IN a statement published in the Philippine Daily Inquirer, Insurance Commissioner Reynaldo Regalado said that insurance penetration, or the ratio of insurance premiums to gross domestic product, rose to 2.03 percent from 1.89 percent in the same period last year. Insurance density, which measures average spending on insurance per individual, increased by 12.5 percent to P1,I231.61 from P1,094.94 in the previous year. For the whole year 2025, insurance penetration was 1.79 percent and insurance density was P4,414.58. Reaching the 2.0 percent level in the first quarter of 2026 is an achievement considering the prevailing economic challenges.
In 2025, the insurance industry assets increased by 7.93 percent and invested assets increased by 8.01 percent. Total premiums reached P503 billion, or a 14.10 percent increase over the previous year.
Nonlife companies
For this column, I am writing about the nonlife insurance industry, which is composed of 58 licensed companies in 2025. The nonlife business is composed of the following lines as classified by the Insurance Commission: fire, marine and aviation, motor, health, accident, other casualty, suretyship, and life for PR. If we further break these down into their subcategories, there will be about 25 lines that will require different policy terms and conditions and rates of premiums. That also means hiring and training different kinds of experts to underwrite or evaluate the risks. These underwriters have to be licensed by the Insurance Commission before they can be allowed to do underwriting work. Add to that the frontliners, the marketing team, the claims personnel, actuaries and other third party consultants to comprise the team that will bring in the good results for the companies. There are many risks and challenges that these teams have to anticipate and prepare for. Losses are unpredictable as to when they will occur and at what level or magnitude. Companies have to track not only their own experience but those of their counterparts in the region and the rest of the world to benefit from their experience and to get reinsurance support, as well. They have to get training in insurance which courses are offered by the local training institute, the Insurance Institute for Asia and the Pacific (IIAP).
The nonlife companies’ net income for the year 2025 was P10,902 billion, which is 23 percent more than the 2024 net income of P8,883 billion. Both years were affected by heavy losses in typhoons and floods, earthquakes and other natural events could have negative effect on the industry results.
But 51 out of 54 companies showed positive results! In No. 1 position is Pioneer Insurance and Surety Corp. with a net income of P697 million. Coming in close at No. 2 is Petrogen Insurance Corp. with a net income of P677 million. In third position is Standard Insurance Company Inc. with a net income of P653 million. Card Pioneer Microinsurance Inc. is in No. 7 with P468 million net income. Card Pioneer specializes in microinsurance which provides an affordable safety net for low-income individuals and micro, small and medium enterprises. Note that Pioneer Insurance and Surety Corp. is also No. 1 in gross premiums written, total assets and net worth.
Total assets of the non-life insurance companies have reached a high P392 billion, a 4-percent increase from the 2024 total assets of P377 billion. What is remarkable is that 50 percent of the total assets is in invested assets which signifies the stability of these companies.
The good results for the years 2024 and 2025 is enough assurance to the insuring public that the insurance companies are here for the long haul and will be around to pay their claims, if indeed they happen. To quote Insurance Commissioner Regalado: “Amid prevailing economic challenges, the insurance industry remains firmly positioned to meet policyholders’ needs and deliver on its commitments with stability and resilience.”
