Philippines Insurance Market 2033 Size, Share, Growth 2025-33

Philippines Insurance Market Size, Share, Trends, and Forecast by Type and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A28745

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Philippines Insurance Market Overview:

The Philippines insurance market size reached USD 16.30 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 42.30 Billion by 2033, exhibiting a growth rate (CAGR) of 10.70% during 2025-2033. The market is expanding due to the rising economic growth, increasing disposable incomes, rapid digital transformation, heightened awareness of health and life protection, and the imposition of supportive regulations.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 16.30 Billion
Market Forecast in 2033	USD 42.30 Billion
Market Growth Rate (2025-2033)	10.70%

Philippines Insurance Market Trends:

Increasing Economic Growth and Rising Disposable Income

Country’s consistent economic growth is one of the major influential factors underlying the growth of insurance market in the Philippines. According to industry reports, for 2023, the domestic productivity growth rate of the country exceeded expectation with a 5.6% growth, which is beyond earlier projections ranging from 5 to 6.3 percent. Moreover, the growing middle class and rising disposable incomes that encourage individuals and families to allocate funds toward insurance products, is creating a positive outlook for the market. In 2023, the country witnessed a 3.7% rise in per capita disposable income. This economic progress has led to an increase in financial literacy and awareness about the importance of insurance as a tool for risk management and financial security.

Growing Digital Transformation and Rapid Technological Advancements

Advancing technologies that increase access and personalization of insurance products will in fact give a favorable outlook to the marketplace. The introduction of insurtech solutions which help insurers to cover underserved areas using a digital platform will also drive market growth. This will be supplemented by the increasing use of mobile applications, online portals, and artificial intelligence (AI)-based customer service to facilitate purchases and management of insurance policies. For instance, in January 2024, Manulife Philippines revealed the growth of its digital initiatives to satisfy the increasing need for insurance and investment offerings. Industry reports indicate that 82% of Filipinos utilize finance apps for making cashless transactions and investments. Manulife Philippines has launched various digital services aimed at streamlining the purchasing of insurance and the processing of claims for their clients. They are making use of platforms such as Manulife Online that allow its users to purchase affordable insurance products online at their own convenience.

Rising Awareness of Health and Life Protection

The increasing awareness of the need for health and life insurance among individuals is another major factor boosting the Philippines insurance market share. Along with this, the rising healthcare crisis that underscores the importance of financial preparedness for medical emergencies is fueling the market growth. As per an industry survey, 78% of Filipinos agreed that increasing their insurance coverage and benefits is essential for future financial well-being. Along with this, the introduction of various government programs and partnerships with private insurers to help increase awareness about the benefits of insurance coverage is fostering market growth.

Philippines Insurance Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on type.

Type Insights:

Life Insurance
Non-Life Insurance

The report has provided a detailed breakup and analysis of the market based on the type. This includes life insurance and non-life insurance.

Regional Insights:

Luzon
Visayas
Mindanao

The report has also provided a comprehensive analysis of all the major regional markets, which include Luzon, Visayas, and Mindanao.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Philippines Insurance Market News:

In May 2024, International Finance Corporation (IFC) announced that it is investing up to $10 million by joining a consortium of investors led by Triple P Capital to acquire an 85% stake in MAA General Assurance Philippines Inc. (MAAGAP). This partnership will boost non-life insurance coverage for small businesses and vulnerable households in the Philippines.
In January 2024, Manulife Philippines announced a partnership with Forticare Health Systems International, Inc., one of the foremost health maintenance organizations in the country, to make Manulife the exclusive underwriter of group life insurance together with the current HMO products of Forticare.

Philippines Insurance Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Type Region
Types Covered	Life Insurance, Non-Life Insurance
Regions Covered	Luzon, Visayas, Mindanao
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

How has the Philippines insurance market performed so far and how will it perform in the coming years?
What is the breakup of the Philippines insurance market on the basis of type?
What is the breakup of the Philippines insurance market on the basis of region?
What are the various stages in the value chain of the Philippines insurance market?
What are the key driving factors and challenges in the Philippines insurance?
What is the structure of the Philippines insurance market and who are the key players?
What is the degree of competition in the Philippines insurance market?

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Philippines insurance market from 2019-2033.
The research report provides the latest information on the market drivers, challenges, and opportunities in the Philippines insurance market.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Philippines insurance industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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