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Philippines

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Philippines Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for the Philippines includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

Available Products

Information for the Philippinescan be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Total GWP (USD)
Insurance Penetration (%)

GMT +8
Manila
PHP
109.70 mn (2020)
6.03
3.05%
6,301.58 (mn)
1.74

The Philippines has the characteristic of being highly exposed to severe natural catastrophe events and it is similar to Indonesia in this respect, although in the Philippines this exposure is accentuated by the comparatively high level of microinsurance penetration.

The Philippine economy is based on services, with revenue and consumption supported by remittances of overseas Filipino workers (OFWs).

Non-life premium income for 2019, excluding personal accident and healthcare, amounted to PHP 92,479.40. 

In 2017 there were four licensed composites, 58 licensed non-life companies and one licensed reinsurance company. Non-life companies include insurers licensed to transact surety and bonding either in isolation or in conjunction with other non-life classes of business.

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