Philippine insurance market seen outpacing global growth

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May 30, 2026 | 12:00am

MANILA, Philippines — The Philippine insurance industry is expected to expand faster than the global market over the next decade, with annual growth projected at 9.6 percent, according to the latest Allianz Global Insurance report.

Henry Yang, chief investment officer of Allianz PNB Life, said global insurance markets are entering a decade of “strong but uneven growth,” but the Philippines stands out with nearly double-digit expansion expected through 2036.

The projected yearly growth rate surpasses the nominal gross domestic product growth of 8.3 percent and the global insurance market’s projected 5.3 percent annual increase.

Yang said this reflects the rising relevance of insurance to the country’s economic and social development.

“Allianz Research also remains confident about life insurance. Supported by higher interest rates, life premiums globally are expected to grow by 4.9 percent annually, while the Philippine life market is poised for double?digit growth of around 10 percent,” he said.

Yang said that Asia continues to be the world’s growth engine, driven by the need for private provision amid accelerating demographic change, with the Philippines “very much part of that story.”

Health insurance, while the smallest segment, is forecast to grow by 8.3 percent annually, faster than the global average of 6.7 percent.

“For the Philippine life insurance industry, this environment is both a challenge and a strategic opportunity: to close protection gaps, support long-term investment in the local economy and help build financial resilience for Filipino families,” it said.

Property and casualty insurance is likewise projected to expand by 8.5 percent annually through 2036, outpacing the global rate of 4.7 percent, as demand for protection rises across markets.

The report also noted that the Philippine insurance market registered a 12.2-percent increase in 2025, driven by the life insurance sector, with the total premium income climbing to €7.9 billion.

Life insurance drove the expansion, surged by 16.9 percent, well above the 2015?2025 average of 8.7 percent, “reflecting rising financial awareness and a growing middle class.”

Meanwhile, health insurance slipped last year following base effects from prior exceptional growth.