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Commercial Non-Life Insurance Brokers in the Philippines plus the BrokerBASE™ and market data file that accompany it investigate the importance of brokers in the distribution of non-life insurance for businesses in the Philippines. This report first provides unique data for the size, segmentation and growth of the Filipino commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research of around 60 broking entities in total, it ranks the leading 15 brokers in the Philippines according to their revenues from commercial non-life insurance, excluding income from other activities such as personal lines and employee benefits.

Table Of Contents

Commercial Non-Life Insurance Brokers in the Philippines
Table of Contents

Executive Summary

Introduction

Market Analysis

List of Graphics / Tables



0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

The focus is uniquely on commercial non-life insurance, excluding other types of business...

...and on brokerage, even where intermediaries can act as both agents and brokers.

Rationale

Methodology

Research program

Market data analysis

Forecasting methodology

Definitions

Premiums

Abbreviations

Exchange rate

BrokerBASE

Finaccord

2.0 MARKET ANALYSIS

Introduction

Regulatory information

The Insurance Commission distinguishes between insurance agents and insurance brokers

There are around 60 brokerages active in non-life insurance in the Philippines

Commercial non-life insurance market

The commercial lines market of the Philippines grew quite rapidly between 2010 and 2014…

...with commercial property insurance outperforming other segments in this respect

Commercial non-life insurance brokers

Overview of brokers' presence in the distribution of commercial non-life insurance

Brokers have consolidated their position as the main distribution channel for commercial lines

Competitor trends and specialisms

The commercial lines broking market is characterised by a fairly high degree of fragmentation…

… with the top competitor restricted to a share of commercial lines broking revenues of less than 10%

Non-indigenous brokers in the top 15 include Aon, Howden, JLT, Lockton and Marsh

For primary insurance, Willis operates through a correspondent broker

Among the top 15, Trinity obtains the highest proportion of total revenues from commercial lines broking…

… and BDO Insurance Brokers the least due to its primary focus on personal lines

Brokers' distribution strategies

Intertrade is particularly strong in the motor insurance segment

Five international broker networks have members in the Philippines

Future outlook

Commercial lines broking revenues are predicted to continue growing at a healthy rate

Brokers may benefit from advancing integration of financial services markets in the ASEAN region

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Key market data for commercial non-life insurance brokers in the Philippines

1.0 INTRODUCTION

2.0 MARKET ANALYSIS

Segmentation of the commercial non-life insurance market in the Philippines, 2014

Growth in the commercial non-life insurance market in the Philippines by segment, 2010 to 2014

Size and growth of the commercial non-life insurance market in the Philippines by segment, 2010 to 2014 (table)

Brokers' share of the commercial non-life insurance market and revenues earned from it in the Philippines, 2010 and 2014

Brokers' share of the commercial non-life insurance market and revenues earned from it in the Philippines, 2010 and 2014 (table)

Market concentration for commercial non-life insurance broking in the Philippines, 2014

Market shares of commercial non-life insurance broking revenues of the top ten brokers in the Philippines, 2014

Importance of different types of insurance broking for the top 15 commercial non-life insurance brokers in the Philippines

Partners of broker networks in the Philippines, 2014

Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in the Philippines, 2018

Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in the Philippines, 2018 (table)

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