Philippines Insurance Report

Published 05 February 2015

  • 72 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: The Philippines insurance market is one of the fastest growing in the Asia-Pacific region as a rapidly expanding middle class and the increased presence of multi-national firms sees coverage expand rapidly to new regions and areas of the population. The life insurance segment remains the clear outperformer with premiums growing at double-digit rates, though the non-life segment, despite significant challenges, is not far behind. The level of penetration of insurance coverage remains relatively low throughout the Philippines, with the potential for growth to continue at its current rate over the next two decades.

2015 will see the Philippines life insurance sector continue to outperform the non-life market in terms of premium growth as insurers, particularly multi-nationals, step up their distribution efforts and expand coverage to communities outside of the capital and other major cities. The recent relaxation of regulation surrounding bancassurance distribution should provide particular scope for growth as insurers leverage the relatively high penetration of international banking groups in the country. Meanwhile, the growth of new distribution platforms such as online banking should increase awareness and accessibility among a rapidly growing middle class market.

The divergence in growth rates between life and non-life insurance coverage should continue to be seen over our mid-term (2015-2019) forecast period. Non-life providers will remain more cautious in terms of expanding business due to the unpredictable nature of insurance claims, following significant spikes over recent years as the result of tropical storms and other natural disasters. We expect growth in premiums relating to core non-life lines such as property and motor vehicle insurance to gradually decline as providers become increasingly risk adverse. Increasing their market share will be less development segments of the market such as health and financial guarantee insurance. These...

Table of Contents

BMI Industry View
7
SWOT
8
Insurance
8
Political
10
Economic
11
Business Environment
12
Industry Forecast
13
Total Premiums Forecast
13
Total Premiums
13
Table: Total Gross Premiums Written (Philippines 2011-2018)
13
Claims
14
Table: Total Insurance Claims (Philippines 2006-2013)
14
Assets
14
Table: Total Insurance Assets (Philippines 2006-2012)
15
Life Premiums Forecast
15
Total Premiums
16
Table: Gross Life Premiums Written (Philippines 2011-2018)
17
Life Insurance Claims
17
Table: Life Insurance Claims (Philippines 2006-2013)
17
Life Insurance Assets
18
Table: Assets (Philippines 2006-2013)
18
Life Insurance Drivers
19
Table: Insurance Key Drivers, Disease Adjusted Life Years (Philippines 2011-2018)
19
Table: Insurance Key Drivers, Private Health Expenditure (Philippines 2011-2018)
20
Non-Life Premiums Forecast
20
Non-Life Premiums
20
Table: Gross Non-Life Premiums Written (Philippines 2011-2018)
21
Non-Life Reinsurance Premiums
22
Table: Reinsurance Non-Life Premiums Written (Philippines 2011-2018)
22
Non-Life Claims
23
Table: Non-Life Insurance Claims (Philippines 2006-2013)
23
Non-Life Assets
23
Table: Assets (Philippines 2006-2012)
24
Non-Life Sub-Sector Forecast
24
Table: Non-Life % Breakdown (Philippines 2011-2018)
25
Motor and Transport Insurance
26
Table: Motor Vehicle Insurance (Philippines 2011-2018)
26
Table: Transport Insurance (Philippines 2011-2018)
27
Table: Insurance Key Drivers, Autos (Philippines 2011-2018)
27
Property Insurance
28
Table: Property Insurance (Philippines 2011-2018)
28
Credit/Financial Guarantee Insurance
28
Table: Credit/Financial Guarantee Insurance (Philippines 2011-2018)
29
Industry Risk Reward Ratings
30
Asia Pacific Industry Risk/Reward Ratings
30
Table: Asia Pacific Insurance Risk/Reward Ratings
30
Market Overview
32
Life Market Overview
32
Table: Life Insurance Market (USDmn) 2010-2013
33
Table: Life Insurance Market (%) 2010-2012
34
Non-Life Market Overview
35
Table: Non-Life Market Share (USDmn) 2010-2013
36
Table: Non-Life Market Share (%) 2010-2013
37
Company Profile
38
AIA Group
38
American International Group (AIG)
41
AXA
43
Insular Life/MAPFRE Insular
45
Manulife Financial
48
Prudential plc
50
Sun Life Grepa Financial/Malayan Insurance
52
Demographic Forecast
55
Demographic Outlook
55
Table: The Philippines' Population By Age Group, 1990-2020 ('000)
56
Table: The Philippines' Population By Age Group, 1990-2020 (% of total)
57
Table: The Philippines' Key Population Ratios, 1990-2020
58
Table: The Philippines' Rural And Urban Population, 1990-2020
58
Methodology
59
Industry Forecast Methodology
59
Risk/Reward Rating Methodology
62
Table: Indicators
64
Table: Weighting of Indicators
65

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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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc