A 100% and 200% growth in nonlife insurance protection can yield boosts of 5.9% and 12%, respectively. For businesses, the right insurance coverage stabilizes operations and the workforce. At the community and government level, broader insurance coverage means fewer people falling into poverty after a setback and less strain on public funds,” Prudential said. As a result, insurance penetration, or the ratio of insurance premiums to the gross domestic product, rose to 1.79% from 1.71% a year prior. Insurance density, or the average spending of each individual on insurance, also increased by 12.07% to P2,137.32.