Philippine insurance penetration rose to 1.96% in the second quarter of 2026 from 1.79% a year earlier, as stronger premium collections lifted the industry’s share of the economy.
According to data from the Insurance Commission, combined premiums collected by life and non-life insurers and mutual benefit associations (MBAs) jumped 16.2% to ₱282.91 billion.
Insurance density, a measure of average per capita spending on insurance, increased 15.24% to ₱2,468.63, pointing to higher spending on financial protection.
Benefit payouts rose 16.69% to ₱90.87 billion.
Life insurers remained the industry’s biggest contributor, accounting for more than four-fifths of total collections. Life premiums grew to ₱229.98 billion from ₱195.05 billion, led by variable life products.
Non-life premiums increased to ₱44.19 billion from ₱40.18 billion, while contributions to MBAs climbed 7.06% to ₱8.73 billion.
The Insurance Commission said the figures reflected broader adoption of insurance products and increased confidence in the industry.
“The Commission views these developments as encouraging indicators, underscoring rising public awareness of financial protection, greater insurance adoption, and growing confidence in the insurance industry,” the regulator said.
