Philippines Insurance Report

Published 14 August 2015

  • 73 pages
  • Instant access to your report online and PDF format through your account library
  • Includes 3 free updated quarterly reports
$1,295.00
Philippines Insurance Report

BMI View: By various metrics, the Philippines ' insurance sector is under-developed. It will remain so in 2019. Nevertheless, the trends are positive. In the life segment, increasing numbers of households and companies are becoming able to afford the wealth and protection offerings of the life insurers. This is partly due to rising incomes and partly due to initiatives on the part of the insurers themselves to educate potential clients. In the non-life segment, premiums should rise as a result of the growth of the economy and, in motor and property insurance, higher prices. There is no reason why premiums cannot continue to expand strongly beyond the end of the forecast period.

At first glance, many of the key metrics of the Philippines' insurance sector are very uninspiring. Life insurance premiums are, in 2015, equivalent to just under USD40 per capita, or 1.3% of GDP. By the end of the forecast period, in 2019, penetration should have fallen to 1.2% of GDP. In the non-life segment, premiums amount to a little over USD12 per capita and are expected to remain at around 0.4% of GDP over the next five years.

However, the general background of the insurance sector, and the latest developments, are much more encouraging. Thanks to around 400,000 group insurance policies that are in force, about one third of the population has some kind of life insurance cover (up from fewer than one fifth in early 2010). Both the regulator and the leading companies have reported good growth in overall premiums and new business premiums written through H115. The leading companies are mostly the local subsidiaries of multi-nationals who have very large regional footprints - AIA (through Philam Life), Prudential plc, Sun Life of Canada and Manulife - although there are also substantial indigenous companies such as Insular Life. In short, the players have access to capital, scale at a regional level, strong brands, and product development know-how. They typically offer a...

BMI Industry View
7
SWOT
10
Insurance
10
Political
12
Economic
13
Operational Risk
14
Industry Forecast
16
Life Premiums Forecast
16
Life Premiums
17
Table: Gross Life Premiums Written (Philippines 2012-2019)
18
Life Insurance Claims
18
Table: Life Insurance Claims (Philippines 2007-2014)
19
Life Insurers' Assets
19
Table: Assets (Philippines 2007-2014)
19
Life Insurance Drivers
19
Table: Life Expectancy by Gender (Philippines 2012-2019)
20
Table: Demographic Breakdown (Philippines 2012-2019)
21
Non-Life Premiums Forecast
22
Non-Life Premiums
22
Table: Gross Non-Life Premiums Written (Philippines 2012-2019)
24
Table: Net Non-Life Premiums Written (Philippines 2012-2019)
25
Non-Life Reinsurance Premiums
25
Table: Reinsurance Non-Life Premiums Written (Philippines 2012-2019)
26
Non-Life Claims
26
Table: Non-Life Insurance Claims (Philippines 2007-2014)
27
Table: Non-Life Insurance Claims by Line (Philippines 2007-2014)
28
Non-Life Assets
28
Table: Assets (Philippines 2007-2014)
29
Non-Life Sub-Sector Forecast
30
Table: Non-Life % Breakdown (Philippines 2012-2019)
31
Motor and Transport Insurance
31
Table: Motor Vehicle Insurance (Philippines 2012-2019)
32
Table: Insurance Key Drivers, Autos (Philippines 2012-2019)
33
Table: Transport Insurance (Philippines 2012-2019)
33
Property Insurance
34
Table: Property Insurance (Philippines 2012-2019)
34
Health Insurance
35
Table: Insurance Key Drivers, Private Health Expenditure (Philippines 2012-2019)
35
Credit/Financial Guarantee Insurance
36
Table: Credit/Financial Guarantee Insurance (Philippines 2012-2019)
36
Industry Risk Reward Ratings
37
Asia Pacific Industry Risk/Reward Index
37
Table: Asia Pacific Insurance Risk/Reward Index
38
Market Overview
39
Life Market Overview
39
The Product Offering
39
The Competitive Landscape
40
Table: Life Insurance Market (USDmn) 2010-2014
41
Table: Life Insurance Market (%) 2010-2014
42
Non-Life Market Overview
43
The Product Offering
43
The Competitive Landscape
43
Table: Non-Life Market Share (USDmn) 2010-2014
45
Table: Non-Life Market Share (%) 2010-2014
46
Company Profile
47
AIA Group
47
AXA
50
Insular Life/MAPFRE Insular
52
Manulife Financial
55
Prudential plc
57
Sun Life Grepa Financial/Malayan Insurance
59
Demographic Forecast
62
Table: Population Headline Indicators (Philippines 1990-2025)
63
Table: Key Population Ratios (Philippines 1990-2025)
63
Table: Urban/Rural Population & Life Expectancy (Philippines 1990-2025)
64
Table: Population By Age Group (Philippines 1990-2025)
64
Table: Population By Age Group % (Philippines 1990-2025)
65
Methodology
67
Industry Forecast Methodology
67
Risk/Reward Index Methodology
70
Table: Indicators
72
Table: Weighting of Indicators
73

The Philippines Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Philippines Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Philippine insurance industry.

Key Benefits

  • Benchmark BMI's independent insurance industry forecasts for Philippines to test other views - a key input for successful budgeting and strategic business planning in Philippines's insurance market.
  • Target business opportunities and risks in Philippines through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI’s key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

  • Life/non-life Premiums: Total premium growth (USDmn), premium growth (% y-o-y), penetration (% of GDP), density (USD per capita) for Life and Non-Life sectors, claims reinsurance, and assets and liabilities.
  • Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor, transport, property, personal accident, health, general liability and credit financial).

BMI’s Insurance Risk Reward Index

BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide an indices of highest to lowest appeal to investors, with each position explained.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Growth Drivers & Risk Management Projections

Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:

  • Population: Male/female, by age group, active/pensionable/youth population % of total, urban/rural population % of total.
  • Freight: Tonnage – air freight, rail freight, road freight, inland waterway.
  • Motor: Fleet size by type of vehicle % change y-o-y.
  • Epidemiology: Disease Adjusted Life Years and private health expenditure.

Market Overview & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Sources

The insurance Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.

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