The life insurance sector in the Philippines is projected to exceed $7 billion by 2028, growing from $5.8 billion in 2024, according to GlobalData. This growth is attributed to factors such as economic recovery, an aging population, and increasing life expectancy. The country’s GDP is expected to rise, bolstered by consumer spending and a recovering tourism sector, which will further support the demand for life insurance products. Additionally, favorable regulatory developments and investments in digital transformation are anticipated to drive industry expansion.
