Philippines Insurance Report

Providing expert analysis, independent forecasts and competitive intelligence on the insurance industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Insurance Risk Reward Index and Company Profiles.

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Philippines Insurance Report
Product Price

BMI View: We remain upbeat about the prospects for the Philippines' s insurance sector. Both major segments should benefit from the steady rises in household income and economic activity generally. In both cases, premiums will be boosted by the development and distribution of innovative products. This quarter we have revised our growth projections for the life segment downwards slightly.

Headline Insurance Forecasts (Philippines 2013-2020)
2013 2014 2015 2016f 2017f 2018f 2019f 2020f
f = BMI forecast. Source: Insurance Commission, BMI
Gross life premiums written, PHPbn 171.20 157.80 188.50 194.20 208.30 223.80 240.70 259.10
Gross life premiums written, PHP, % y-o-y 42.3 -7.8 19.5 3.0 7.2 7.5 7.5 7.7
Gross life premiums written, USDbn 4.00 3.60 4.20 4.10 4.30 4.70 5.00 5.40
Gross life premiums written, USD, % y-o-y 39.0 -9.9 16.8 -2.9 6.0 8.6 7.8 8.2
Gross non-life premiums written, PHPbn 51.10 55.50 59.90 64.70 69.80 75.30 81.20 87.60
Gross non-life premiums written, PHP, % y-o-y 6.9 8.6 7.9 8.0 8.0 7.9 7.8 7.8
Gross non-life premiums written, USDbn 1.20 1.30 1.30 1.30 1.40 1.60 1.70 1.80
Gross non-life premiums written, USD, % y-o-y 4.4 6.2 5.5 1.8 6.8 9.0 8.1 8.3

Key Updates And Forecasts

  • The latest results indicate that the leading life companies have been enjoying profitable growth, in part because of improved investment income relative to 2014 and early 2015. Various drivers should support the continued expansion of the life segment. These include growth in the number and wealth of households that can afford life insurance. In the meantime, life insurers themselves will continue to exploit strengths such as brand names, multi-channel distribution strategies, ease of access to the capital that they need and product innovation know-how.

  • Key themes in the non-life segment remain the generally favourable economic outlook, rising household incomes, increased appetite (from a low base) for property insurance and the rise in the number of vehicles on the Philippines' roads. We expect that pricing will remain disciplined and that higher claims costs will be passed on to customers. We remain of the view that price competition will likely hinder the growth of the property insurance sub-sector.

BMI Industry View
Table: Headline Insurance Forecasts (Philippines 2013-2020)
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Philippines 2013-2020)
Table: Life Insurance Claims, Philippines
Non-Life Premiums Forecast
Table: Non-Life Premiums (Philippines 2013-2020)
Table: Non-Life Insurance Claims, Philippines
Non-Life Sub-Sector Forecast
Motor: A Dominant Line
Transport: The Weak Link
Property: Demand Stays High
Credit And Financial Guarantee: On The Right Track
Table: Non-Life Insurance Premiums by Product Line (Philippines 2013-2020)
Insurance Risk/Reward Index
Asia Pacific Industry Risk/Reward Index
Table: Asia Pacific Insurance Risk/Reward Index Q316
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Table: Life Insurance Market, 2010-2014 (USDmn)
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Table: Non-Life Market Share, 2010-2014 (USDmn)
Company Profile
AIA Group
Insular Life/MAPFRE Insular
Manulife Financial
Prudential plc
Sun Life Grepa Financial/Malayan Insurance
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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).


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.


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.