The philippines: The Philippines' insurance penetration experienced an increase to 1.96 percent in the second quarter of 2026, compared to 1.79 percent during the same period last year, based on the latest Insurance Commission (IC) data.

According to Philippines News Agency, insurance density also rose by 15.24 percent, reaching PHP2,468.63 per person from the PHP2,142.19 noted last year. Insurance penetration measures the ratio of total insurance premiums collected to the gross domestic product (GDP), while insurance density indicates the average insurance spending per individual.

The IC, in a statement released on Friday, credited the rise in insurance penetration to a notable increase in premium collections by insurance companies. The Commission expressed that these developments reflect rising public awareness of financial protection, increased insurance adoption, and enhanced confidence in the insurance industry.

Life and non-life insurance companies, along with mutual benefit associations (MBAs), collected combined premiums amounting to PHP282.91 billion, surpassing the PHP243.39 billion recorded in the second quarter of 2025.

The life insurance industry accounted for the largest portion of premium collections, totaling PHP229.98 billion, up from PHP195.05 billion, largely driven by variable life insurance products. Premiums for general (non-life) insurance products also saw an increase, amounting to PHP44.19 billion compared to the PHP40.18 billion collected in the second quarter of 2025.

MBAs reported total contributions/premiums of PHP8.73 billion, marking a 7.06 percent rise from the same period last year. The IC also highlighted that total benefits payment by the insurance industry rose by 16.69 percent to PHP90.87 billion from the amount recorded in the second quarter of 2025.