The Insurance Commission is prioritizing microinsurance and property coverage expansion in 2026 to build on the industry’s growth last year and reach the underserved market.
Insurance Commission commissioner Reynaldo Regalado told reporters Friday the agency is exploring new ways to offer microinsurance, including institutional programs and corporate social responsibility initiatives.
“We are discussing all the other ways in which we can offer [microinsurance]. Even the big, even these life insurance associations, I’m telling them to try to see how best we can have institutional programs so we can offer microinsurance. Even the CSRs, I want that,” Regalado said.
Regalado urged major life insurance associations to integrate these low-cost products into their portfolios to support Filipinos with lower economic status.
The push for broader reach follows a year of steady gains for the sector. Insurance Commission data showed that insurance penetration climbed to 1.78 percent in 2025 from 1.67 percent in 2024.
While the life insurance sector continues to dominate the market, Regalado noted that increasing property coverage remains a critical goal for the agency.
The industry faced significant hurdles last year as several natural calamities struck the archipelago. Despite these challenges, Regalado said the sector remained resilient.
He said the primary focus moving forward should be the quality of benefits provided to policyholders and increasing the total number of people covered.
To further drive penetration, the agency has diversified the types of products available to the public.
The Insurance Commission approved six new insurance products for Islamic finance last year. These Takaful offerings were introduced by companies including Etiqa, Pru Life UK, CARD Mutual Benefit Association and Stronghold Insurance.
Regalado expressed optimism for the remainder of 2026, noting that life insurance premiums are expected to maintain their upward trajectory.
“I think we’ll continue with the growth of the industry for life…What’s important is how do we improve the coverage. Eighty percent is on life, but we need to cover much on property,” he said.
He said the commission is assessing how to better protect citizens who lack a high level of economic confidence through improved accessibility.
