The Philippine insurance industry's penetration rate increased to 2.03% in the first quarter of 2026, up from 1.89% a year earlier, driven by sustained growth in assets, premium collections and benefit payments, according to regulator data.
Preliminary figures from the Insurance Commission showed that total premiums rose 13.15% year-on-year to PHP140.85bn ($2.4bn) in the January–March period, compared with PHP124.48bn in the same quarter of 2025.
Industry assets rose 6.85% year-on-year to PHP2.65tn from PHP2.48tn, while invested assets increased 8.22% to PHP2.37tn in the January–March period.
Benefit payments also climbed 11.36% to PHP43.44bn from PHP39.01bn in the first quarter of 2025, reflecting higher claims and payouts across the sector.
However, the rise in benefit payments weighed on profitability, leading to a 1.75% decline in net income for the period.