Inquirer
Philippine insurance sector to outpace global growth
The Philippine insurance market is projected to expand significantly, reaching €21.4 billion by 2035 due to increasing demand for protection.
Allianz Research forecasts a compounded annual growth rate (CAGR) of 9.2% for Philippine insurance premiums until 2035.
This growth rate is notably higher than the 5.3% CAGR anticipated for the global insurance market.
The Philippine market saw a substantial 12.4% year-on-year increase in premium income in 2024, reaching €8.1 billion, largely due to the recovery of the life insurance sector.
Allianz Chief Economist Ludovic Subran noted that while insurance is a growth industry, much of this is driven by inaction on climate change adaptation and pension reforms, placing a heavy burden on the private sector.
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News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
Demand for insurance in the Philippines is projected to increase by 9.2% by 2035, driven by population growth and insufficient social protection policies, according to a study by Allianz.
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Philippine insurance penetration improved to 1.89 percent in Q1 2025 from 1.78 percent in Q1 2024, though it remains below the global rate of over 6 percent.
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