Insurance density improves in first quarter of 2025

Insurance penetration and density or the average spending of each individual on insurance improved as of end-March this year, the Insurance Commission (IC) said in a report by Philippine News Agency.

In a statement, IC said insurance penetration rose to 1.89 percent in the first quarter of the year from 1.78 percent in the same quarter last year.

Insurance density also went up by 13.40 percent to PHP965.56 to PHP1,094.9 per capita.

The figures were obtained from the unaudited Enhanced Quarterly Reports on Selected Financial Statistics by 127 of the 129 insurers and mutual benefit associations as of the first quarter of 2025.

"The increase in insurance penetration is due to the faster growth in premiums than the GDP (gross domestic product) expansion of 7.80 percent, at current prices, during this review period,” Insurance Commissioner Reynaldo Regalado said.

“The growth in insurance density was mainly driven by a rise in total premiums that exceeded the population growth rate of 0.87 percent during the same period,” he added.

Data from IC showed that the total premiums of life and non-life insurers and MBAs grew by 14.41 percent from PHP108.53 billion to PHP124.17 billion this year.

Total net income rose by 7.09 percent to PHP15.30 billion, which the IC said underscores the sectors' solid financial health.

The total assets of insurers and MBAs also increased by 4.13 percent to PHP2.48 trillion from PHP2.38 trillion in the first quarter of 2024.