Igloo has outlined its 2026 strategy for the Philippines under newly appointed Country Head Ramjit Lahiri.
The company said it will expand beyond embedded insurance distribution to position itself as a full-stack technology infrastructure provider for digital platforms and financial institutions in the market.
The Philippines is one of Igloo’s fastest-growing markets.
Since entering the country, it has partnered with more than 40 digital platforms and launched over 55 insurance products.
A recent partnership with motorcycle ride-hailing platform Angkas provides personal accident insurance benefit of PHP 650,000 and medical coverage of PHP 200,000 to over 20,000 riders, for a minimum premium of just PHP 1 per ride.
The expansion comes amid continued growth in the Philippine insurance sector, which remains under-penetrated.
Total premiums surpassed PHP 502.6 billion in 2025, up 14.1% year on year, according to the Philippine Insurance Commission.
Insurance penetration remains at around 1.78% to 1.79% of GDP, below the regulator’s 2% target.
GlobalData estimates the country’s catastrophe protection gap at around 98%, compared with a global average of 58%.
“The Philippines has one of the largest protection gaps in Southeast Asia, and also one of the most digitally engaged populations in the world,”
said Ramjit Lahiri, Country Head for the Philippines at Igloo.
“The answer is to plug insurance into consumer-facing apps, platforms, and financial services Filipinos already trust, and to make that experience as simple as buying a top-up. That is what Igloo’s technology does, and that is what we will scale aggressively in 2026.”
Lahiri previously served as Chief Executive of Carmudi Philippines and held senior roles at Lamudi Philippines and OYO Philippines. He began his career as a software engineer.
His mandate includes expanding partnerships with banks, telcos, e-wallets, consumer finance providers, and digital platforms, as well as broadening protection products in the market.
“This is only a glimpse of what embedded insurance can achieve in the Philippines,”
said Raunak Mehta, Co-Founder and Chief Executive Officer of Igloo.
“Ramjit’s experience building digital marketplaces backed by deep financial services partnerships is exactly what we need to lead this next phase. Over the next two to three years, we expect rapid scale in the Philippines, and we will continue rolling out AI-powered features that make insurance faster, more accurate, and more accessible for Filipino consumers and the platforms that serve them.”
Priorities for 2026 include coverage for gig workers and micro-entrepreneurs, climate and catastrophe-linked products, and wider deployment of Igloo’s technology platform among insurers.
Featured image credit: Edited by Fintech News Philippines, based on image by ismode via Freepik
