GCash, a leading mobile wallet operator in the Philippines, has widened access to microinsurance through its digital platform GInsure, extending protection to over 14.6 million Filipinos as of the first quarter of 2025 (Q1 2025).
The app-based service has facilitated the issuance of 51.4 million policies since its 2021 launch.
The initiative, led by GCash’s new businesses unit, is part of a broader strategy to embed financial protection into everyday digital transactions.
Winsley Bangit, vice president and head of new businesses at GCash, stated that the company has designed its offerings to meet users where they are – through their phones and daily transactions – so they can access coverage that suits their needs and budget.
“We are humbled to be able to come to the aid of users who are looking for a more affordable and accessible way to protect themselves and their loved ones,” Bangit said.
Through its insurance marketplace, GInsure offers more than 48 products spanning health, life, and travel categories, underwritten by local insurers. Coverage options are designed for affordability, with features such as short-term protection and low premiums.
One example is the Express Send Scam Insurance, a policy that offers digital fraud protection for PHP30 per month.
Another is Buy Load Plus Health Insurance, a product bundled with mobile top-up purchases. This benefit includes free accident and hospitalisation coverage of up to PHP30,000, with a daily hospital income of PHP500 for up to five days.
GCash’s microinsurance model targets individuals who have historically lacked access to traditional insurance due to cost or availability. By embedding these options into a widely used mobile application, the platform aims to increase participation in the formal insurance market.
The expansion of GInsure aligns with broader gains in the Philippine insurance sector. Data from the Insurance Commission (IC) for Q1 2025 showed insurance penetration increased to 1.89% of gross domestic product (GDP), up from 1.78% a year earlier. Insurance density also rose 13.4% to PHP1,094.94 per capita.
Insurance Commissioner Reynaldo Regalado said the higher penetration rate reflects premium growth that exceeded the pace of GDP expansion. Similarly, the rise in density is tied to an increase in premiums per individual, outpacing population growth.
Life insurers recorded PHP99.9 billion in premium income, with variable life policies accounting for nearly 68% of total premiums. Variable premiums rose by 22.78%, driven by strong uptake in single-pay products. The sector’s net income climbed 12.22% to PHP10.83 billion, supported by lower benefit payouts and stable underwriting results.
In non-life, net premiums written increased by 19.35% to PHP20.27 billion. Motor and fire insurance remained key contributors, with the latter posting a 21.91% increase. The segment’s net income rose to PHP2.89 billion, aided by improved underwriting margins.
Mutual benefit associations (MBAs) expanded their total assets by 9.04% to PHP166.38 billion, with invested assets accounting for nearly 88% of the total. Despite this, net surplus declined 25.21% due to rising operational costs and changes in equity values.
Meanwhile, health maintenance organisations (HMOs) reported a sharp increase in net income, reaching PHP579.39 million, up from PHP6.78 million in Q1 2024. This growth was attributed to a 26.15% rise in membership contributions, supported by a government medical subsidy for public employees.
