Life Report

Product Insurance Market Reports Life Rev

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details The Philippines' insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in The Philippines' economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of The Philippines

The Philippines life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of The Philippines. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit the Philippines and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides a demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in the Philippines is available.

Axco’s report describes the regulatory framework that applies to the Filipino domestic life insurance sector, including whether non-admitted insurance is permitted in The Philippines; as well as the legislation necessary to know regarding the Philippines’ healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in the  Philippines with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Philippine market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in The Philippines, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Philippine pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Philippines report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

The Philippines Life and Benefits Report Extract

Below are brief extracts of information from the Philippines Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The insurance market in the Philippines continues to develop as formal employment expands, although market penetration remains low, even by regional standards. The Southernmost islands of the Philippines show frequent earthquake activity (being on the so-called "ring of fire"), with many earthquakes reaching an intensity of five or more. Windstorm events also frequently result in loss of life ....


Apart from the Social Security System (SSS) pension benefit there is no true pensions business in the Philippines, and no pressure, from any participant, to require compulsory annuitisation of the lump sums received at retirement. This is despite the generally acknowledged low level of pension benefits from the SSS.

Since the introduction of Republic Act No 7641 with effect from 7 January 1993, employers with more than 10 employees have been obliged ....


Healthcare in the Philippines is provided to the whole population and is operated by PhilHealth, supervised by the Department of Health (DOH). Republic Act No 11223, known as the Universal Health Care Act, was signed on 21 February 2019 and came into effect on 8 March 2019. The new law expands the application of the existing national health insurance (NHI) system to encompass all Filipinos including those who have not contributed in the past. Contributions for cover commenced for formal employees, but market sources note that there have been no changes (made or proposed) to the private health insurance market ....

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