- Filipinos are putting more money into insurance as premium collections and average spending on coverage increased in the second quarter, although overall insurance penetration remains below the industry's target.
- Data from the Insurance Commission showed insurance penetration reached 1.96% of GDP in the second quarter, up from 1.79% a year earlier but still below the Commission's 2% target.
- The increase came as total insurance premiums climbed 16.2% to ₱282.91 billion, with life insurance accounting for most of the growth. Life insurance premiums rose nearly 18% to ₱229.98 billion, driven by both variable and traditional products.
Filipinos are putting more money into insurance as premium collections and average spending on coverage increased in the second quarter, although overall insurance penetration remains below the industry's target.
Data from the Insurance Commission showed insurance penetration reached 1.96% of GDP in the second quarter, up from 1.79% a year earlier but still below the Commission's 2% target.
The increase came as total insurance premiums climbed 16.2% to ₱282.91 billion, with life insurance accounting for most of the growth. Life insurance premiums rose nearly 18% to ₱229.98 billion, driven by both variable and traditional products.
For consumers, the increase was also reflected in insurance density, or average spending on insurance per person. It rose 15.2% to ₱2,468.63 during the quarter.
The figures suggest more Filipinos are putting money toward financial protection, whether through life, nonlife, or other insurance products. But the penetration rate also shows that insurance still represents a relatively small share of overall economic activity.
The industry paid out ₱90.87 billion in benefits during the quarter, nearly 17% more than a year earlier, while total industry assets reached ₱2.76 trillion.