Base Year
Historical Year
Forecast Year
The Philippines motor insurance market reached around USD 2.23 billion in 2023. The market is projected to grow at a CAGR of 3.6% between 2024 and 2032 to reach nearly USD 3.07 billion by 2032.
| Philippines Motor Insurance Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 2.23 |
| Market Size 2032 | USD Billion | 3.07 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 3.6% |
| CAGR 2024-2032 - Market by Type | Personal Injury Protection | 4.1% |
| CAGR 2024-2032 - Market by Distribution Channel | Direct Response | 4.8% |
| 2023 Market Share by Distribution Channel | Direct Response | 6.7% |
In March 2024, the Insurance Commission (IC) of the Philippines amended its scheme of Compulsory Motor Vehicle Liability Insurance by increasing third-party benefits without a corresponding increase in premium rates. This includes an increase in death indemnity coverage (including funeral and burial expenses), which has nearly tripled from PhP 70,000 to PhP 200,000. The coverage of no-fault indemnity has doubled from PhP 15,000 to PhP 30,000. In case of death or sustenance of bodily injuries on the part of the insured, the insurer is liable to pay a sum of PhP 10,000. This is expected to reduce the risk of financial loss or instability for Filipinos, where road accidents are a major risk factor for preventable fatalities, which surged by 3.4% in 2022.
The increasing preference for eco-friendly modes of transportation is expected to accelerate the ownership of EVs in the Philippines. Due to a reduction in tariff rates, the sale of electric vehicles surged by nearly 500% in the Philippines between 2022 and 2023. As per the Electric Vehicle Association of the Philippines (EVAP), overall EV sales by 2030 are expected to reach nearly 6.6 million units in the country. This is expected to raise the demand for motor insurance over the forecast period.
Philippines Motor Insurance Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Policy Type
| CAGR 2024-2032 - Market by | Type |
| Personal Injury Protection | 4.1% |
| Comprehensive Insurance | 3.9% |
| Liability Insurance | XX% |
| Collision Coverage | XX% |
Market Breakup by Premium Type
Market Breakup by Distribution Channel
| CAGR 2024-2032 - Market by | Distribution Channel |
| Direct Response | 4.8% |
| Insurance Agents | 4.0% |
| Banks | XX% |
| Others | XX% |
Based on type of distribution channel, the market is segmented into direct response, insurance agents, and banks, among others. Direct response is projected to dominate the market, representing 7% of the overall market share. Over the forecast period of 2024-2032, insurance agents are expected to grow at a CAGR of 4.0% due to the increased telemarketing efforts by motor insurance companies.
| 2023 Market Share by | Distribution Channel |
| Direct Response | 6.7% |
| Insurance Agents | XX% |
| Banks | XX% |
| Others | XX% |
At the Insurance Asia Awards 2023, Malayan Insurance Co. Inc., was awarded the title of “Domestic General Insurer of the Year” in the Philippines. It is one of the leading non-life insurers in the country.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Policy Type |
|
| Breakup by Premium Type |
|
| Breakup by Distribution Channel |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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Philippines Motor Insurance Market Size
Philippines Motor Insurance Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market reached nearly USD 2.23 billion in 2023.
The market is projected to grow at a CAGR of 3.6% between 2024 and 2032.
The market is assessed to witness healthy growth in the forecast period to reach around USD 3.07 billion in 2032.
The different policy types in the market are liability insurance, comprehensive insurance, collision coverage, and personal injury protection.
The different distribution channels in the market are direct response, insurance agents, and banks, among others.
The different categories of premiums in the market include personal insurance premiums and commercial insurance premiums.
The key market players are Malayan Insurance Co. Inc., Prudential Guarantee and Assurance, Inc., AXA, BPI/MS Insurance Corporation, FPG Insurance Co., Inc., PARAMOUNT LIFE AND GENERAL INSURANCE CORPORATION, Standard Insurance Co. Inc., and Cocogen Insurance, Inc, among others.
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Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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