Challenges facing the Philippines Life Insurance Market

Low Awareness and Misconceptions: Despite progress, many Filipinos remain unaware of the importance of life insurance or hold misconceptions about its affordability and relevance. Economic Uncertainty: Economic downturns can impact disposable incomes, making it challenging for families to prioritize insurance purchases. Regulatory Compliance: Adhering to stringent regulations and reporting requirements can pose operational challenges for insurers. Competition from Informal Insurance Providers: Informal or unregulated insurance schemes can undermine consumer trust and create challenges for formal sector players.