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  4. > Philippines Insurance Report Q3 2016

Philippines Insurance Report Q3 2016

  • June 2016
  • -
  • Business Monitor International
  • -
  • 58 pages

Includes 3 FREE quarterly updates

BMI View: We retain our positive view of the Philippines' insurance sector, which offers significant growthpotential - and are not altering our forecasts this quarter. Life insurance should benefit from higherhousehold incomes. Good pricing power on the part of property insurers (and increased volumes) will drivegrowth in that sub-sector and for the non-life segment as a whole. Both the life and the non-life segmentsshould benefit from the generally favourable economic environment.

Key Updates And Forecasts:

- We remain upbeat about the prospects for the life segment, and forecast steady growth in premiums ofaround 7% annually. The latest results indicate that the leading life companies have been enjoyingprofitable growth, in part because of improved investment income relative to 2014. Various driversshould support the continued expansion of the life segment. These include growth in the number andwealth of households that can afford life insurance. In the meantime, life insurers themselves willcontinue to exploit strengths such as brand names, multi-channel distribution strategies, ease of access tothe capital that they need and product innovation know-how.

- Having substantially increased our forecasts for the non-life segment in Q216, we have maintained ourforecasts unchanged this quarter. Key themes remain the generally favourable economic outlook, risinghousehold incomes, increased appetite (from a low base) for property insurance and the rise in thenumber of vehicles on the Philippines' roads. We expect that pricing will remain disciplined and thathigher claims costs will be passed on to customers.

Table Of Contents

Philippines Insurance Report Q3 2016
BMI Industry View 7
Table: Headline Insurance Forecasts (Philippines 2013-2020) 7
SWOT 8
Insurance 8
Industry Forecast 10
Life Premiums Forecast 10
Table: Life Premiums (Philippines 2013-2020) 13
Table: Life Insurance Claims, Philippines 13
Non-Life Premiums Forecast 14
Table: Non-Life Premiums (Philippines 2013-2020) 17
Table: Non-Life Insurance Claims, Philippines 19
Non-Life Sub-Sector Forecast 19
Motor: A Dominant Line 20
Transport: The Weak Link 22
Property: Demand Stays High 23
Credit And Financial Guarantee: On The Right Track 25
Table: Non-Life Insurance Premiums by Product Line (Philippines 2013-2020) 26
Insurance Risk/Reward Index 27
Asia Pacific Industry Risk/Reward Index 27
Table: Asia Pacific Insurance Risk/Reward Index Q316 28
Market Overview 29
Life Market Overview 29
The Product Offering 29
The Competitive Landscape 30
Table: Life Insurance Market, 2010-2014 (USDmn) 31
Non-Life Market Overview 32
The Product Offering 32
The Competitive Landscape 32
Table: Non-Life Market Share, 2010-2014 (USDmn) 33
Company Profile 35
AIA Group 35
AXA 38
Insular Life/MAPFRE Insular 41
Manulife Financial 44
Prudential plc 47
Sun Life Grepa Financial/Malayan Insurance 49
Methodology 52
Industry Forecast Methodology 52
Risk/Reward Index Methodology 55
Table: Indicators 57
Table: Weighting of Indicators 58

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