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GDP contribution of the insurance premiums Philippines from 2013-2017

In the four years between 2013 and 2017, the share of Philippines’ GDP made up by insurance premiums had fluctuated and decreased to roughly 1.7 percent. Over the years that followed, the industry remained hopeful of sustained growth post a premium income rise in 2019.  

Healthy economy, wealthy insurance industry

  The Philippines boasted consistent economic growth in its domestic sector, leading to a boom in the middle-class strata. With the BPO segment thriving as new firms emerge, the demand for employee benefits has gone up. Thus, the performance of insurance businesses, especially those dealing in life insurance, has improved. By 2017, the insurance density of non-life coverage was estimated at 465 Philippine pesos per capita, while life insurance density had peaked at 2,000 Philippine pesos per capita.

Key players

  Sun Life Canada Inc. and Philippine AXA Life Insurance Corp were some of the biggest names within the life insurance sector, with the former having generated a premium income of 37 billion Philippine pesos in 2018. Meanwhile, the Malayan Insurance Company was one of the leading non-life insurers, asset-wise. However, in terms of net written premiums, Prudential Guarantee & Assurance Inc. was the top non-life insurance company in the Philippines in 2018.

Insurance premiums as a share of GDP in the Philippines from 2013 to 2017

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Source

Release date

April 2019

Region

Philippines

Survey time period

2013 to 2017

Supplementary notes

* Revised figure.

** Preliminary figure.

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Statistics on "Insurance industry in the Philippines"

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