Insurance penetration Philippines 2016-2023

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.

General insurance in the Philippines

In 2020, the net value of risks written or insured for non-life insurance amounted to over 42 trillion Philippine pesos. Of these insured risks, covering the losses due to fire was highest and amounted to around 25 trillion Philippine pesos. Due to significant losses incurred while protecting or insuring major risks, such as fire, in a densely populated country like the Philippines, non-life insurance businesses have incurred losses of almost 21 billion Philippine pesos in 2020.