The Philippines health insurance market was valued at USD 2.85 Billion in 2025, driven by surging medical inflation and healthcare costs across the region. The market is anticipated to grow at a CAGR of 7.40% during the forecast period of 2026-2035, with the values likely to reach USD 5.82 Billion by 2035.
Base Year
Historical Period
Forecast Period
Strategic public-private partnerships and digital reforms are accelerating supplemental health insurance adoption across urban and tech-ready Philippine regions.
Preventive care infrastructure like BUCAS centers is enabling insurers to design value-based, outcome-linked insurance plans with long-term cost efficiency.
Mental wellness integration and savings-linked health products are reshaping consumer expectations, driving innovation and deeper policyholder engagement across all demographics.
Compound Annual Growth Rate
7.4%
Value in USD Billion
2026-2035
*this image is indicative*
The market offers supplemental private coverage designed to complement the government’s Universal Health Care and PhilHealth framework. For instance, in August 2024, total health expenditure reached PHP 1.44 trillion (~USD 26.2 billion), equivalent to 5.9% of GDP, with households bearing 44.4% of the cost. This equated to a per-capita spend of PHP 11,083 (~USD 202), a year on year increase of 8.3%. These figures highlight the significant out-of-pocket financial burden and underscore the vital role of private insurance in reducing these costs and increasing access. The market is anticipated to grow at a CAGR of 7.40% during the forecast period of 2026-2035.
Focus on Mental Health Integration Driving Market Development
The growing emphasis on mental health awareness and access is reshaping health insurance products in the Philippines. For instance, in August 2024 , FWD Philippines introduced a new plan that offers professional mental healthcare services, counseling, therapy sessions, and access to psychiatrists at subsidized rates. By incorporating mental wellness into insurance coverage, FWD addresses rising consumer demand and regulatory encouragement for holistic health, enhancing the appeal of supplemental plans. This development supports market growth by aligning benefits with contemporary healthcare needs and improving long-term user value.
The market is witnessing several trends such as advancements in digital infrastructure, expansion of outpatient infrastructure and emphasis on long term savings.
Advancing Digital Infrastructure Driving Health Insurance Market Growth in the Philippines
For instance, in May 2024, PhilHealth and the Department of Health officially launched the National Health Data Repository (NHDR) and Philippine Core Data for Interoperability in Pasig City. This platform ensures standardized, secure sharing of anonymized patient data across public and private sectors, enhancing transparency, accelerating claims turnaround, and enabling digital insurance solutions such as teleconsultations and automated claims processing.
Ambulatory Services Enabling Value-Based Health Insurance, Bolstering the Philippines Health Insurance Market Demand
The expansion of preventive care models and outpatient infrastructure is reshaping how health insurance products are structured in the Philippines. For instance, as of June 5, 2025, the Department of Health reported that 51 Bagong Urgent Care and Ambulatory Services (BUCAS) centers had served over 860,000 patients nationwide. These centers, designed to manage non-emergency outpatient needs, reduce hospital congestion and allow insurers to tie reimbursements and benefits to preventive service usage. This shift supports value-based plan innovation by aligning insurance coverage with health outcomes, lowering claim costs, and promoting affordability.
Long-Term Savings Empowerment Fueling Philippines Health Insurance Market Growth
The integration of long-term financial planning and health protection is becoming a significant growth driver for the market. For instance, in December 2024, AIA Philippines launched a new insurance plan designed to help Filipinos save systematically while providing comprehensive life and health coverage (AIA Philippines). By combining investment and wellness benefits, the plan addresses both financial security and health preparedness. This fusion empowers consumers to view health insurance not only as protection but as a medium for growing savings, reinforcing customer retention, and expanding market penetration.
Life Insurance to Lead the Market Segmentation by Coverage
In Philippines, the life insurance segment is likely to hold a larger market share than term insurance. Life insurance products benefit from strong bancassurance distribution, long-term savings appeal, and embedded health benefits that enhance utility. In contrast, term insurance offers pure risk protection with no maturity value, making it less attractive unless bundled with wellness riders. While term insurance remains popular for affordability, life insurance dominates due to its dual financial and healthcare value, especially among urban middle-income policyholders seeking long-term security.
The key features of the market report comprise strategic initiatives by the leading players. The major companies in the market are as follows:
Headquartered in London (est. 1848), Prudential’s Philippine arm has led in wellness-linked riders and digital-first plans since 2023. These offerings use app-based platforms to track policyholder behavior and incentivize preventive care. The company’s strategy complements PhilHealth by covering services like diagnostics and outpatient treatment, reinforcing its role in delivering integrated care access.
Headquartered in Manila since 1895, Sun Life remains one of the most established life and health insurance providers in the Philippines, with a strong focus on preventive care and wellness-based engagement. The company actively integrates community health initiatives into its brand strategy to drive customer trust and long-term value. For instance, in April 2025, Sun Life boosted its investment in the “Hoops + Health” youth wellness program from CAD 1 million to CAD 1.5 million, aiming to reach 31,000 young people across Asia, including the Philippines. The initiative promotes active lifestyles to reduce future chronic disease risks and supports Sun Life’s mission of preventive health education through insurance-linked outreach.
Established in Manila in 2018, Allianz PNB focuses on digital-first health insurance solutions, particularly for corporate clients. The company offers streamlined digital claims filing, e-medical reports, and integration with PhilHealth systems, positioning itself as a leading innovator in employer-sponsored supplemental coverage. For instance, in June 2025, Allianz PNB implemented a new digital underwriting platform powered by DXC Technology, enabling SME and enterprise clients to issue health policies in as little as five minutes. This rapid issuance enhances underwriting efficiency, reduces turnaround times, and strengthens Allianz PNB’s competitive edge in the group insurance segment.
Present in the Philippines via Metrobank-AXA since 2004, AXA emphasizes seamless digital integration in its health offerings, targeting working-class and mobile-savvy consumers. The insurer focuses on delivering flexible supplemental products aligned with government health entitlements and everyday healthcare needs. For instance, in February 2025, AXA launched an “All in One” health app that lets users manage top-up policies integrated with PhilHealth coverage, access teleconsultation, view e-medical records, and file claims, all from their phones. This innovation enhances convenience and affordability, reinforcing AXA's position as a digital-first leader in supplemental health solutions.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players in the market include BDO Unibank, Inc., FWD Health Insurance Corporation, The Insular Life Assurance Company, Ltd., The Manufacturers Health Insurance Company, AIA Group Limited, and Sun Life Grepa Financial, Inc., among others.
"Philippines Health Insurance Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Provider
Market Breakup by Coverage
Market Breakup by Demographics
Market Breakup by Mode
Market Breakup by End User
Market Breakup by Distribution Channel
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Provider |
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| Breakup by Coverage |
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| Breakup by Demographics |
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| Breakup by Mode |
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| Breakup by End User |
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| Breakup by Distribution Channel |
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| Market Dynamics |
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| Supplier Landscape |
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| Companies Covered |
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