Empire Insurance Company has officially completed its liquidation process in the Philippines, following confirmation from the country’s Insurance Commission (IC).
The closure was formalised after Empire met all regulatory requirements outlined in Circular Letter No. 2022-31, which governs the winding up of insurance companies, including the final distribution of assets and the handling of unclaimed policyholder benefits.
With the conclusion of the liquidation, Empire Insurance Company’s insurance operations have ceased.
The company is now authorised to finalise any remaining business matters, except in cases where trust accounts or unresolved obligations persist.
The Insurance Commission has indicated that provisions have been made to address any outstanding claims or liabilities that may arise during the winding-up phase.
Although the insurance business has been closed, Empire Insurance Company remains responsible for addressing its corporate debts and obligations, subject to further approval from both the Insurance Commission and the company’s board of directors.
Any future changes to the company’s name will be made public through official channels, including newspaper notices and updates on the Insurance Commission’s website.
The appointed distribution officer, Rogelio C. Benitez, will continue to manage inquiries and claims from creditors, policyholders, and other stakeholders.
All correspondence regarding outstanding matters should be directed to Benitez at Empire’s Makati City office or through the Insurance Commission’s Manila headquarters.
The closure of Empire Insurance Company occurs against a backdrop of significant growth in the Philippine general insurance market.
Recent analysis by GlobalData forecasts that gross written premiums in the sector will rise to PHP229.7 billion (about $3.9 billion) by 2029, up from PHP153.8 billion ($2.7 billion) in 2025. This projection represents a compound annual growth rate of 10.6%.
Key drivers of this expansion include the country’s vulnerability to natural disasters, increasing adoption of digital distribution channels, and the rollout of parametric insurance products designed to speed up claims settlements.
These trends are expected to make insurance offerings more accessible to both individuals and businesses.
According to the Insurance Commission, insurance penetration in the Philippines reached 1.79% in the second quarter of 2025 (Q2 2025), compared to 1.71% a year earlier. This figure, which reflects insurance premiums as a percentage of GDP, signals robust growth in the sector.
Total premiums collected for life and non-life insurance products amounted to PHP242.84 billion as of June 30, 2025, representing a 12.98% increase year-on-year.
Life insurance premiums grew by 12.01% to PHP195.05 billion, with variable life products making up the bulk of this segment.
Non-life premiums rose by 20.48% to PHP39.63 billion, while mutual benefit association contributions increased by 3.09% to PHP8.16 billion.
Average insurance spending per person, or insurance density, climbed 12.07% to PHP2,137.32.
Benefit payments across the industry rose 1.18% to PHP77.57 billion, and net income for the sector increased by 3.62% to PHP28.78 billion.
The industry’s invested assets also grew, reaching PHP2.26 trillion, up 10.70% from the previous year.
The Insurance Commission has stated that it will continue to oversee the resolution of any remaining claims and obligations related to Empire Insurance Company, working in conjunction with the appointed distribution officer.
The Commission noted that corporate liabilities will be addressed in line with regulatory approvals and that any changes to the company’s status will be communicated through official channels.
