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Philippines Insurance Report Q2 2016

  • March 2016
  • -
  • Business Monitor International
  • -
  • 57 pages

Includes 3 FREE quarterly updates

BMI View: We retain our positive view of the Philippines' insurance sector, which offers significant growthpotential. Life insurance should benefit from higher household incomes. Good pricing power on the part ofproperty insurers (and increased volumes) will drive growth in that sub-sector and for the non-life segmentas a whole. Both the life and the non-life segments should benefit from the generally favourable economicenvironment.

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.

- We have significantly increased our forecasts for the premiums to be written by the non-life segment. Inparticular, we are more positive about the prospects for the property insurance sub-sector, which is thelargest element of the segment that can be identified separately. The Philippines' economy has performedreasonably well through 2015, and should continue to do so. In addition, we believe that property insurersshould be able to pass on higher claims (and other) costs to their customers.

Table Of Contents

Philippines Insurance Report Q2 2016
BMI Industry View 7
Table: Headline Insurance Forecasts (Philippines 2013-2020) 7
Insurance 8
Industry Forecast 10
Life Premiums Forecast 10
Table: Life Premiums (Philippines 2013-2020) 13
Table: Life Insurance Claims (Philippines 2008-2015) 13
Non-Life Premiums Forecast 14
Table: Non-Life Premiums (Philippines 2013-2020) 17
Table: Non-Life Insurance Claims (Philippines 2009-2015) 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 Q216 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 40
Manulife Financial 43
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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