PH insurance penetration inched up to 1.96% in Q2
Insurance penetration in the Philippines rose to 1.96% in the second quarter of 2026, driven by strong demand for life insurance products. Despite the growth, the figure remains slightly below the Insurance Commission's 2% target.
Why it matters
Increased insurance penetration serves as a key indicator of financial maturity and public awareness of financial protection in emerging markets.
MANILA, Philippines - The Philippines' insurance penetration posted a modest increase in the second quarter amid robust demand for life insurance products, which drove growth in overall premium collections.
Latest data from the Insurance Commission (IC) showed that insurance penetration - the ratio of insurance premiums to gross domestic product - rose to 1.96 percent in the second quarter of 2026 from 1.79 percent in the same period last year.
READ: Insurance penetration hit 2% goal in first quarter
Still, this was lower than the 2.04 percent logged in the previous quarter and slightly below the IC's 2-percent target.
"The Commission views these developments as encouraging indicators, underscoring rising public awareness of financial protection, greater insurance adoption and growing confidence in the insurance industry," the IC said in a statement on Friday.
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