Philippine insurance penetration rate improves in Q1 2025

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.

The insurance sector's net income grew by 7.09 percent year-on-year to P15.30 billion in the first quarter.

Total premium collections across life and nonlife insurers and mutual benefit associations (MBAs) increased by 14.41 percent to P124.17 billion.

Insurance density climbed by 13.4 percent to PHP1,094.94 per capita, indicating increased premium expenses per Filipino.

The Insurance Commission attributes the rise in penetration to premiums growing faster than the GDP expansion of 7.8 percent.

Increased insurance density is linked to more Filipinos purchasing protection products for life, non-life assets, or both.