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Insurance industry in the Philippines - statistics & facts

Many Filipinos consider insurance as a liability rather than a source of funds for life’s unforeseen events. However, this notion has continually changed in the past years as newer insurance coverage covering individual customers with pre-existing needs or with a medical condition were introduced in the Philippines. This has resulted in increasing insurance penetration in the Philippines and a change in consumers’ behavior towards purchasing an insurance policy. This change has impacted the overall insurance premiums written, that accounted for almost 1.4 percent of the Philippines’ gross national income.

Significance of affordable insurance products for Filipinos

As of 2018, nearly 17 percent of the Philippines’ population lived below the national poverty line. The number of Filipinos covered by any form of insurance, whether they were traditional insurance products or the newer insurance models, have been shaped by this economic reality. Filipinos belonging to low-income households, however, could turn to cheaper insurance products known as microinsurance. Microinsurance policies in the Philippines were mostly written by the Mutual Benefits Association (MBA). Paying sick benefits and furnishing financial support to MBA members while out of employment were two of the associations’ provisions. In a recent finding, the Mutual Benefits Associations (MBAs) issued premiums worth approximately 11 billion Philippine pesos for covering microinsurance needs.

To ensure that every Filipino has health insurance and would not suffer from a heavy financial burden in health spending, a national health insurance program called the Universal Health Care (UHC) Act was implemented by the Philippines’ government. As of 2018, an estimated 98 percent of the Philippines' population was covered by the national health insurance program. This was close to the goal of providing healthcare coverage for the entire population.

Gearing towards insurance coverage for all

In light of the COVID-19 pandemic and recent calamities in the Philippines, insurance is now more necessary than ever. Filipinos have increasingly recognized the risks from a lack of security in cases of death, unforeseen accidents, and hospitalization costs from illnesses. In a recent survey among insurance owners in the Philippines, more than 30 percent replied that life and hospitalization insurance were their most preferred insurance products. Notably, Filipinos with pre-need insurance plans took life insurance plans amounting to almost one million in 2019.

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Pre-need insurance in the Philippines

General insurance in the Philippines

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Insurance industry in the Philippines

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Insurance industry in the Philippines - statistics & facts

Many Filipinos consider insurance as a liability rather than a source of funds for life’s unforeseen events. However, this notion has continually changed in the past years as newer insurance coverage covering individual customers with pre-existing needs or with a medical condition were introduced in the Philippines. This has resulted in increasing insurance penetration in the Philippines and a change in consumers’ behavior towards purchasing an insurance policy. This change has impacted the overall insurance premiums written, that accounted for almost 1.4 percent of the Philippines’ gross national income.

Significance of affordable insurance products for Filipinos

As of 2018, nearly 17 percent of the Philippines’ population lived below the national poverty line. The number of Filipinos covered by any form of insurance, whether they were traditional insurance products or the newer insurance models, have been shaped by this economic reality. Filipinos belonging to low-income households, however, could turn to cheaper insurance products known as microinsurance. Microinsurance policies in the Philippines were mostly written by the Mutual Benefits Association (MBA). Paying sick benefits and furnishing financial support to MBA members while out of employment were two of the associations’ provisions. In a recent finding, the Mutual Benefits Associations (MBAs) issued premiums worth approximately 11 billion Philippine pesos for covering microinsurance needs.

To ensure that every Filipino has health insurance and would not suffer from a heavy financial burden in health spending, a national health insurance program called the Universal Health Care (UHC) Act was implemented by the Philippines’ government. As of 2018, an estimated 98 percent of the Philippines' population was covered by the national health insurance program. This was close to the goal of providing healthcare coverage for the entire population.

Gearing towards insurance coverage for all

In light of the COVID-19 pandemic and recent calamities in the Philippines, insurance is now more necessary than ever. Filipinos have increasingly recognized the risks from a lack of security in cases of death, unforeseen accidents, and hospitalization costs from illnesses. In a recent survey among insurance owners in the Philippines, more than 30 percent replied that life and hospitalization insurance were their most preferred insurance products. Notably, Filipinos with pre-need insurance plans took life insurance plans amounting to almost one million in 2019.

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