Insurance landscape in the Philippines
The insurance industry in the Philippines is varied and comprehensive, with plans ranging from life to non-life, pre-need, and micro and macro insurances. Between insurance types, life insurance has a higher insurance density, reflecting increasing premium income generated. In 2022, the leading life insurance companies in terms of premium income were Sun Life of Canada (Philippines) and Pru Life Insurance Corporation of UK. Meanwhile, for non-life insurance, which covers auto, health, business, and home insurance, the market leaders were Malayan Insurance and Pioneer Insurance & Surety Corporation.Since getting insurance coverage could mean additional expenses, Filipinos belonging to low-income households 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. Preliminary figures suggest that the Mutual Benefits Associations (MBAs) issued premiums worth approximately 14 billion Philippine pesos for covering microinsurance needs. In addition, the Universal Health Care (UHC) Act has also automatically enrolled all Filipinos in public health insurance ensuring them accessible and affordable healthcare coverage.
