The Philippines non-life insurance market size was valued at USD 2.26 Billion in 2025. The industry is expected to grow at a CAGR of 7.30% during the forecast period of 2026-2035 to reach a valuation of USD 4.57 Billion by 2035.
The increasing awareness of the need for health and life insurance among individuals is a major factor boosting the Philippines non-life insurance market share. Along with this, the rising healthcare crisis is underscoring the importance of financial preparedness for medical emergencies is fuelling the market growth. The Philippines' exposure to natural disasters has led to the growing emphasis on catastrophic risk coverage. The rising demand for policies covering natural catastrophic events is reflecting the need for financial protection against climate-related risks. In February 2023, the Philippines received USD 600 million from the World Bank for enhancing its financial sector amid the ongoing growth of its catastrophe insurance marketplace.
InsurTech companies are emerging as significant players in the Philippine non-life insurance market. These startups utilise advanced technology to disrupt traditional insurance models by offering innovative products and services that are more user-friendly and accessible. In August 2024, InsurTech firm Igloo significantly expanded its presence across the Philippines by leveraging strategic partnerships for driving growth in the swiftly evolving insurance market. Collaborations between traditional insurers and InsurTech firms will likely become more common as they seek to leverage technology for competitive advantage.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
7.3%
Value in USD Billion
2026-2035
*this image is indicative*
| Philippines Non-Life Insurance Market Report Summary |
Description |
Value |
|
Base Year |
USD Billion |
2025 |
|
Historical Period |
USD Billion |
2019-2025 |
|
Forecast Period |
USD Billion |
2026-2035 |
|
Market Size 2025 |
USD Billion |
2.26 |
|
Market Size 2035 |
USD Billion |
4.57 |
|
CAGR 2019-2025 |
Percentage |
XX% |
|
CAGR 2026-2035 |
Percentage |
7.30% |
|
CAGR 2026-2035- Market by Insurance Type |
Travel Insurance |
8.3% |
|
CAGR 2026-2035 - Market by Insurance Type |
Property Insurance |
7.8% |
|
CAGR 2026-2035 - Market by Service Provider |
Private Insurance Providers |
7.9% |
|
CAGR 2026-2035 - Market by End User |
Individual |
7.7% |
| 2025 Market Share by Insurance Type | Motor Insurance |
XX% |
The robust growth of the economy is enhancing disposable incomes, leading to the expansion of the growth of the Philippines non-life insurance market. According to industry reports, the average per capita spending on insurance in the Philippines increased from PHP 2,588.05 to PHP 2,910.10 in the same quarter of 2023. This growth is attributed to recovery in key sectors, such as services, manufacturing, and infrastructure, which is bolstering the consumer confidence and spending capacity, thereby expanding the market for insurance products.
The adoption of digital technologies is reshaping the insurance landscape in the Philippines. Insurers are increasingly leveraging technology to enhance customer experience, streamline operations, and improve claims processing. The significant rise in online insurance purchases and the use of artificial intelligence (AI) and big data analytics to personalise offerings will also drive the Philippines non-life insurance market development. In May 2025, renowned fintech firm Surely.Digital and PhilInsure collaborated for introducing the TravelSmart Marketplace. The new digital platform provides easy access to reliable as well as visa-compliant travel insurance to travellers in the Philippines.
According to the Philippines non-life insurance market report, microinsurance is gaining traction in the country, especially among low-income populations. According to industry reports, the microinsurance premiums in the Philippines jumped to USD 240 million in 2023. Insurers are adapting their offerings to cater to this segment by providing affordable and easily accessible insurance solutions. This trend is supported by government initiatives and partnerships with private insurers to increase insurance penetration in underserved communities.
The growing number of government initiatives to improve financial literacy and inclusion will support the growth of Philippines non-life insurance industry. In February 2022, the Philippine Crop Insurance Corp. partnered with CARD Pioneer Microinsurance Inc. for expanding the space of crop insurance. This marked a step toward public-private collaboration in agriculture insurance. Such efforts are helping to enhance accessibility to insurance products across various sectors in the country.
The surge in government infrastructure development plans is creating several growth opportunities for the Philippines non-life insurance market. In September 2022, the Filipino government planned the completion of nearly PHP 4 trillion worth of infrastructure projects by 2028. The large-scale projects necessitate comprehensive insurance coverage to mitigate risks associated with construction, operations, and potential liabilities. The increased demand for insurance products that cover construction, and related risks will also add to the market growth.
The EMR’s report titled “Philippines Non-Life Insurance Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Breakup by Insurance Type
Key Insight: Property insurance is a major segment of the Philippine non-life insurance market, driven by the country's vulnerability to natural disasters such as typhoons, earthquakes, and floods. According to industry reports, property insurance accounted for 42% of general insurance premiums as of 2024, reflecting increased demand from both residential and commercial sectors. Major infrastructure developments under the government programs have also boosted the uptake of property insurance.
Breakup by Service Provider
Key Insight: Private insurers dominate the Philippines non-life insurance market, accounting for most of the premium income and product variety. Several companies offer a wide range of policies including motor, property, travel, liability, and personal accident insurance. In April 2025, FWD Philippines introduced an insurance product, Set for Life Plus for integrating life protection with rewards based on key life milestones and investment growth. These firms are highly competitive and drive innovation through digital platforms, AI-enhanced underwriting, and product customisation.
Breakup by End User
Key Insight: The corporate segment is a key pillar of the Philippines non-life insurance market development, due to the strong growth of construction, manufacturing, energy, and logistics sectors. According to industry reports, around 1,195,082 workers were employed within the manufacturing sector across the Philippines in 2022. Businesses are seeking comprehensive coverage including property damage, liability, engineering, marine cargo, and cyber insurance. Additionally, firms operating in high-risk sectors, such as BPOs and healthcare, increasingly invest in employee benefit and professional indemnity insurance to mitigate operational risks and comply with evolving regulations.
Breakup by Distribution Channel
Key Insights: Agents and brokers will gain traction in the Philippine non-life insurance market, especially for complex and high-value policies. They offer personalised advice, product comparisons, and risk assessments tailored to client needs. In January 2025, CEBUANA Lhuillier Insurance Brokers partnered with Etiqa Insurance to introduce Philippines' first takaful product. Meanwhile, agents are particularly effective in rural areas and among less tech-savvy customers, helping bridge gaps in financial literacy.
Boom in Tourism to Boost Travel Insurance Demand in the Philippines
Travel insurance is an increasingly significant segment of the Philippines non-life insurance market, driven by the booming international and domestic tourism and the rising awareness of travel-related risks. As per industry reports, the internal tourism expenditure involving inbound as well as domestic tourism expenditure surged by 75.3% to PHP 3.36 trillion in 2023. Policies typically cover trip cancellations, medical emergencies, lost luggage, and travel delays. In 2024, major insurers reported increased travel insurance uptake, particularly for overseas Filipino workers and frequent travelers.
|
CAGR 2026-2035 - Market by |
Insurance Type |
| Travel Insurance |
8.3% |
| Property Insurance |
7.8% |
| Motor Insurance |
XX% |
| Liability Insurance |
8.5% |
| Others |
XX% |
The demand for motor non-life insurance in the Philippines is slated to grow with the increasing vehicle ownership and a rising awareness of the importance of motor insurance. According to industry reports, in 2024, motor vehicle insurance accounted for 41.08% of net premiums written, amounting to PHP 21.83 billion. The implementation of zero-tariff rates on fully electric vehicle models until 2028 aims to promote EV adoption, further expanding the motor insurance market.
Increasing Presence of Public Insurance Providers in Agriculture
Public insurance providers in the Philippines non-life insurance market are playing a crucial role in offering accessible coverage to underserved and vulnerable populations, especially in the agricultural sector. The most prominent is the Philippine Crop Insurance Corporation (PCIC), which provides crop, livestock, and fisheries insurance to farmers. Backed by government subsidies, PCIC aims to reduce rural poverty by minimising the financial impact of natural disasters on agricultural livelihoods.
Online Purchases to Bolster Individual Non-Life Insurance Demand
The individual segment is favoring the Philippines non-life insurance market revenue driven by rising financial awareness, increasing income levels, and growing exposure to personal risks. Filipinos are increasingly purchasing motor, travel, accident, and property insurance. Several companies are also offering digital platforms that allow individuals to purchase and manage their policies online. In November 2022, global insurtech start-up Democrance partnered with Manulife Philippines for launching a digital platform “Manulife Shop,” for providing affordable online insurance products.
Digitalisation Fuels Growth of Direct Sales Channel in the Market
The direct sales channel in the Philippines non-life insurance market is growing due to digitalisation and changing consumer preferences. Insurers increasingly leverage online platforms, mobile apps, and call centers to sell policies directly to customers, reducing costs and improving convenience. In March 2022, digital financial services provider PayMaya Philippines introduced an online shopping insurance for its users at zero costs. Direct-to-consumer sales are especially popular among tech-savvy millennials and small business owners who prefer transparent, self-service models. Insurers are also focusing on strengthen digital infrastructure and e-commerce partnerships to reach a wider audience without relying on traditional face-to-face interactions.
Bancassurance has evolved as a powerful distribution channel in the Philippines as it helps insurance products to be sold through bank branches and digital banking platforms. Several banks are partnering with insurers in Philippines to offer motor, travel, and fire insurance bundled with loans or credit cards. In March 2025, the Bank of the Philippine Islands partnered with AIA Philippines to launch InstaProtect, a new digital insurance plan to improve the accessibility to financial protection to more Filipinos. Bancassurance also leverages banks' wide reach and customer data to cross-sell policies efficiently.
Key players in the Philippines non-life insurance market are employing several strategic approaches to drive growth and remain competitive. A primary strategy involves digital transformation, where insurers invest heavily in digital platforms, mobile apps, and AI-powered solutions to enhance customer experience, streamline claims processing, and expand market reach. Firms, such as Malayan Insurance are leading this charge. Another vital strategy is product innovation and customization, as insurers design modular and usage-based products tailored to specific customer needs, including microinsurance and catastrophe-related policies. Strategic partnerships with InsurTech startups, banks, and mobile payment platforms are also prominent. These collaborations help insurers tap into new distribution channels and accelerate policyholder acquisition. Moreover, regulatory alignment and compliance is a key focus. Companies are ensuring they meet the updated guidelines of the Insurance Commission, particularly around solvency and consumer protection. Insurers are also allocating capital toward sustainable development and national infrastructure initiatives under the “Build Better More” program, both for returns and social impact.
Malayan Insurance Co. Inc., founded in 1930 and headquartered in Manila, Philippines, is a leading non-life insurance company. Malayan offers a wide range of products including motor, fire, marine, engineering, liability, and personal accident insurance. The company also provides specialized policies, such as boiler and pressure vessel insurance and fidelity guarantee.
Chubb Limited, originally founded as ACE Limited in 1985 and rebranded to Chubb in 2016, is headquartered is in Zürich, Switzerland. In the Philippines, Chubb provides a broad array of insurance products including property and casualty, accident and health, personal insurance, and commercial insurance.
AIA Group Limited, founded in 1919, is headquartered in Central, Hong Kong and operates as one of the largest publicly listed life insurance companies in the Asia-Pacific region. In the Philippines, AIA offers life insurance, accident and health coverage, savings plans, pension products, and employee benefits.
AIG Philippines Inc. was founded in 1932 and has its headquarters in Makati City, Philippines. AIG provides a variety of non-life insurance products, primarily focusing on property, casualty, and liability coverage for businesses. Leveraging its global expertise, AIG tailors risk management solutions to meet the specific needs of the Philippine market.
*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 Philippines non-life insurance market include Alliedbankers Insurance Corporation, Alpha Insurance and Surety Company, Inc, Bethel General Insurance & Surety Corporation, Paramount Life & General Insurance Corporation, Metropolitan Bank and Trust Company, Fortune General Insurance Corporation, and others.
Unlock key insights with your free sample of the Philippines Non-Life Insurance Market Report 2026. Understand market dynamics, discover the latest Philippines non-life insurance market trends 2026, and identify high-growth segments and opportunities. Download your sample today to make informed, data-driven decisions and stay ahead in one of Southeast Asia's fastest-growing insurance markets.
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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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In 2025, the market reached an approximate value of USD 2.26 Billion.
The market is projected to grow at a CAGR of 7.30% between 2026 and 2035.
The key players in the market report include Malayan Insurance Co. Inc., Chubb Company, AIA Group Limited, AIG Philippines Inc., Alliedbankers Insurance Corporation, Alpha Insurance and Surety Company, Inc, Bethel General Insurance & Surety Corporation, Paramount Life & General Insurance Corporation, Metropolitan Bank and Trust Company, Fortune General Insurance Corporation, and others.
Private insurers dominate the Philippines non-life insurance market, accounting for most of the premium income and product variety.
The key strategies boosting the market include the higher digital adoption, government initiatives and rapid urbanisation.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| 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:
|
| Breakup by Insurance Type |
|
| Breakup by Service Provider |
|
| Breakup by End User |
|
| Breakup by Distribution Channel |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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