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Insurance penetration rate yearly Philippines 2014-2018

In 2018, the insurance penetration rate in the Philippines was around three percent. Over the last few years, the insurance industry has seen a steady development owing to the ratio of premiums underwritten for both life and general insurance.

Life insurance in the Philippines

A life insurance policy covers a death benefit for the insured's beneficiaries and has additional investment features that allow the insured to gain long-term savings benefits over time. This product, which is called variable life insurance and traditional life insurance, has gained popularity among Filipinos in recent years. As of 2017, the number of newly issued variable life insurance policies were nearly 600 thousand. In addition, the value of premiums of new policies for variable insurance amounted to approximately 98 billion Philippine pesos.

General insurance in the Philippines

  In a recent finding, the net value of risks written or insured for non-life insurance amounted to almost 73 trillion Philippine pesos. Of these insured risks, covering the losses due to fire was highest and amounted to around 40 trillion Philippine pesos. Due to large losses incurred while covering or insuring major risks, such as fire, in a densely populated country like the Philippines, non-life insurance businesses have incurred losses of almost 21 billion Philippine pesos in 2017.

Yearly penetration rate of the insurance industry in the Philippines from 2014 to 2018

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Source

Release date

January 2020

Region

Philippines

Survey time period

2014 to 2018

Supplementary notes

Figures are based on GDP's constant 2000 prices.

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Statistics on "Insurance industry in the Philippines"

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