Insurance penetration and density in the Philippines rose in the second quarter, driven by strong growth in premium collections, the Insurance Commission (IC) said.
According to the Insurance Commission, Insurance penetration, the ratio of insurance premiums to gross domestic product (GDP), increased to 1.79% in the second quarter from 1.71% in the same period last year.
Insurance density, or the average amount spent on insurance per person, climbed 12.07% to P2,137.32.
The IC attributed the increase to robust premium growth by insurance companies.
Total premiums for life and non-life insurance products reached P242.84 billion as of June 30, up 12.98% from the same period in 2024.
Premiums for life insurance rose 12.01% to P195.05 billion, largely driven by variable life insurance products, while non-life insurance premiums surged 20.48% to P39.63 billion.
“This considerable increase was driven by a rise in Total Premiums that exceeded the population growth rate of 0.87%. The growth suggests a higher level of adoption and use of insurance services within the population as of the quarter,” the IC said.
Contributions to mutual benefit associations (MBAs) grew 3.09% to P8.16 billion, while total benefits payments by insurers edged up 1.18% to P77.57 billion.
Net income for the insurance industry increased 3.62% to P28.78 billion.
