Magazine date:
Oct 2015 The Philippine insurance market has reported a growth of 42% during the first half of 2015. This leap is partly due to the vigorous activity of life insurance.
However, the insurance commission reveals that the market penetration rate is only 1.84% at the end of June. Surveys have shown that insurers should be generating a turnover of 500 billion PHP (11 billion USD) by 2019.
These projections are based on a strong expansion of the middle class along with a new approach to insurance by the population. If they come to materialize, these forecasts will ensure an insurance penetration rate of 3% by 2019, which in fact corresponds to the rates noted in the other Southeast Asian countries.