Philippine insurance seen growing 9.6% vs 8.3% GDP growth

The projection exceeds the expected pace of worldwide industry expansion.

The Philippines' insurance market is expected to grow by 9.6% annually over the next decade, outpacing projected nominal gross domestic product growth of 8.3%.

The report forecasts global insurance market growth of 5.3% per year through 2036, slightly above the pace of global economic expansion, according to the Allianz Global Insurance Report 2026. 

In the Philippines, growth is expected to be driven by strong demand across life, property and casualty (P&C), and health insurance segments.

Henry Yang, chief investment officer of Allianz PNB Life, said the projections highlight the increasing role of insurance in the country's economic and social development.

The Philippine insurance market grew 12.2% in 2025, with total premium income reaching $9.2b (€7.9b). 

Life insurance was the main driver of growth, expanding 16.9%, significantly above its 2015-2025 average growth rate of 8.7%. 

P&C insurance premiums rose 5.6%, whilst health insurance declined due to high comparison bases following exceptional growth in previous years.

Looking ahead, Allianz Research expects the Philippine life insurance market to grow by around 10.0% annually, compared with a global average of 4.9%. 

The report said higher interest rates are expected to continue supporting demand for life insurance products.

The P&C segment is forecast to grow by 8.5% per year in the Philippines, compared with a global average of 4.7%, reflecting increasing demand for protection against a range of risks.

Health insurance is expected to remain the fastest-growing insurance segment globally, with annual growth of 6.7%. 

In the Philippines, the segment is projected to expand by 8.3% per year, supported by efforts to address gaps in health coverage and financial protection.

Yang said Asia would remain the key growth engine for the global insurance industry as demographic changes increase the need for private financial protection solutions. 

He added that the Philippine market is well-positioned to benefit from these trends, particularly in life and health insurance, as insurers seek to narrow protection gaps and strengthen financial resilience amongst households.