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Synopsis
Timetric’s 'Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Philippine non-life insurance segment, and a comparison of the Philippine insurance industry with regional counterparts.

It uses key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Philippine economy and demographics, explains the various types of natural hazard and their impact on the Philippine insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in regulatory structure.

Summary
Timetric’s 'Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Philippine non-life insurance segment, including:

- The Philippine non-life insurance segment’s detailed outlook by product category

- A comprehensive overview of the Philippine economy and demographics

- A comparison of the Philippine insurance industry with regional counterparts

- Detailed analysis of natural hazards and their impact on the Philippine insurance industry

- Details of the competitive landscape in the non-life insurance segment in the Philippines

- Details of regulatory policy applicable to the Philippine insurance industry

Scope
This report provides a comprehensive analysis of the non-life insurance segment in the Philippines:

- It provides historical values for the Philippine non-life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the Philippine non-life insurance segment, and market forecasts to 2019.

- It analyzes the various distribution channels for life insurance products in the Philippines.

- It profiles the top non-life insurance companies in the Philippines, and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Philippine non-life insurance segment and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Philippine non-life insurance segment.

- Assess the competitive dynamics in the non-life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the Philippine insurance industry, and their impact on companies and the industry's future.

Key Highlights
- The non-life segment accounted for 22.5% of the overall insurance gross written premium in 2014, and recorded a review-period CAGR of 9.2%.

- The segment’s penetration rate increased from 0.34% in 2010 to 0.35% in 2014.

- Property insurance was the largest category and accounted for 50.8% of the segment’s gross written premium in 2014.

- Motor insurance was the second-largest category in the non-life segment and accounted for 36.8% of the total gross written premium generated in 2014.

- The two compulsory classes of liability insurance are professional indemnity insurance, and liability insurance for businesses and condominiums.

- Transit insurance accounted for 70.2% of the category's total gross written premium in 2014, followed by aviation with 16.1% and marine with 13.7%.

Table Of Contents

Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Premium
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments
5 Outlook by Product
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Profitability
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Agents
6.1.2 Brokers
6.1.3 Bancassurance
6.1.4 Direct marketing
6.1.5 E-commerce
6.1.6 Others
7 Natural Hazards
7.1 Storms
7.2 Floods
7.3 Landslides
7.4 Earthquakes
7.5 Volcanic Eruptions
7.6 Insurance Exposure to Natural Hazards
7.7 Action Plans
8 Competitive Landscape
8.1 Company Rankings
8.2 Comparison of the Top Five Insurers
8.2.1 Gross written premium
8.3 Company Profiles
8.3.1 Malayan Insurance Company Inc.
8.3.2 Prudential Guarantee and Assurance Inc.
8.3.3 BPI/MS Insurance Corporation
8.3.4 Pioneer Insurance and Surety Corporation
8.3.5 Charter Ping An Insurance Corporation
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Worker's compensation
9.4.3 National health insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 The Insurance Commission
9.5.3 The Philippine Life Insurance Association
9.5.4 The Philippine Insurers and Reinsurers Association
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer


List of Tables
Table 1: Philippine Non-Life Insurance - Key Facts, 2014
Table 2: Philippine Non-Life Insurance - Leading Insurers' Segment Shares (%), 2014
Table 3: Philippine Government Credit Ratings
Table 4: Philippine Non-Life Insurance - Gross Written Premium (PHP Billion and US$ Billion), 2010-2014
Table 5: Philippine Non-Life Insurance - Penetration (%), 2010-2014
Table 6: Philippine Non-Life Insurance - Gross Written Premium (PHP Billion and US$ Billion), 2014-2019
Table 7: Philippine Non-Life Insurance - Penetration (%), 2014-2019
Table 8: Non-life insurance - Premium per Capita (PHP and US$), 2010-2014
Table 9: Non-life insurance - Premium per Capita (PHP and US$), 2014-2019
Table 10: Non-life insurance - Paid Claims (PHP Billion and US$ Billion), 2010-2014
Table 11: Non-life insurance - Paid Claims (PHP Billion and US$ Billion), 2014-2019
Table 12: Non-life insurance - Profitability Ratio (%), 2010-2014
Table 13: Non-life insurance - Profitability Ratio (%), 2014-2019
Table 14: Non-life insurance - Total Assets (PHP Billion and US$ Billion), 2010-2014
Table 15: Non-life insurance - Total Assets (PHP Billion and US$ Billion), 2014-2019
Table 16: Non-life insurance - Total Investment Income (PHP Billion and US$ Billion), 2010-2014
Table 17: Non-life insurance - Total Investment Income (PHP Billion and US$ Billion), 2014-2019
Table 18: Non-life insurance - Investment Portfolio (PHP Billion), 2010-2014
Table 19: Non-life insurance - Investment Portfolio (PHP Billion), 2014-2019
Table 20: Non-life insurance - Gross Written Premium by Category (PHP Billion), 2010-2014
Table 21: Non-life insurance - Gross Written Premium by Category (PHP Billion), 2014-2019
Table 22: Philippine Property Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2010-2014
Table 23: Philippine Property Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2014-2019
Table 24: Philippine Property Insurance - Loss Ratio (%), 2010-2014
Table 25: Philippine Property Insurance - Loss Ratio (%), 2014-2019
Table 26: Philippine Motor Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2010-2014
Table 27: Philippine Motor Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2014-2019
Table 28: Philippine Motor Insurance - Loss Ratio (%), 2010-2014
Table 29: Philippine Motor Insurance - Loss Ratio (%), 2014-2019
Table 30: Philippine Motor Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2010-2014
Table 31: Philippine Motor Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2014-2019
Table 32: Philippine Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014
Table 33: Philippine Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019
Table 34: Philippine Worst Disasters in Terms of Number of Casualties
Table 35: Philippine Biggest Earthquakes in Terms of Magnitude
Table 36: Philippine All Natural Catastrophes in 2013 and 2014
Table 37: Non-life insurance - Segment Shares (%), 2014
Table 38: Malayan Insurance Co., Inc., Key Facts
Table 39: Malayan Insurance Company Inc., Key Financials (PHP Million), 2010-2014
Table 40: Prudential Guarantee and Assurance, Inc., Key Facts
Table 41: Prudential Guarantee and Assurance, Inc., Key Financials (PHP Million), 2010-2014
Table 42: BPI/MS Insurance Corporation, Key Facts
Table 43: BPI/MS Insurance Corporation, Key Financials (PHP Million), 2010-2014
Table 44: Pioneer Insurance and Surety Corporation, Key Facts
Table 45: Pioneer Insurance and Surety Corporation, Key Financials (PHP Million), 2010-2014
Table 46: Charter Ping An Insurance Corporation, Key Facts
Table 47: Charter Ping An Insurance Corporation, Key Financials (PHP Million), 2010-2014
Table 48: The Philippines - Insurance Regulatory Framework Key Features
Table 49: The Philippines - Life Insurance Regulatory Framework
Table 50: The Philippines - Property Insurance Regulatory Framework
Table 51: The Philippines - Motor Insurance Regulatory Framework
Table 52: The Philippines - Liability Insurance Regulatory Framework
Table 53: The Philippines - Stamp Taxes on Life Insurance Policies
Table 54: The Philippines - Corporate Tax Rates for the Financial Year 2015
Table 55: Philippine Insurance Industry, Policies and Premium, 2010-2014
Table 56: Philippine Insurance Industry, Policies and Premium, 2014-2019
Table 57: Non-life insurance - Policies and Premium, 2010-2014
Table 58: Non-life insurance - Policies and Premium, 2014-2019
Table 59: Non-life insurance - Policies and Premium by Property Insurance, 2010-2014
Table 60: Non-life insurance - Policies and Premium by Property Insurance, 2014-2019
Table 61: Non-life insurance - Policies and Premium by Motor Insurance, 2010-2014
Table 62: Non-life insurance - Policies and Premium by Motor Insurance, 2014-2019
Table 63: Non-life insurance - Policies and Premium by Marine, Aviation and Transit Insurance, 2010-2014
Table 64: Non-life insurance - Policies and Premium by Marine, Aviation and Transit Insurance, 2014-2019
Table 65: Non-life insurance - Gross Written Premium by Sub-Category (PHP Billion), 2010-2014
Table 66: Non-life insurance - Gross Written Premium by Sub-Category (PHP Billion), 2014-2019
Table 67: Non-life insurance - Penetration (Ratio of Direct Premium to GDP) by Sub-Category (%), 2010-2014
Table 68: Non-life insurance - Penetration (Ratio of Direct Premium to GDP) by Sub-Category (%), 2014-2019
Table 69: Insurance Industry Definitions

List of Figures
Figure 1: Philippine Real GDP (PHP Trillion) and Annual Growth (%), 2010-2019
Figure 2: Philippine Real Household Consumption (US$ Billion) and Annual Growth (%), 2010-2014
Figure 3: Philippine Cash Remittances (US$ Billion) and Annual Growth (%), 2010-2014
Figure 4: Philippine Cash Remittances (US$ Billion), Jan?May 2015 and Percentage Share by Region (%), 2014
Figure 5: Philippine Merchandise Exports (PHP Trillion) and Annual Growth (%), 2010-2014
Figure 6: Philippine Unemployment Rate (%), 2010-2019
Figure 7: Philippine Current Account Balance as a Percentage of GDP (%), 2010-2014
Figure 8: Philippine PHP/US$ Exchange Rate and Annual Growth (%), 2010-2019
Figure 9: Philippine Consumer Price Inflation (%), 2010-2019
Figure 10: Philippine Population by Age Group (Millions), 1990-2025
Figure 11: Philippine Non-Life Insurance Penetration - Regional Comparison (%), 2014
Figure 12: Philippine Insurance - Regional Direct Written Premium Share by Segment (%), 2014
Figure 13: Philippine Non-Life Insurance - Gross Written Premium (PHP Billion), 2010-2019
Figure 14: Philippine Non-Life Insurance - Penetration (%), 2010-2019
Figure 15: Non-life insurance - Premium per Capita (PHP), 2010-2019
Figure 16: Non-life insurance - Paid Claims (PHP Billion), 2010-2019
Figure 17: Non-life insurance - Profitability Ratio (%), 2010-2019
Figure 18: Non-life insurance - Total Assets (PHP Billion), 2010-2019
Figure 19: Non-life insurance - Total Investment Income (PHP Billion), 2010-2019
Figure 20: Non-life insurance - Investment Portfolio (PHP Billion), 2010-2019
Figure 21: Non-life insurance - Investment Portfolio Dynamics by Category, 2010-2019
Figure 22: Non-life insurance - Gross Written Premium by Category (PHP Billion), 2010-2019
Figure 23: Non-life insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 24: Philippine Construction Net Output (PHP Billion) and Annual Growth (%), 2010-2018
Figure 25: Philippine Construction Net Output By Type (PHP Billion), 2010-2014
Figure 26: Philippine Property Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2010-2019
Figure 27: Philippine Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 28: Philippine Property Insurance - Earned Premium and Incurred Loss (PHP Billion) and Loss Ratio (%), 2010-2019
Figure 29: Philippine New Vehicles Sales (Absolute) vs Annual Growth in Motor Gross Written Premium (%), 2010-2014
Figure 30: Philippine New Vehicles Sales (Absolute), January-June, 2015
Figure 31: Philippine Motor Insurance - Gross Written Premium by Sub-Category (PHP Billion) and Annual Growth (%), 2010-2019
Figure 32: Philippine Motor Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 33: Philippine Motor Insurance- Earned Premium and Incurred Loss (PHP Billion) and Loss Ratio (%), 2010-2019
Figure 34: Philippine Exports, Imports and Trade Balance (US$ Million), 2010-2014
Figure 35: Philippine Airlines - Number of Active Aircraft (Units)
Figure 36: Philippine Ports - Container Traffic, TEU and Passenger Traffic (Millions)
Figure 37: Philippine Marine, Aviation and Transit Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2010-2019
Figure 38: Philippine Marine, Aviation and Transit Insurance - Earned Premium and Incurred Loss (PHP Billion) and Loss Ratio (%), 2010-2019
Figure 39: Philippine Natural Disasters - Occurrence Percentage by Type (%)
Figure 40: Philippine Natural Disasters Frequency and Total Damage (US$ Thousand), 1990-2014
Figure 41: Philippine Natural Disasters - Contribution to Average Annual Loss by Type (%), 1990-2014
Figure 42: Philippine Natural Disasters - Number of People Exposed, Millions
Figure 43: Philippine Costliest Storms by Economic Damage (US$ Million)
Figure 44: Philippine Typhoons by Number of People Killed
Figure 45: Non-life insurance - Segment Shares (%), 2014
Figure 46: Non-Life GWP Growth of Top Insurers Relative to Segment Overall (%), 2010-2014
Figure 47: The Philippines - Insurance Supervision and Control at Various Levels
Figure 48: The Philippines - Insurance Regulatory Frameworks for Company Registration and Operation

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