The insurance industry in the Philippines contributed around 1.6 percent to the gross domestic product (GDP) in 2023, reflecting a decrease from the previous year. Over the last few years, the GDP share of the insurance industry in the country fluctuated, reaching its lowest figures in 2019.
Life insurance in the Philippines
A life insurance policy covers a death benefit for the insured's beneficiaries and has additional investment features that allow the insured to gain long-term savings benefits over time. This product, called variable and traditional life insurance, has gained popularity among Filipinos in recent years. As of 2020, the number of newly issued variable life insurance policies reached 652,000. In addition, the value of premiums of new policies for variable insurance amounted to approximately 32 billion Philippine pesos in the same year.
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Insurance Commission. (March 20, 2024). Share of the insurance industry to the gross domestic product (GDP) of the Philippines from 2016 to 2023 [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1184188/philippines-insurance-penetration-rate-yearly/?locale=en
Insurance Commission. "Share of the insurance industry to the gross domestic product (GDP) of the Philippines from 2016 to 2023." Chart. March 20, 2024. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1184188/philippines-insurance-penetration-rate-yearly/?locale=en
Insurance Commission. (2024). Share of the insurance industry to the gross domestic product (GDP) of the Philippines from 2016 to 2023. Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1184188/philippines-insurance-penetration-rate-yearly/?locale=en
Insurance Commission. "Share of The Insurance Industry to The Gross Domestic Product (Gdp) of The Philippines from 2016 to 2023." Statista, Statista Inc., 20 Mar 2024, https://www.statista.com/statistics/1184188/philippines-insurance-penetration-rate-yearly/?locale=en
Insurance Commission, Share of the insurance industry to the gross domestic product (GDP) of the Philippines from 2016 to 2023 Statista, https://www.statista.com/statistics/1184188/philippines-insurance-penetration-rate-yearly/?locale=en (last visited August 24, 2024)
Share of the insurance industry to the gross domestic product (GDP) of the Philippines from 2016 to 2023 [Graph], Insurance Commission, March 20, 2024. [Online]. Available: https://www.statista.com/statistics/1184188/philippines-insurance-penetration-rate-yearly/?locale=en