Business Monitor International


Philippines Insurance Report

Published 24 November 2014

  • 80 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:   Philippines life insurance will remain among the fastest growing in the region, expanding by 1 8 % between 2015-2018 and rising to a premium of USD 9.1 bn by 2018 . N on-life premiums will grow much more slowly , at an annual average growth of just 9.6% , with premiums reaching 2bn by 2018. T he non-life market is underperforming with the insurance densit y only USD15.5 in 2015.  

The Philippines life insurance market is a promising growth market and is the fastest growing in the South East Asian region (excluding the newly-formed Cambodian life market). 2014 and 2015 will see slower expansion than recent years, but growth of over 15% will remain through to 2018 and beyond. Despite these positives, the market remains small, reaching just USD5.7bn in 2015, only USD56 per capita.

Non-life growth suffered in 2014, largely due to the impact of Typhoon Haiyan, but will recover in 2015 to double-digit rates seen in recent years. The non life sector is, however, dwarfed by the life sector premiums which will be less than one third the size of the life sector premiums over 2015. Pioneer and Charter Ping An stand out as two domestic insurers that will exhibit strong growth over the next five years, particularly if regulatory developments continue to assist the market.

Key BMI Forecasts:

  • Total premiums to grow to USD7.3bn in 2015. 

  • Life premium growth will slow in 2014, compared to previous years, but still maintain an annual average growth rate of 18.16% between 2015 and 2018, with overall premiums rising from USD 5.7bn in 2015 to USD 9.1bn in 2018.

  • Non-life premium growth will bounce back in 2015, with an annual average growth rate of 9.58% between 2015 and 2018, though gross premium will reach only USD2.0bn by 2018.

  • Within non-life motor, health and personal accident insurance will grow the most with motor growing by 9.5% per annum and health & personal accident by in excess of 13% per annum.

  • Property insurance growth to...

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 Business Monitor International (BMI)'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.

Regional Outlook

Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.

Business Environment Rankings

BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.

The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.

BMI Industry Forecasts

Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

Premiums: Total (US$mn), growth (% y-o-y), penetration (% of GDP), density (US$ per capita) for Life and Non-Life sectors, and total premiums.

Life: Data on gross written premiums for all major non-life segments (e.g. motor, fire, work).

Non-life: Data on gross written premiums for all major life segments (e.g. life, retirement).

Economic: Nominal GDP (US$bn), real GDP growth (%), GDP per capita (US$), population (mn), unemployment (%), exchange rate (against US$).

Competitive Landscape & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Company Profiles

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. 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.

secure
Benefit from discounts when you add multiple products to your basket
2 Products SAVE 10%
3 Products SAVE 15%
4 Products SAVE 20%
5 Products SAVE 25%
6 Products SAVE 30%
7 - 20 Products SAVE 35%
21 Products or more SAVE 40%

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