Philippine Insurers Face Challenges with Price Tariffs Amid Rising Disaster Risks
Philippine insurers are currently grappling with increased operational costs and heightened disaster risks, as detailed in Gallagher Re’s 2025 APAC market report. The insurance sector in the Philippines is constrained by a tariffed market, which restricts insurers' ability to freely adjust prices. This limitation is compounded by a significant natural catastrophe protection gap, where events like typhoons and floods leave many losses uninsured. In 2024, the non-life combined ratio rose to 95.4%, up from 91.1% in 2023, indicating increased expense ratios and pressure on profitability. Despite these challenges, there are positive developments, such as a 10.3% rise in non-life gross written premiums in 2024, reaching approximately $2.3 billion. Additionally, reinsurance pricing improved in 2025, with a 5% to 10% reduction in risk and catastrophe business for loss-free accounts. 
