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Philippines Insurance Report Q1 2016

  • November 2015
  • -
  • Business Monitor International
  • -
  • 57 pages

BMI View

: Though currently relatively small by global standards, the insurance industry in the Philippinesdoes offer significant future growth potential. Life insurance is already well established and set to benefitfrom steady improvements in household income rates and life expectancy which will boost demand for arange of retirement and later-in-life savings products.

The smaller non-life sector also stands to benefitfrom wider domestic economic growth and demand for key lines such as motor and property will remainstrong. As such, premiums written in the market are expected to increase steadily over the medium term andbeyond. The country's vulnerability to large-scale natural disasters, such as typhoons, and the presence ofseveral small domestic firms, does mean that the use of outwards reinsurance will remain high for theforeseeable future.

Key Updates and Forecasts:

- The life insurance sector will continue to account for the majority of premiums written in the Filipinoinsurance market, with premiums set to increase by around 7.5% annually to reach USD5.1bn in 2019, upfrom USD4.0bn in 2015 - more than three quarters of insurance premiums in the country.

- The smaller non-life sector is expected to see slightly slower growth of around 6% annually, meaningnon-life premiums written will rise from USD1.3bn in 2015 to USD1.6bn at the end of the currentforecast period in 2019.

Table Of Contents

Philippines Insurance Report Q1 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Philippines 2012-2019) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Philippines 2012-2019) 12
Table: Life Insurance Claims (Philippines 2007-2013) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Philippines 2012-2019) 16
Table: Non-Life Insurance Claims (Philippines 2008-2013) 18
Non-Life Sub-Sector Forecast 18
Table: Non Life Insurance Premiums by Product Line (Philippines 2012-2019) 25
Insurance Risk/Reward Index 26
Asia Pacific Industry Risk/Reward Index 26
Table: Asia Pacific Insurance Risk/Reward Index 27
Market Overview 28
Life Market Overview 28
The Product Offering 28
The Competitive Landscape 29
Table: Life Insurance Market (USDmn) 2010-2014 30
Non-Life Market Overview 32
The Product Offering 32
The Competitive Landscape 32
Table: Non-Life Market Share (USDmn) 2010-2014 34
Company Profile 36
AIA Group 36
AXA 39
Insular Life/MAPFRE Insular 41
Manulife Financial 44
Prudential plc 46
Sun Life Grepa Financial/Malayan Insurance 48
Methodology 51
Industry Forecast Methodology 51
Risk/Reward Index Methodology 54
Table: Indicators 56
Table: Weighting of Indicators 57

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