Philippines' insurance penetration hits 2.03% in Q1 2026

Insurance density increased to $20 (₱1,231.61) per person.

Insurance penetration in the Philippines rose to 2.03% in the first quarter (Q1) of 2026, based on preliminary Insurance Commission (IC) data.

Insurance density increased to $20 (₱1,231.61) per person.

Insurance penetration refers to total premiums as a share of gross domestic product (GDP), whilst insurance density reflects average per capita insurance spending.

“Amidst prevailing economic challenges, the insurance industry remains firmly positioned to meet policyholder needs and deliver on its commitments with stability and resilience,” Insurance Commissioner Reynaldo A. Regalado said.

Total benefit payments rose to $705.38m (₱43.44b) in Q1 2026 from $63.45m (₱39.01b) in Q1 2025, indicating higher claims payouts.

The industry’s financial position expanded, with total assets increasing to $43.04b (₱2.65t) in Q1 2026 from $40.28b (₱2.48t) in Q1 2025, and invested assets rising to $38.49b (₱2.37t) year-on-year (YoY) from $35.57b (₱2.19t).

Net income declined by 1.75%, mainly due to higher benefit payments.

Premium collections increased to $2.29b (₱140.85b) YoY from $2.02b (₱124.48b), reflecting higher insurance uptake.

($1 = ₱61.57)