Philippines’ insurance penetration increases amidst higher premiums end-June

It stood at 1.71%, higher than last year’s 1.63%.

The Philippines’ insurance industry saw its first half ending-June (H1 2024) net income surge 24.1% year-on-year (YoY) to $0.50b (Php27.8b), attributable to higher premiums. 

Bucking the growth trend is the total paid-up capital and guaranty fund which dipped 3.1% YoY to $1.44b (Php80.2b). 

The industry’s premiums increased 14.5% YoY to $3.87b (Php214.9b). Similarly, total assets went up 6.0% to $43.20b (Php2.4t). Overall insurance density reached $34.33 (Php1,907.19), jumping 14.4% YoY. 

This makes the country’s overall insurance penetration – premium volume as a share of GDP or contribution of the insurance sector to the national economy – increase to 1.71%, previously 1.63% in 2023.

($1.00 = Php56.54)