As insurance market reaches $8.4 B, Insurtech Igloo broadens its approach in Philippines
As insurance premiums in the Philippines reached PHP502.6 billion ($8.37 billion) in 2025 due to persistent gaps in coverage and penetration, Singapore-based insurtech company Igloo named Ramjit Lahiri as its Country Head.
According to a release from the insurtech company, the appointment coincides with Igloo’s 2026 plan to transition from an embedded insurance distributor to a full-stack technology infrastructure provider for digital platforms and financial institutions.
Lahiri, who previously oversaw businesses like Carmudi Philippines, Lamudi Philippines, and OYO Philippines, has been assigned the responsibility of strengthening relationships with banks, telecom companies, e-wallets, and digital platforms. Increasing coverage for gig economy workers and micro-entrepreneurs, as well as creating insurance products related to disasters and climate change, are top priorities.
One of Igloo’s markets with the quickest rate of growth is the Philippines. Since coming to the nation, the company has partnered with over 40 digital platforms and introduced over 55 insurance products that are specifically designed for local customers. More than 20,000 riders now have access to personal accident insurance and medical coverage through a per-ride premium model thanks to a recent partnership with ride-hailing service Angkas.
According to the Philippine Insurance Commission, industry data indicates that the sector is still expanding, with total premiums rising 14.1 percent year over year in 2025. Nonetheless, insurance penetration is still between 1.78 and 1.79 percent of GDP, falling short of regional peers and the regulator’s 2 percent target. Additionally, estimates from GlobalData indicate that the nation has a 98% catastrophe protection gap.
In order to incorporate protection products into services that Filipinos already frequently use, the strategy will concentrate on growing embedded insurance through consumer-facing platforms. Igloo noted that the action is part of larger initiatives to close the nation’s protection gap by utilizing embedded insurance models and digital distribution channels.
Igloo was established as a regional insurtech platform and has facilitated over 1.6 billion policies to date, processing over 80 million policies every month in six Southeast Asian markets. The company has partnered with major platforms in the Philippines, including GCash, Shopee, Lazada, and Smart Communications. By 2026, it hopes to expand further into the banking, consumer finance, e-commerce, and healthcare sectors.
Investors such as Eurazeo, Openspace Ventures, Tokio Marine, Cathay Innovation, and BlueOrchard have contributed more than $100 million to Igloo.
