Philippines’ insurance sector smaller than other financial services

The industry generated total revenues of $8.14b in 2022.

Preliminary results showed that there are 1,830 insurance establishments operating in the Philippines, representing 4.3% of the total financial and insurance activities sector as of 2022, data from the Philippine Statistics Authority showed.

This was a slight increase from the previous year, contributing to a growing industry alongside financial services.

Insurance companies generated total revenues of $8.14b (P466.82b) in 2022, accounting for 22.8% of the total sector revenue, whilst expenses reached $6.61b (1P379.01b), or 27% of the sector’s total. 

The insurance industry’s revenue-expense ratio stood at 1.23, lower than the 1.46 ratio for the overall financial sector. 

Employment within the insurance industry reached 24,383 workers, representing 6.5% of the total workforce in the financial and insurance sector. 

The National Capital Region had the largest share of insurance employees and generated the majority of insurance revenue.

Despite the growth in establishments and revenue, the insurance industry remains significantly smaller than other financial services, which dominate the sector. 

Nevertheless, insurance continues to play a crucial role in the Philippine economy, contributing to both employment and economic activity.

($1.00 = P57.34)