Singapore-headquartered insurtech firm Igloo has appointed Ramjit Lahiri as its Philippines Country Head, as the country’s insurance premiums reached PHP502.6 billion ($8.37 billion) in 2025 amid ongoing gaps in coverage and penetration.
The appointment comes as Igloo sets out its 2026 strategy to expand its role from an embedded insurance distributor to a full-stack technology infrastructure provider for digital platforms and financial institutions, the insurtech firm said in a release on Wednesday.
Lahiri, who previously led companies including Carmudi Philippines, Lamudi Philippines, and OYO Philippines, has been tasked with deepening partnerships across banks, telecommunications firms, e-wallets, and digital platforms. Key priorities include extending coverage to gig economy workers and micro-entrepreneurs, as well as developing climate- and catastrophe-related insurance products.
The Philippines has become one of Igloo’s fastest-growing markets. Since entering the country, the firm has partnered with more than 40 digital platforms and launched over 55 insurance products tailored to local consumers. A recent collaboration with ride-hailing platform Angkas provides personal accident insurance and medical coverage to more than 20,000 riders through a per-ride premium model.
Industry data shows continued growth in the sector, with total premiums rising 14.1 percent year-on-year in 2025, according to the Philippine Insurance Commission. However, insurance penetration remains between 1.78 percent and 1.79 percent of GDP, below the regulator’s 2 percent target and trailing regional peers. Estimates from GlobalData also point to a catastrophe protection gap of around 98 percent in the country.
The strategy will focus on expanding embedded insurance through consumer-facing platforms, aiming to integrate protection products into services already widely used by Filipinos. The move reflects broader efforts to address the country’s protection gap by leveraging digital distribution channels and embedded insurance models, Igloo highlighted.
Founded as a regional insurtech platform, Igloo currently processes more than 80 million policies per month across six Southeast Asian markets and has facilitated over 1.6 billion policies to date. In the Philippines, the company has established partnerships with major platforms such as GCash, Shopee, Lazada, and Smart Communications, and is targeting further expansion into banking, consumer finance, e-commerce, and healthcare sectors in 2026.
Igloo has raised over US$100 million in funding from investors including Eurazeo, Openspace Ventures, Tokio Marine, Cathay Innovation, and BlueOrchard.
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