Non-Life Insurance in Philippines, Key Trends and Opportunities to 2018

Timetric
October 23, 2014
157 Pages - SKU: TMTR5360135
Countries covered: Philippines



Non-Life Insurance in Philippines, Key Trends and Opportunities to 2018

Synopsis

The report provides in-depth market analysis, information and insights into the Philippine non-life insurance segment, including:
  • The Philippine non-life insurance segment’s growth prospects by non-life insurance category
  • Key trends and drivers for the non-life insurance segment
  • The various distribution channels in the Philippine non-life insurance segment
  • The detailed competitive landscape in the non-life insurance segment in the Philippines
  • Detailed regulatory policies of the Philippine insurance industry
Summary

In terms of gross written premium, the Philippine non-life segment grew at a review-period CAGR of 11.3%. This growth was supported by the property and motor insurance categories, which are also the segment’s largest categories in terms of gross written premium. These categories registered double-digit growth during the review period, and contributed to the segment’s overall growth. The Philippine economy flourished due to the booming business processing outsourcing (BPO) and information technology (IT) sectors, which led to the rise of the middle-class population. The country’s high frequency of natural disasters created high awareness of insurance among Filipino consumers.Non-life insurers, however, face a major challenge to meet the huge damages caused by natural disasters, as well a large tax burden. These, along with increasing capital requirements for insurers, are projected to challenge the growth and consolidate the non-life segment over the forecast period. However, insurers’ efforts to provide innovative products for middle-class and niche savers, along with encouragement to save among Filipino consumers are projected to supplement the segment’s growth over the forecast period.

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 2009–2013 review period and forecast figures for the 2013–2018 forecast period.
  • It offers a detailed analysis of the key categories in the Philippine non-life insurance segment, along with market forecasts until 2018.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
  • It analyses the various distribution channels for non-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 the growth opportunities and market dynamics in key product categories
  • Gain insights into key regulations governing Philippine insurance industry and its impact on companies and the market's future
Key Highlights
  • In terms of gross written premium, the Philippine non-life segment grew at a review-period CAGR of 11.3%.
  • This growth was supported by the property and motor insurance categories, which are also the segment’s largest categories in terms of gross written premium.
  • Non-life insurers, however, face a major challenge to meet the huge damages caused by natural disasters, as well a large tax burden.
  • Increasing capital requirements for insurers, are projected to challenge the growth and consolidate the non-life segment over the forecast period.
  • Insurers’ efforts to provide innovative products for middle-class and niche savers, along with encouragement to save among Filipino consumers are projected to supplement the segment’s growth over the forecast period.


Additional Information

Executive Summary

Timetric’s “Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2018” report provides detailed analysis of the market trends, drivers, challenges in the Philippine non-life insurance segment. It provides values of a number of Key Performance Indicators (KPI) 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 (2009–2013) and forecast period (2014–2018). The report also analyses various distribution channels operating in the segment and provides detailed information pertaining to the competitive landscape in the country.

This brings together Timetric’s research, modeling, and analysis expertise in order to develop an insightful report. This allows insurers to identify segment dynamics, competitive advantage and profile of insurers operating in the country. The report also covers a detailed regulatory policies and recent changes in regulatory structure.

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