Philippines

Overview

The Philippines has the highest natural disaster risk of all the countries in the world. Its thousands of islands give it one of the world’s longest coastlines, and the country’s important marine and agricultural sectors are threatened by flooding, tsunamis and tropical cyclones, as well as earthquakes and volcanic eruptions caused by its location in the Pacific Ring of Fire. Insurance and risk finance can help create urgently needed resilience solutions.
Working with government and international partners, UNDP’s Insurance and Risk Finance Facility is working with UNDP Philippines to build coastal resilience in the Philippines through the development of innovative insurance products.

Main Natural Hazards

Earthquake, Tsunami, Cyclone,

Flood

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¹
Source:

https://drmkc.jrc.ec.europa.eu/inform-index/INFORM-Risk/Country-Risk-Profile}

Insurance penetration

1.6% (2023)

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¹
Source:

https://www.philstar.com/business/2024/03/23/2342530/insurance-penetration-rate-slips-further-16-percent}

Number of insurance providers

25 life insurance companies, 49 non-life insurance companies, 5 composite insurance companies, 1 reinsurer and 5 servicing insurance companies

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¹
Source:

https://www.insurance.gov.ph/wp-content/uploads/2022/07/List-of-Insurance-Companies-with-Valid-and-Existing-CA-as-of-30-June-2022.pdf}

% Workforce engaged in agriculture

24% (2022)

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¹
Source:

https://data.worldbank.org/indicator/SL.AGR.EMPL.ZS}

Multidimensional poverty

5.6% (2017)

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¹
Source:

https://hdr.undp.org/system/files/documents/hdp-document/2023mpireporten.pdf}

% of population covered by inclusive insurance products

10%

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¹
Source:
Source: The Microinsurance Network, Landscape of Microinsurance 2023, Based on target population estimate for the Philippines of 95,151,097 people
https://microinsurancenetwork.org/resources/the-landscape-of-microinsurance-2023}

Biodiversity ranking

#22 out of 239 countries and territories (2023)

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¹
Source:

https://worldrainforests.com/03highest_biodiversity.htm}

Small business % contribution to workforce

63% of total employment (2020)

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¹
Source:

https://www.undp.org/philippines/publications/msme-value-chain-rapid-response-survey}

Our projects

Expanding microinsurance outreach by replicating successful models
UNDP’s Insurance Innovation Challenge Fund, in cooperation with the International Cooperative and Mutual Insurance Federation (ICMIF) Foundation, supports mutual insurance organizations in creating and distributing innovative and affordable insurance products for the most vulnerable.
In the Philippines, UNDP’s Insurance Innovation Challenge is supporting an innovative project to provide business training to Microinsurance Mutual Benefit Associations (MBAs), member-oriented organizations supporting microentrepreneurs in the country, especially women. The project will replicate and customize the successful Microinsurance MBA business model through sharing best practices and implementing up-to-date technological solutions and information systems.

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Winners of the UNDP ICMIF Insurance Innovation Challenge