Performance of general insurance in the country
Insurance has previously been perceived as a non-mandatory intangible product in the Philippines. However, as more people realized its importance in its contribution to mitigating risks across significant industries, the value of gross premiums written has increased. For motor car insurance in the country, the value of gross premiums written gradually increased from 2015 until 2020. Relatively, its growth corresponds to the sales volume of motor vehicles requiring motor insurance.
Non-Life insurance vs. Life Insurance
Although non-life insurance products show potential growth in the insurance industry, life insurance is still more marketable in the Philippines. Its built-in investment incentive and security for covering life's risks and accidents are one of the reasons for its marketability.