Insurance market post double-digit growth in premiums in 1H2025

The Philippine insurance sector saw double-digit growth in premium collections in the first half of 2025, according to the Insurance Commission (IC).

Combined premiums for life and non-life products reached PHP242.8bn ($4.29bn) by end-June, up 13% from PHP214.9bn in the corresponding half in 2024. The growth boosted insurance penetration—the share of premiums in GDP—to 1.79% in 1H2025 from 1.7% during the same period in 2024.

Life insurance premiums rose 12% to PHP195.1bn, driven largely by variable life policies, while non-life premiums jumped 20% to PHP39.6bn. Contributions to mutual benefit associations (MBAs) grew 3.1% year on year to PHP8.2bn.

Insurance density climbed 12.1%, reaching PHP2.1bn by the end of June.

“This considerable increase was driven by a rise in total premiums that exceeded the population growth rate of 0.9 percent. The growth suggests a higher level of adoption and use of insurance services within the population as of the quarter,” the IC said in a statement.

Source: asiainsurancereview.com