INSURANCE penetration and density or the average spending of each individual on insurance improved as of end-March this year, the Insurance Commission (IC) said.
IC said insurance penetration rose to 1.89 percent in the first quarter of the year from 1.78 percent in the same quarter last year.
Insurance density also went up by 13.40 percent to P965.56 to P1,094.9 per capita.
The figures were obtained from the unaudited Enhanced Quarterly Reports on Selected Financial Statistics by 127 of the 129 insurers and mutual benefit associations as of the first quarter of 2025.
“The increase in insurance penetration is due to the faster growth in premiums than the GDP (gross domestic product) expansion of 7.80 percent, at current prices, during this review period,” Insurance Commissioner Reynaldo Regalado said on Wednesday, May 21.
He added: “The growth in insurance density was mainly driven by a rise in total premiums that exceeded the population growth rate of 0.87 percent during the same period.”
Data from IC showed that the total premiums of life and non-life insurers and MBAs grew by 14.41 percent from P108.53 billion to P124.17 billion this year.
Total net income rose by 7.09 percent to P15.30 billion, which the IC said underscores the sectors’ solid financial health.
The total assets of insurers and MBAs also increased by 4.13 percent to P2.48 trillion from P2.38 trillion in the first quarter of 2024. (PNA)
