Insurance penetration in the Philippines improved from 1.71 percent to 1.79 percent in the second quarter of 2025 on increased premium collections, the Insurance Commission (IC) said Monday.
Data from the IC showed that total premiums paid for both life and non-life insurance products increased by 12.98 percent to P242.84 billion as of end-June, a bulk of which were made up of life insurance product payments.
Life insurance premiums grew 12.01 percent to P195.05 billion, with variable life insurance products amounting to P130.70 billion and traditional life insurance products settling at P64.35 billion.
Non-life or general insurance products rose 20.48 percent to P39.63 billion worth of total written net premiums. Meanwhile, total contributions to mutual benefit associations increased by 3.09 percent to P8.16 billion.
The IC also said that insurance density, or the average insurance spending of individuals, also rose 12.07 percent to P2,137.32 as of end-June.
“This considerable increase was driven by a rise in total premiums that exceeded the population growth rate of 0.87 percent. The growth suggests a higher level of adoption and use of insurance services within the population as of the quarter,” the IC said in a statement.
The insurance industry posted a 3.62 percent year-on-year growth, with its total net income reaching P28.78 billion as of the second quarter of 2025. The total benefits paid and assets invested by the industry also grew to P77.57 billion and P2.26 trillion, respectively.
