The Philippine insurance sector reported total premium collections of ₱372.08 billion by the end of September 2025 (Q3 2025), marking a 13.25% increase from the same period in the previous year. This figure, which includes contributions from life and non-life insurance providers as well as mutual benefit associations (MBAs), reflects a nearly ₱50 billion year-on-year rise, according to data compiled by the Insurance Commission (IC) from licensed industry participants.
Life insurance products accounted for the majority of the growth, with premiums increasing by 13.77% to ₱299.45 billion, up from ₱263.21 billion in the third quarter of 2024 (Q3 2024). The non-life insurance segment also expanded, with premiums reaching ₱60.07 billion, a 13.07% increase over the prior year’s ₱53.13 billion. MBAs contributed ₱12.57 billion in total collections, representing a 2.86% rise.
The sector’s premium growth was largely driven by both traditional and variable life insurance offerings, which grew by 9.7% and 16.0%, respectively.
The industry’s total assets stood at ₱2.62 trillion as of Sept. 30, 2025, up 4.72% from ₱2.50 trillion a year earlier. Invested assets followed a similar trend, increasing by 2.92% to ₱2.32 trillion. The sector’s total net worth also rose, reaching ₱525.97 billion, an 8.49% increase from the previous year.
Commenting on the sector’s performance, Insurance Commissioner Reynaldo A. Regalado said: “The accelerating growth in total premiums and other key statistical indicators underscores not only the increasing trust and recognition of the vital role insurance plays in economic resilience, but also, the stronger awareness among Filipinos on the value of financial protection.”
Insurance penetration, which measures the ratio of premiums to gross domestic product, reached 1.85% in the third quarter of 2025, up from 1.74% in the same period last year. This reflects a 0.11 percentage point increase, indicating a broader uptake of insurance products relative to the country’s economic output.
Insurance density, or the average insurance spending per person, also increased by 12.30%, rising to ₱3,267.91 per capita from ₱2,910.10 in the previous year. The increase in insurance density outpaced the national population growth rate of 0.85%.
Despite the sector’s continued expansion, an insurance leader claims that a significant portion of the Philippine population still lacks adequate insurance coverage, particularly in the face of rising financial and climate-related risks.
Lester Cruz, chief executive officer of Singlife Philippines, attributed the persistent insurance gap to the high costs associated with traditional distribution models. “When the distribution model for most insurance companies is high cost, it becomes quite difficult to avoid the larger requirements for customers to be just purchasing a single product,” Cruz said.
Cruz pointed out that affordability and accessibility remain barriers, especially for lower-income Filipinos. He noted that limited digital skills and a reliance on face-to-face agents can make insurance harder to access. “It’s very difficult for a lot of customers, historically, to gain access to insurance without having to pass through other people, agents. Sometimes, it could rather be an intimidating process to have to disclose to people the intimate details about yourself and about your presence,” Cruz said.
A lack of awareness about financial products further complicates efforts to expand coverage. “Every single solution that we have in place right now, I would argue, is market-best. Our burden or challenge right now is to have as many Filipinos see what we’ve built and understand,” Cruz said.
Cruz suggested that moving toward digital distribution and simplifying insurance products could help close the coverage gap, making insurance more accessible and easier to understand for more Filipinos.
