, Philippines
211 views
Photo courtesy of Insurance Commission of the Philippines

Philippine insurance density inches down in 2022

A total of 128 out of 130 companies submitted data to the Insurance Commission.

Consolidated data from the Insurance Commission (IC) of the Philippines showed that the average expense an individual allots on insurance went down 0.32% year-on-year (YoY) in 2022 compared to the previous year.

Overall, spending totalled PHP3.39t (US$62.33t).

In terms of share to the Philippines’ gross domestic product (GDP), premium volume contributed about 1.72% YoY, slower than the 1.93% in 2021.

Year-on-year growth was seen in total assets at 2.14%. This was followed by net worth (12.35%), paid-up capital and guarantee fund (7.77%), and total premiums (1.22%).

(PHP1 = US$0.018)

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.