Expression of Interest For Market Research On Affordable Health And Benefits Insurance In Philippines

Expression of Interest are invited for Market Research on Affordable Health and Benefits Insurance in Philippines Description IFC a member of the World Bank Group is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For additional information, visit www.ifc.org. High out-of-pocket healthcare expenses continue to create financial vulnerability globally, pushing an estimated 100 Mn people into extreme poverty each year. In emerging markets like Philippines, over 50% of healthcare costs are paid directly by households, exposing them to significant financial risk, even with near-universal PhilHealth coverage. Salaried households, despite steady incomes, remain vulnerable to medical cost shocks that can erode savings, increase indebtedness, and undermine workforce productivity, particularly among low- to middle-income (LMI) workers. While large corporations often provide comprehensive group health plans, many salaried workers (especially those in small and mid-sized enterprises (SMEs)) have limited or no coverage beyond statutory requirements, leaving them vulnerable to health-related financial shocks. This underinsurance is reflected in a widening global health protection gap. Swiss Re estimates this gap grew by 5.4% in 2023 to approximately USD 941 Bn, highlighting a growing mismatch between healthcare protection needs and existing insurance coverage, particularly in emerging markets. Addressing key demand and supplyside constraints is critical to unlocking a scalable insurance market that balances affordability for LMI salaried workers with commercial sustainability for insurers. Well-designed, affordable group plans can complement public systems such as PhilHealth by reducing out-of-pocket costs, improving access, and leveraging risk pooling and payroll deduction to enhance affordability and persistence. The Philippine general insurance market is projected to grow from PHP153.8Bn in 2025 to PHP229.7Bn by 2029, driven by disaster risk, digital adoption, and product innovation. Despite this growth, insurance penetration remains very low, with general insurance premiums accounting for only about 0.5% of GDP in 2024. Expanding into inclusive general insurance (particularly affordable health and benefits) offers commercial insurers the opportunity to access new premium pools, diversify risk, and strengthen brand value through ESGaligned growth. IFCs Financial Institutions Group (FIG) intends to engage a market research firm to provide critical market and customer insights to support the development of commercially viable affordable health and benefits insurance solutions for LMI segments in Philippines. Tender Link : https://wbgeprocure-rfxnow.worldbank.org/rfxnow/public/advertisement/6935/view.html

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