent natural disasters, wider adoption of digital platforms, and the rollout of parametric insurance solutions.

Insurance penetration in the Philippines remains below 1.9%, leaving significant room for expansion. 

Growth is expected to be driven by government disaster-preparedness initiatives, rising awareness of insurance products amongst low-income households, and the increasing uptake of microinsurance.

Property insurance is expected to remain the largest segment, accounting for 39.5% of general insurance GWP in 2025. 

The country faces an average of 20 typhoons annually, highlighting the demand for parametric products that offer faster payouts and address the current catastrophe protection gap of 98%, compared with the global average of 58%. 

Government-backed measures, including efforts by the Philippine Crop Insurance Corporation (PCIC) to use satellite mapping for faster claims processing, are also expected to support property insurance growth.

Motor insurance, the second-largest segment, is forecast to account for 23.5% of GWP in 2025 and grow at a CAGR of 7.3% over 2025–29. 

Premiums are likely to rise with proposed increases in coverage for private car passengers, whilst policies are also expected to adapt to the growing use of electric vehicles.

Marine, aviation, and transit insurance are projected to hold a 7.9% market share in 2025, supported by rising imports and exports, which grew 8.4% and 5.7%, respectively, in the first quarter of 2025. 

Other lines, including financial, liability, and miscellaneous, are expected to make up the remaining 29.2% of the market.

GlobalData noted that whilst climate-related disasters and new microinsurance offerings will continue to push penetration, profitability could be challenged by natural catastrophe losses and external factors such as expected reciprocal tariffs from the US.