77 years of insurance stewardship

The Philippines’ insurance industry is, perhaps, one of the country’s bright spots, with its growth projected to outpace most of its Asian counterparts and the overall global trajectory.

According to the Germany-based insurance firm Allianz’s Global Insurance Report, the country’s insurance sector is poised to grow by 9.2% between 2025 and 2035, eventually amounting to more than 21 billion euros. Comparatively, the global average growth currently stands at 5.3% while in areas such as Western Europe (3.7%), North America (4.7%), and Japan (2.5%), also lag behind the country’s insurance sector.

Much of this growth can be attributed to the work of the Philippines’ Insurance Commission (IC). Established in 1949, the attached agency of the Department of Finance (DoF) is tasked to strengthen and regulate the Philippines’ pre-need companies while also implementing prudent and progressive regulatory and supervisory policies at par with international standards.

In line with this mandate, the commission’s core objectives center on advancing the insurance industry’s development, ensuring effective regulation, and protecting consumers. It aims to foster sustained growth and financial stability across insurance, pre-need, and health maintenance organizations (HMOs), while elevating the professionalism of these sectors and promoting greater public awareness and understanding. Additionally, it seeks to build a robust and reliable national insurance market and to uphold the rights and interests of policyholders, pre-need plan holders, and HMO members.

This year, the IC celebrates its 77^th year, crowned with a strong performance in 2025 as total insurance premiums topped P500 billion for the first time in the country’s history, signaling that more Filipino families and businesses are more financially literate and are protecting themselves against unfortunate circumstances.

“Beyond the numbers, this milestone tells us something even more important. It reflects broader public participation and a growing awareness among Filipinos that insurance is an essential tool for financial protection. This also reaffirms the industry’s role as a cornerstone of economic resilience,” Finance Secretary Frederick D. Go said in his keynote speech at the IC’s 77th anniversary celebration last March 16

Building on this milestone, the industry’s expanding reach is further reflected in its growing financial strength and contribution to the broader economy. Last year, the insurance industry’s total assets had reached P2.66 trillion, with a significant portion allocated to government securities and local investments that contribute to infrastructure projects and broader national development goals.

Alongside this, the industry’s impact is also evident in the vital support it provides to healthcare access and delivery across the country. In 2025, the HMO sector disbursed P12.10 billion in healthcare benefits and claims, underscoring its ongoing role in expanding access to quality medical services for Filipinos.

Complementing these gains, the pre-need sector likewise demonstrated steady growth, further strengthening the industry’s role in long-term financial planning for Filipino families. The sector recorded total premium income of P23.94 billion in the fourth quarter of 2025, alongside 895,679 plans sold by the end of the year — reflecting its continued support in helping families plan ahead for education and memorial needs with increased assurance.

A cyber-secure commission

Another recent achievement by the IC is the bolstering of its cybersecurity capabilities along with other government-backed financial institutions. In March this year, the IC, Bureau of the Treasury (BTr), Government Service Insurance System (GSIS), Social Security System (SSS), Philippine Deposit Insurance Corp. (PDIC), and the Landbank of the Philippines (LANDBANK) signed a memorandum of agreement (MoA) on the “Shared Cyber Defense Solution for the Insurance Cluster.”

The MoA is aimed at boosting each agency’s ability to detect, prevent, and respond to cyber incidents through various methods such as advanced threat monitoring, improved security analytics, and strengthened defensive controls.

“This agreement strengthens the government’s ability to protect the insurance industry from cyberattacks, ensuring that Filipinos’ hard-earned savings are secure. By safeguarding these critical financial resources, the government is not only protecting the stability of the insurance sector but also reinforcing public trust and confidence in the system, encouraging more Filipinos to rely on insurance as a tool for financial security,” Mr. Go was quoted as saying.

Under the agreement, LANDBANK will act as the procurement agent and handle the bidding and acquisition of the cyber defense system. The participating agencies will define the technical requirements and supervise implementation through a Joint Technical Working Group. Meanwhile, an Interagency Oversight Committee, made up of chief information officers and IT security officials, will track cybersecurity developments and recommend appropriate security measures.

“Cybersecurity is a critical component of institutional resilience in today’s increasingly digital environment. Through this collaboration, the Insurance Commission is strengthening its capacity to protect critical systems and safeguard sensitive information against evolving cyber threats,” Insurance Commissioner Reynaldo A. Regalado said a statement.

Sustained prudence

Aside from strengthening its operational capabilities, the commission has also maintained a strong track record in financial accountability and transparency. For the year 2024, the IC received its seventh “unmodified opinion” over the last decade from the Commission on Audit (CoA).

An “unmodified,” or “unqualified,” opinion is issued when auditors determine that the financial statements are fairly presented and free from any material misstatements, whether caused by error or fraud.

“In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Insurance Commission as at December 31, 2024, and its financial performance, cash flows, changes in net assets/equity, comparison of budget and actual amounts for the year then ended, and notes to the financial statements, in accordance with International Public Sector Accounting Standards (IPSASs),” CoA State Auditor V Angelita C. Lomentigar stated in the Independent Auditor’s Report.

“This receipt of the ‘unmodified opinion’ from the CoA reflects the Commission’s traditions of transparency, accountability, and fiscal prudence. As stewards of public funds, it is our duty to ensure that the agency’s resources are managed and spent effectively and in alignment with our regulatory priorities,” Mr. Regalado said in another statement.  

The IC’s sustained growth, strong governance, and commitment to getting better continue to reinforce the resilience of the country’s thriving insurance sector. As it moves forward, their efforts position the industry to better serve Filipinos while supporting broader economic stability and development for years to come. — Jomarc Angelo M. Corpuz