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Synopsis
Timetric’s 'Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Philippine personal accident and health insurance segment.

It provides 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, 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 'Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Philippine personal accident and health insurance segment, including:

- The Philippine personal accident and health insurance segment’s growth prospects by insurance category

- Key trends, drivers and challenges for the personal accident and health insurance segment

- A comprehensive overview of the Philippine economy and demographics

- The various distribution channels in the Philippine life insurance segment

- Details of the competitive landscape in the personal accident and health insurance segment in the Philippines

- Details of regulatory policy applicable to the Philippine insurance industry

Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in the Philippines:

- It provides historical values for the Philippine personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2019.

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

- It profiles the top personal accident and health 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 personal accident and health insurance segment and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Philippine personal accident and health insurance segment.

- Assess the competitive dynamics in the personal accident and health 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 National Health Insurance Program (NHIP) was signed into law in June 2013 by President Benigno Aquino III.

- Compared to the personal accident category’s 6.8% CAGR, the health insurance category grew at a review-period CAGR of 54.3%.

- The personal accident and health segment registered a decrease in the combined ratio during the review period.

- The personal accident category held a 50% share of the total personal accident and health insurance segment.

- Personal accident and health insurers are making increased efforts for customer care through online platforms such as Facebook, or the development of their own sites.

- According to the new Republic Act No. 10607 of the Philippines, which was signed on August 15, 2013, the minimum paid-up capital for existing domestic insurers and reinsurers has increased, and will continue to increase in phases until 2022.

Table Of Contents

Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Personal Accident and Health Insurance Segment Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Personal Accident and Health Insurance Growth Prospects by Category
5.4.1 Personal accident insurance
5.4.2 Health insurance
5.4.3 Non-life health insurance
5.4.4 Life health insurance
6 Analysis by Distribution Channel
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Philippine Personal Accident and Health Insurance Segment
7.2.1 Philippine Health Insurance Corporation - company overview
7.2.2 Blue Cross Insurance Inc. - company overview
7.2.3 Malayan Insurance Company Inc. - company overview
7.2.4 Prudential Guarantee and Assurance Inc. - company overview
7.2.5 BPI/MS Insurance Corporation - company overview
7.2.6 Pioneer Insurance and Surety Corporation - company overview
7.2.7 Charter Ping An Insurance Corporation - company overview
7.2.8 FPG Insurance Co. Inc. - company overview
7.2.9 UCPB General Insurance Company Inc. - company overview
7.2.10 Sun Life of Canada (Philippines) Inc. - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Worker's compensation
8.4.3 National health insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 The Insurance Commission
8.5.3 The Philippine Life Insurance Association
8.5.4 The Philippine Insurers and Reinsurers Association
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Philippine Personal Accident and Health Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Philippine Government Credit Ratings
Table 4: Philippine Personal Accident and Health Insurance - Gross Written Premium by Category (PHP Billion), 2010-2014
Table 5: Philippine Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 6: Philippine Personal Accident and Health Insurance - Gross Written Premium by Category (PHP Billion), 2014-2019
Table 7: Philippine Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 8: Philippine Personal Accident and Health Insurance - Net Earned Premium (PHP Billion), 2010-2014
Table 9: Philippine Personal Accident and Health Insurance - Net Earned Premium (PHP Billion), 2014-2019
Table 10: Philippine Personal Accident and Health Insurance - Incurred Loss by Category (PHP Million), 2010-2014
Table 11: Philippine Personal Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2010-2014
Table 12: Philippine Personal Accident and Health Insurance - Incurred Loss by Category (PHP Million), 2014-2019
Table 13: Philippine Personal Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2014-2019
Table 14: Philippine Personal Accident and Health Insurance - Net Written Premium by Category (PHP Billion), 2010-2014
Table 15: Philippine Personal Accident and Health Insurance - Net Written Premium by Category (US$ Million), 2010-2014
Table 16: Philippine Personal Accident and Health Insurance - Net Written Premium by Category (PHP Billion), 2014-2019
Table 17: Philippine Personal Accident and Health Insurance - Net Written Premium by Category (US$ Billion), 2014-2019
Table 18: Philippine Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 19: Philippine Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 20: Philippine Personal Accident and Health Insurance - Commission and Expenses (PHP Billion), 2010-2014
Table 21: Philippine Personal Accident and Health Insurance - Commission and Expenses (PHP Billion), 2014-2019
Table 22: Philippine Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 23: Philippine Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 24: Philippine Personal Accident and Health Insurance - Total Assets (PHP Billion), 2010-2014
Table 25: Philippine Personal Accident and Health Insurance - Total Assets (PHP Billion), 2014-2019
Table 26: Philippine Personal Accident and Health Insurance - Total Investment Income (PHP Billion), 2010-2014
Table 27: Philippine Personal Accident and Health Insurance - Total Investment Income (PHP Billion), 2014-2019
Table 28: Philippine Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Table 29: Philippine Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 30: Philippine Personal Accident Insurance - Loss Ratio (%), 2010-2014
Table 31: Philippine Personal Accident Insurance - Loss Ratio (%), 2014-2019
Table 32: Philippine Health Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2010-2014
Table 33: Philippine Health Insurance - Gross Written Premium by Sub-Category (US$ Million), 2010-2014
Table 34: Philippine Health Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2014-2019
Table 35: Philippine Health Insurance - Gross Written Premium by Sub-Category (US$ Million), 2014-2019
Table 36: Philippine Non-Life Health Insurance - Loss Ratio (%), 2010-2014
Table 37: Philippine Non-Life Health Insurance - Loss Ratio (%), 2014-2019
Table 38: Philippine Non-Life Health Insurance - Net Written Premium (PHP Million), 2010-2014
Table 39: Philippine Non-Life Health Insurance - Net Written Premium (PHP Million), 2014-2019
Table 40: Philippine Life Health Insurance - Direct Written Premium (PHP Billion), 2010-2014
Table 41: Philippine Life Health Insurance - Direct Written Premium (PHP Billion), 2014-2019
Table 42: Philippine Life Health Insurance - Net Written Premium (PHP Billion), 2010-2014
Table 43: Philippine Life Health Insurance - Net Written Premium (PHP Billion), 2014-2019
Table 44: Philippine Personal Accident and Health Insurance Companies, 2014
Table 45: The Philippines - Insurance Regulatory Framework Key Features
Table 46: The Philippines - Life Insurance Regulatory Framework
Table 47: The Philippines - Property Insurance Regulatory Framework
Table 48: The Philippines - Motor Insurance Regulatory Framework
Table 49: The Philippines - Liability Insurance Regulatory Framework
Table 50: The Philippines - Stamp Taxes on Life Insurance Policies
Table 51: The Philippines - Corporate Tax Rates for the Financial Year 2015

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 Personal Accident and Health Insurance - Gross Written Premium by Category (PHP Billion), 2010-2019
Figure 12: Philippine Personal Accident and Health Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 13: Philippine Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 14: Philippine Personal Accident and Health Insurance - Net Earned Premium (PHP Billion), 2010-2014
Figure 15: Philippine Personal Accident and Health Insurance - Net Earned Premium (PHP Billion), 2014-2019
Figure 16: Philippine Personal Accident and Health Insurance - Incurred Loss by Category (PHP Million), 2010-2019
Figure 17: Philippine Personal Accident and Health Insurance - Net Written Premium by Category (PHP Billion), 2010-2019
Figure 18: Philippine Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Figure 19: Philippine Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Figure 20: Philippine Personal Accident and Health Insurance - Commission and Expenses (PHP Billion), 2010-2014
Figure 21: Philippine Personal Accident and Health Insurance - Commission and Expenses (PHP Billion), 2014-2019
Figure 22: Philippine Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Figure 23: Philippine Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Figure 24: Philippine Personal Accident and Health Insurance - Total Assets (PHP Billion), 2010-2014
Figure 25: Philippine Personal Accident and Health Insurance - Total Assets (PHP Billion), 2014-2019
Figure 26: Philippine Personal Accident and Health Insurance - Total Investment Income (PHP Billion), 2010-2014
Figure 27: Philippine Personal Accident and Health Insurance - Total Investment Income (PHP Billion), 2014-2019
Figure 28: Philippine Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Figure 29: Philippine Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Figure 30: Philippine Personal Accident and Health Insurance - Investment Portfolio (PHP Billion), 2010-2014
Figure 31: Philippine Personal Accident and Health Insurance - Investment Portfolio (% Share), 2010 and 2014
Figure 32: Philippine Personal Accident and Health Insurance - Penetration (%), 2010-2014
Figure 33: Philippine Personal Accident and Health Insurance - Density (Direct Premium per Capita), 2010-2014
Figure 34: Philippine Personal Accident Insurance - Loss Ratio (%), 2010-2014
Figure 35: Philippine Personal Accident Insurance - Loss Ratio (%), 2014-2019
Figure 36: Philippine Health Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2010-2019
Figure 37: Philippine Health Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 38: Philippine Non-Life Health Insurance - Loss Ratio (%), 2010-2014
Figure 39: Philippine Non-Life Health Insurance - Loss Ratio (%), 2014-2019
Figure 40: Philippine Non-Life Health Insurance - Net Written Premium (PHP Million), 2010-2014
Figure 41: Philippine Non-Life Health Insurance - Net Written Premium (PHP Billion), 2014-2019
Figure 42: Philippine Life Health Insurance - Direct Written Premium (PHP Billion), 2010-2014
Figure 43: Philippine Life Health Insurance - Direct Written Premium (PHP Billion), 2014-2019
Figure 44: Philippine Life Health Insurance - Net Written Premium (PHP Billion), 2010-2014
Figure 45: Philippine Life Health Insurance - Net Written Premium (PHP Billion), 2014-2019
Figure 46: The Philippines - Insurance Supervision and Control at Various Levels
Figure 47: The Philippines - Insurance Regulatory Frameworks for Company Registration and Operation

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