Established on Jan. 3, 1949, through Republic Act No. 275, the Insurance Commission (IC) was created to regulate and supervise the insurance, pre-need, and health maintenance organization (HMO) industries in the country.
From its humble beginnings, the IC has grown into a forward-thinking agency, consistently striving to meet global standards and implement best practices to serve the Filipino people.
According to the commission’s 2024 report, insurance density reached P3,882.77, an increase of 12.58% from P3,457.84 in 2023. Insurance penetration, which measures the industry’s contribution to the country’s gross domestic product (GDP), rose slightly from 1.62% in 2023 to 1.67% in 2024.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
