Market Size of Philippines Motor Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 9.00 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Philippines Motor Insurance Market Analysis
During the COVID-19 pandemic, the Philippines Motor Insurance Market faced economic uncertainty, lockdown restrictions, and due long-term downturn in the auto sector. It had a negative effect on motor insurance. Even before the onset of the pandemic, adverse economic developments, mature market conditions, and industry disruptions slowed down the premium growth of the motor insurance market.
There is an increase in penetration of auto insurance across both commercial/businesses and individual segments. The cost of maintenance of the vehicles has risen as vehicles become digital and connected, which makes insurance a viable alternative. The bargaining power of customers in the motor insurance market around the Philippines has increased, and the best insurance deals with apt risk cover are being taken into consideration because of the entry of multiple players into the market. The vehicle ownership rate and the used vehicle sales in the Philippines are growing at a substantial rate which would result in healthy growth in the Philippines Motor Insurance Market. Overall, insurance grew during the study period, with growth mainly driven by the expansion of the middle-class in the Philippines.
