More Filipinos are using insurance this year

Philippines’ insurance penetration rose to 1.96 percent in the second quarter of 2026, up from 1.79 percent from the same period last year, based on the latest Insurance Commission (IC) data.

Insurance density also went up by 15.24 percent to PHP2,468.63 per person from the PHP2,142.19 recorded last year.

Insurance penetration is the ratio of total insurance premiums collected to the gross domestic product (GDP) while insurance density refers to the average spending of each individual on insurance.

The IC, in a statement released on Friday, attributed the higher insurance penetration to the substantial increase in premium collections by insurance companies.

“The Commission views these developments as encouraging indicators, underscoring rising public awareness of financial protection, greater insurance adoption, and growing confidence in the insurance industry,” it said. 

Combined premiums collected by life and non-life insurance companies and mutual benefit associations (MBAs) reached PHP282.91 billion, higher than the PHP243.39 billion recorded in the second quarter of 2025.

The IC said the life insurance industry accounted for the largest share of premium collections at PHP229.98 billion, up from PHP195.05 billion and driven largely by variable life insurance products.

Insurance premiums paid for general (non-life) insurance products also posted an increase of PHP44.19 billion from the PHP40.18 billion collected in the second quarter of 2025.

MBAs, meanwhile, recorded total contributions/premiums of PHP8.73 billion, representing a 7.06 percent increase compared with the same period last year.

The IC said total benefits payment by the insurance industry increased by 16.69 percent to PHP90.87 billion from the amount recorded in the second quarter of 2025. (PNA)