The Philippine insurance industry’s total premium collections in the quarter of 2026 rose 13.15% to PHP140.85bn (approx. US$2.28bn) from PHP124.48bn a year earlier, according to preliminary quarterly data from the Insurance Commission (IC), released over the weekend.
The IC attributed the increase to continued consumer demand for insurance products and growing public confidence in insurance as a financial safety net.
Total benefit payments climbed 11.36% to PHP43.44bn in Q1 from PHP39.01bn in the same period last year. The rise in claims and benefit payments highlighted the sector’s continued capacity to meet policyholder obligations and provide financial support to beneficiaries, according to the regulator. This, however, weighed on profitability as the industry’s net income declined 1.75% year on year during the quarter.
The industry’s total assets increased to PHP2.65 trillion from PHP2.48 trillion a year earlier, as total invested assets also rose to PHP2.37 trillion from PHP2.19 trillion over the same period.
Insurance penetration—the ratio of insurance premiums to gross domestic product—improved to 2.03%, while insurance density—the average insurance spending per person—likewise increased to PHP1,231.61.
The commission said the sector’s steady growth in premiums, benefits paid, assets, and invested assets demonstrated the industry’s sustained financial resilience.
Commenting on the quarterly figures, Insurance Commissioner Reynaldo Regalado said: “Amid prevailing economic challenges, the insurance industry remains firmly positioned to meet policyholder needs and deliver on its commitments with stability and resilience.“
