Philippine insurance premiums top PHP 500 billion

Insurance premiums in the Philippines exceeded PHP 500 billion in 2025 for the first time, a milestone that Finance Secretary Frederick D. Go said points to wider public uptake of financial protection products.

Speaking at the Insurance Commission’s 77th anniversary celebration on March 16, 2026, Go said the record total suggests more Filipino families and businesses are using insurance to shield themselves from financial shocks and other risks.

“Beyond the numbers, this milestone tells us something even more important. It reflects broader public participation and a growing awareness among Filipinos that insurance is an essential tool for financial protection. This also reaffirms the industry’s role as a cornerstone of economic resilience,” he said.

The Insurance Commission, an attached agency of the Department of Finance, regulates and supervises the insurance, pre-need and health maintenance organization sectors.

Go used the anniversary event to press for wider insurance coverage, particularly among underserved communities, as the government tries to deepen financial inclusion.

The industry’s total assets rose to PHP 2.66 trillion in 2025, with much of that money invested in government securities and other domestic instruments that help fund infrastructure and national development programs, according to the Department of Finance.

The HMO industry paid out PHP 12.10 billion in healthcare benefits and claims in 2025, reflecting continued demand for managed care and medical coverage.

The pre-need sector posted total premium income of PHP 23.94 billion in the fourth quarter of 2025, while 895,679 plans had been sold by year-end.

Those figures indicate sustained demand for products tied to education, memorial planning and other long-term household expenses. This is notable in a market where pre-need firms have historically served as a savings and planning vehicle for middle-income families.

Go also said the industry needs to broaden products outside conventional insurance lines.

He said Takaful, microinsurance and accident coverage should be further developed and refined to extend protection to more Filipinos.

That push aligns with recent Insurance Commission rules on inclusive micro-products and Micro Takaful, which are meant to widen access to lower-cost protection products.

Go also called for stronger consumer protection and faster digital transformation to make insurance systems simpler, quicker and more secure for policyholders.

The Insurance Commission has already introduced electronic filing rules for pre-need companies and HMOs this year, part of a broader regulatory shift toward digital compliance and reporting.

Go said closer coordination with ASEAN and global partners would also be needed to develop policies that are more responsive and inclusive.

His remarks framed the insurance sector not just as a financial service industry, but as a stabilizing part of the wider economy at a time when households and businesses remain exposed to health emergencies, natural disasters and income disruptions.