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Philippines Insurance Report Q1 2017

  • November 2016
  • -
  • Business Monitor International
  • -
  • 55 pages

Includes 3 FREE quarterly updates

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.

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.

Table Of Contents

Philippines Insurance Report Q1 2017
BMI Industry View 5
Table: Headline Insurance Forecasts (Philippines 2013-2020) 5
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Philippines 2013-2020) 11
Table: Life Insurance Claims (Philippines 2008-2013) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Philippines 2013-2020) 15
Table: Non-Life Insurance Claims (Philippines 2009-2013) 17
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (Philippines 2013-2020) 24
Insurance Risk/Reward Index 25
Table: Asia Pacific Insurance Risk/Reward Index Q117 26
Market Overview 27
Life Market Overview 27
Product Offering 27
Competitive Landscape 28
Table: Life Insurance Market, 2010-2014 (USDmn) 29
Non-Life Market Overview 30
Product Offering 30
Competitive Landscape 30
Table: Non-Life Market Share, 2010-2014 (USDmn) 31
Company Profile 33
AIA Group 33
AXA 36
Insular Life/MAPFRE Insular 38
Manulife Financial 41
Prudential plc 44
Sun Life Grepa Financial/Malayan Insurance 46
Methodology 49
Industry Forecast Methodology 49
Sector-Specific Methodology 50
Risk/Reward Index Methodology 52
Table: Indicators 54
Table: Weighting of Indicators 55

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