GlobalData expects the Philippine non-life insurance market to reach 211.5 billion PHP (3.7 billion USD) in 2027, against 136.4 billion PHP (2.4 billion USD) in 2023. The average annual growth rate over the 2023-2027 period is projected at 11.6%.
This increase would be driven by strong economic growth, new infrastructure projects and increased demand for natural catastrophe insurance policies.
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