The Philippines is one of the most underinsured regions globally, with data from the Insurance Commission (IC) showing low insurance penetration at only three percent of the adult population. But the scenario offers enormous opportunities. Over the past couple of years, the Philippines insurance industry saw robust growth, with total gross premiums rising 64.3 percent from Php 169. 6 billion in the third quarter of 2016 to Php 278. 7 billion in the same period in 2021.
In addition, micro insurance is showing an uptrend. The IC said in November that the number of insured Filipinos by affordable microinsurance increased 4.5 percent from 39.7 million during the first six months of 2020. With the uptick trend in the insurance landscape, regional insurtech company Igloo Insurance will host a virtual webinar titled “Insuretech: Addressing Underinsurance in the Country: Giving Power Back to the Consumers” on June 1 from 3:00 pm to 5:00 pm.
Join us and explore the Philippine insurance space by clicking the link: https://tinyurl.com/yc22z6zv