Philippine insurance market set to grow to €21.4B by 2035

The Philippine insurance market is expected to grow to €21.4 billion by 2035, according to the Allianz Global Insurance Report 2025 released on Tuesday.

Insurance premiums in the country are projected to increase at a compounded annual growth rate (CAGR) of 9.2%, rising from €8.1 billion in 2024 and outpacing global projections with an expected total of €21.4 billion by 2035.

The report highlights that this growth is driven by rising demand for protection, particularly in property and casualty insurance, which is forecasted to grow annually at 8.3% until 2035.

Life insurance premiums are also anticipated to expand by 9.5% yearly over the next decade, while health insurance is expected to be the most dynamic segment with an annual growth of 9.7%, reflecting pent-up demand and low insurance penetration in Asia.

According to recent data from the Insurance Commission, total collection of premiums across life and nonlife insurers as well as mutual benefit associations rose by 14.41% to PHP 124.17 billion in the first quarter.