Philippines Insurance Sector Report 2025-2026

The insurance sector plays a crucial role in the Philippine economy, particularly given the country's high vulnerability to natural disasters, which disproportionately impact the most vulnerable segments of society. Despite its importance, the market remains underpenetrated, with insurance penetration at just 1.7% as of the end of 2024, significantly below the global average of 6.7%, highlighting substantial room for growth. Efforts to increase penetration are centered on improving financial literacy, expanding inclusion, and making insurance more affordable, particularly through the growing microinsurance segment. The rise of mobile platforms and insurtech is also transforming distribution channels, making insurance more accessible and user-friendly. The industry is dominated by life insurance, whose share of the industry assets stood at 78.1% in 2024 and share of net income at 71.5%. General insurers face an increasing need for reinsurance to manage risk and broaden coverage, but with only one domestic reinsurer, the sector is heavily reliant on global reinsurance markets. This dependence is becoming increasingly complex as reinsurance costs, particularly for catastrophe coverage, continue to rise in response to escalating climate-related losses worldwide.

This report provides a complete and detailed analysis of the "Banking and insurance" sector for Philippines. EMIS Insights presents in-depth business intelligence in a standard format across countries and regions, providing a balanced mix between analysis and data.

What this report allows you to do:

• Understand the key elements at play in the "Banking and insurance" sector in Philippines
• Crystallise the forces both driving and restraining this sector in Philippines
• Ascertain Philippines’s position in the global sector
• Build a complete perspective on sector trade, investment and employment
• Understand the competitive landscape and who the major players are
• View M&A activity and major deals
• Gain an understanding of the regulatory environment for the sector in Philippines.
• Build a clear picture of trends, output and consumption for specific sub-sectors