More and more people made use of insurance products and services in the second quarter of the year, according to the Insurance Commission.
The average spending of each individual on insurance, amounted to P2,137.32 in terms of insurance density,which increased by 12.07%.
The overall insurance penetration rate yielded 1.79 percent in the second quarter of this year, from 1.71 percent in the same period last year, according to the commission. It represented the ratio of insurance premiums to the gross domestic product (GDP).
In an August 19 analysis, the commission attributed the increase in insurance penetration to the high growth rate of premium collection by insurance companies.
Total premiums paid for both life and non-life insurance amounted to P242.84 billion as of June 30, 2025, the commission said.
This is 12.98 percent more than the total premiums collected last year.
Insurance premiums paid for life insurance increased by 12.01 percent to P195.05 billion, a bulk of which were paid for variable life insurance products. Insurance premiums paid for general (non-life) insurance increased by 20.48 percent to P39.63 billion.
“This considerable increase was driven by a rise in total premiums that exceeded the population growth rate of 0.87%. It suggests a higher level of adoption and use of insurance services within the population as of the quarter,” the commission stated in its analysis.
Meanwhile, total contributions to mutual benefit associations (MBAs) increased by 3.09 percent to P8.16 billion.
The total benefits payments by the insurance industry also increased by 1.18 percent to P77.57 billion from P76.67 billion.
Total net income of the industry posted a year on-year growth of 3.62 percent to P28.78 billion. Total invested assets grew by 10.70 percent to P2.26 trillion from P2.04 trillion year-on-year.
