Insurance premiums grow 13% as more Filipinos get covered

More Filipinos are securing insurance coverage, with total premiums rising 13.2 percent year-on-year as of end-September, data from the Insurance Commission (IC) showed.

The domestic insurance industry recorded total premiums of ₱372 billion by the end of the third quarter, up from ₱328.55 billion in the same period last year. This marks a notable jump from ₱242.84 billion at the end of June, the IC said in a press release on Wednesday.

Life insurance premiums led the growth, climbing 13.77 percent to ₱299.45 billion from ₱263.21 billion, while non-life insurance premiums increased 13.07 percent to ₱60.07 billion, up from ₱53.13 billion. Mutual benefit associations (MBAs) also grew by 2.86 percent to ₱12.57 billion.

“Both traditional and variable life insurance continued to be the main drivers of premium growth, increasing by 9.7 percent and 16 percent, respectively,” the IC noted. Traditional life insurance offers risk coverage with fixed or guaranteed benefits, while variable life insurance includes an investment component that allows policyholders to invest in bonds and publicly listed shares.

The insurance industry’s total assets reached ₱2.62 trillion as of September, up 4.72 percent from ₱2.5 trillion a year earlier. Invested assets rose 2.92 percent to ₱2.32 trillion, and total net worth increased 8.49 percent to ₱525.97 billion.

“The accelerating growth in total premiums and other key indicators underscores not only the increasing trust in insurance as a pillar of economic resilience but also stronger awareness among Filipinos of the value of financial protection,” Insurance Commissioner Reynaldo Regalado said.