Country Briefing Note: Philippines (NM)
Insurance penetration remains quite low in the Philippines despite a fairly regulated sector and several frameworks to develop offerings.
🚩 INTRODUCTION
INTRODUCTION
The Philippines is one of the countries with the highest income inequality rate in East Asia. In addition, it is susceptible to harsh climatic disasters, which further increases citizens’ social and economic vulnerability. The microinsurance sector is quite regulated with several frameworks geared towards strengthening the sector. Despite this, insurance penetration rate remains quite low.
- The social protection framework architecture is quite defined with several players involved and ongoing programmes.
- The Philippines has a large social protection gap with only 36.7% of the total population covered in at least one area of social protection.
- In 2022, the country launched its first public-private partnership on crop insurance.
- There are opportunities to promote digital literacy to enable increased adoption of digital platforms for accessing microinsurance products.
- There is need to create awareness among citizens around the importance of insurance in reducing their vulnerability to risks.