The Philippines motor insurance market reached around USD 2.23 Billion in 2024. The market is projected to grow at a CAGR of 3.60% between 2025 and 2034 to reach nearly USD 3.18 Billion by 2034.
Philippines Motor Insurance Market Growth
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 Industry Segmentation
Philippines Motor Insurance Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Policy Type
Liability Insurance
Comprehensive Insurance
Collision Coverage
Personal Injury Protection
Market Breakup by Premium Type
Personal Insurance Premiums
Commercial Insurance Premiums
Market Breakup by Distribution Channel
Direct Response
Insurance Agents
Banks
Others
Philippines Motor Insurance Market Share
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 2025-2034, insurance agents are expected to grow at a CAGR of 4.0% due to the increased telemarketing efforts by motor insurance companies.
Leading Companies in the Philippines Motor Insurance Market
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.
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.
Cocogen Insurance, Inc
Others
Philippines Motor Insurance Market Report Snapshots
Philippines Motor Insurance Market Size
Philippines Motor Insurance Market Growth
Philippines Motor Insurance Market Share
Philippines Motor Insurance Companies
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific Motor Insurance Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Motor Insurance Historical Market (2018-2024)
- 5.3 Asia Pacific Motor Insurance Market Forecast (2025-2034)
- 6 Philippines Motor Insurance Market Overview
- 6.1 Key Industry Highlights
- 6.2 Philippines Motor Insurance Historical Market (2018-2024)
- 6.3 Philippines Motor Insurance Market Forecast (2025-2034)
- 7 Philippines Motor Insurance Market by Policy Type
- 7.1 Liability Insurance
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Comprehensive Insurance
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Collision Coverage
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Personal Injury Protection
- 7.4.1 Historical Trend (2018-2024)
- 7.4.2 Forecast Trend (2025-2034)
- 8 Philippines Motor Insurance Market by Premium Type
- 8.1 Personal Insurance Premiums
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Commercial Insurance Premiums
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 9 Philippines Motor Insurance Market by Distribution Channel
- 9.1 Direct Response
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Insurance Agents
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Banks
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 Others
- 10 Market Dynamics
- 10.1 SWOT Analysis
- 10.1.1 Strengths
- 10.1.2 Weaknesses
- 10.1.3 Opportunities
- 10.1.4 Threats
- 10.2 Porter’s Five Forces Analysis
- 10.2.1 Supplier’s Power
- 10.2.2 Buyer’s Power
- 10.2.3 Threat of New Entrants
- 10.2.4 Degree of Rivalry
- 10.2.5 Threat of Substitutes
- 10.3 Key Indicators for Demand
- 10.4 Key Indicators for Price
- 11 Competitive Landscape
- 11.1 Supplier Selection
- 11.2 Key Global Players
- 11.3 Key Regional Players
- 11.4 Key Player Strategies
- 11.5 Company Profiles
- 11.5.1 Malayan Insurance Co. Inc.
- 11.5.1.1 Company Overview
- 11.5.1.2 Product Portfolio
- 11.5.1.3 Demographic Reach and Achievements
- 11.5.1.4 Certifications
- 11.5.2 Prudential Guarantee and Assurance, Inc.
- 11.5.2.1 Company Overview
- 11.5.2.2 Product Portfolio
- 11.5.2.3 Demographic Reach and Achievements
- 11.5.2.4 Certifications
- 11.5.3 AXA
- 11.5.3.1 Company Overview
- 11.5.3.2 Product Portfolio
- 11.5.3.3 Demographic Reach and Achievements
- 11.5.3.4 Certifications
- 11.5.4 BPI/MS Insurance Corporation
- 11.5.4.1 Company Overview
- 11.5.4.2 Product Portfolio
- 11.5.4.3 Demographic Reach and Achievements
- 11.5.4.4 Certifications
- 11.5.5 FPG Insurance Co., Inc.
- 11.5.5.1 Company Overview
- 11.5.5.2 Product Portfolio
- 11.5.5.3 Demographic Reach and Achievements
- 11.5.5.4 Certifications
- 11.5.6 PARAMOUNT LIFE AND GENERAL INSURANCE CORPORATION
- 11.5.6.1 Company Overview
- 11.5.6.2 Product Portfolio
- 11.5.6.3 Demographic Reach and Achievements
- 11.5.6.4 Certifications
- 11.5.7 Standard Insurance Co. Inc.
- 11.5.7.1 Company Overview
- 11.5.7.2 Product Portfolio
- 11.5.7.3 Demographic Reach and Achievements
- 11.5.7.4 Certifications
- 11.5.8 Cocogen Insurance, Inc
- 11.5.8.1 Company Overview
- 11.5.8.2 Product Portfolio
- 11.5.8.3 Demographic Reach and Achievements
- 11.5.8.4 Certifications
- 11.5.9 Others
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