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Life Insurance in the Philippines, Key Trends and Opportunities to 2020

Life Insurance in the Philippines, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'Life Insurance in the Philippines, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Philippine life insurance segment, and a comparison of the Philippine insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

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 the regulatory structure.

Summary

Timetric’s 'Life Insurance in the Philippines, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Philippine life insurance segment, including:

  • An overview of the Philippine life insurance segment
  • The Philippine life insurance segment’s growth prospects by category
  • A comprehensive overview of the Philippine economy and demographics
  • A comparison of the Philippine life insurance segment with its regional counterparts
  • The various distribution channels in the Philippine life insurance segment
  • Details of the competitive landscape in the 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 life insurance segment in the Philippines:
  • It provides historical values for the Philippine life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Philippine life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Philippine life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in the Philippines.
  • It profiles the top 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 life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Philippine life insurance segment.
  • Assess the competitive dynamics in the 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 Philippine life insurance segment grew at a review-period CAGR of 20.2%
  • Individual life insurance remained the largest sub-segment during the review period; it accounted for 94.2% of the segment’s direct written premium in 2015, of which term life’s share was 15.3%.
  • During the review period, the segment registered an increase in bancassurance tie-ups, mainly due to regulatory relaxations and the presence of a robust banking sector in the country.
  • The Philippine life insurance segment is concentrated, with the five leading companies accounting for 62.2% of the total premium income in 2015.


  • Key Facts and Highlights
    • Table Philippine Life Insurance - Key Facts, 2015
    • Table Philippine Life Insurance - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table Philippine Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Philippine Life Insurance - Gross Written Premium (PHP Billion and US$ Billion), 2011-2015
        • Table Philippine Life Insurance - Penetration (%), 2011-2015
        • Table Philippine Life Insurance - Gross Written Premium (PHP Billion and US$ Billion), 2015-2020
        • Table Philippine Life Insurance - Penetration (%), 2015-2020
        • Table Philippine Life Insurance - New Business Direct Written Premium (PHP Billion and US$ Billion), 2011-2015
        • Table Philippine Life Insurance - New Business Direct Written Premium (PHP Billion and US$ Billion), 2015-2020
        • Table Philippine Life Insurance - Premium per Capita (PHP and US$), 2011-2015
        • Table Philippine Life Insurance - Premium per Capita (PHP and US$), 2015-2020
      • Policies sold
        • Table Philippine Life Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table Philippine Life Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Claims
        • Table Philippine Life Insurance - Paid Claims (PHP Billion and US$ Billion), 2011-2015
        • Table Philippine Life Insurance - Paid Claims (PHP Billion and US$ Billion), 2015-2020
      • Sum assured
        • Table Philippine Life Insurance - Sum Assured (PHP Trillion and US$ Billion), 2011-2015
        • Table Philippine Life Insurance - Sum Assured (PHP Trillion and US$ Billion), 2015-2020
      • Assets and investments
        • Table Philippine Life Insurance - Total Assets (PHP Billion and US$ Billion), 2011-2015
        • Table Philippine Life Insurance - Total Assets (PHP Trillion and US$ Billion), 2015-2020
        • Table Philippine Life Insurance - Total Investment Income (PHP Billion and US$ Million), 2011-2015
        • Table Philippine Life Insurance - Total Investment Income (PHP Billion and US$ Million), 2015-2020
        • Table Philippine Life Insurance - Investment Portfolio (PHP Billion), 2011-2015
        • Table Philippine Life Insurance - Investment Portfolio (PHP Billion), 2015-2020
  • Outlook by Sub-Segment
    • Table Philippine Life Insurance - Direct Written Premium by Sub-Segment (PHP Billion), 2011-2015
    • Table Philippine Life Insurance - Direct Written Premium by Sub-Segment (PHP Billion), 2015-2020
    • Individual Life Insurance
      • Premium
        • Table Philippine Individual Life Insurance - Direct Written Premium by Category (PHP Billion), 2011-2015
        • Table Philippine Individual Life Insurance - Direct Written Premium by Category (PHP Billion), 2015-2020
      • Policies sold
        • Table Philippine Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2015
        • Table Philippine Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2015-2020
      • Penetration
    • Group Life Insurance
      • Penetration
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
  • Competitive Landscape
    • Table Philippine Life Insurance - Market Shares of Leading Insurers (%), 2015
    • Company Profiles
      • Sun Life of Canada (Philippines) Inc. - company overview
        • Table Sun Life of Canada (Philippines) Inc. - Key Facts
        • Table Sun Life of Canada (Philippines) Inc. - Key Financials (PHP Million), 2011-2015
      • Philippine Axa Life Insurance Corporation - company overview
        • Table Philippine Axa Life Insurance Corporation - Key Facts
        • Table Philippine Axa Life Insurance Corporation - Key Financials (PHP Million), 2011-2015
      • Philippine American Life and General Insurance Company, Inc. - company overview
        • Table Philippine American Life and General Insurance Company, Inc. - Key Facts
        • Table Philippine American Life and General Insurance Company, Inc. - Key Financials (PHP Million), 2011-2015
      • BPI-Philam Life Assurance Corporation - company overview
        • Table BPI-Philam Life Assurance Corporation - Key Facts
        • Table BPI-Philam Life Assurance Corporation - Key Financials (PHP Million), 2011-2015
      • Pru Life Insurance Corporation of UK - company overview
        • Table Pru Life Insurance Corporation of UK - Key Facts
        • Table Pru Life Insurance Corporation of UK - Key Financials (PHP Million), 2011-2015
  • Governance, Risk and Compliance
    • Table The Philippines - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table The Philippines - Life Insurance Regulatory Framework
      • Property insurance
        • Table The Philippines - Property Insurance Regulatory Framework
      • Motor insurance
        • Table The Philippines- Motor Insurance Regulatory Framework
      • Liability insurance
        • Table The Philippines - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
        • Table The Philippines - Premiums for Motor Third-party Liability Insurance
      • Passenger personal accident insurance (PPAI) for public transport vehicles and ferry operators
        • Table The Philippines - Premium for Passenger Personal Accident Insurance
        • Table The Philippines - Benefits of Passenger Personal Accident Insurance
      • Insurance coverage for ship passengers and cargo
        • Table The Philippines - Benefits of Insurance Coverage for Ship Passengers and Cargo
      • Worker's compensation
      • National health insurance
      • Insurance cover for overseas Filipino workers
        • Table The Philippines - Premiums for Reserve Computation
      • Professional indemnity insurance for insurance and reinsurance brokers
      • Civil liability insurance for businesses
      • Oil pollution insurance
        • Table The Philippines- Liability Limits of Oil Pollution Insurance
    • Supervision and Control
      • International Association of Insurance Supervisors
      • The Insurance Commission
      • The Philippine Life Insurance Association
      • The Philippine Insurers and Reinsurers Association
    • Non-Admitted Insurance Regulations
      • Overview
        • Table The Philippines - Treaty and Premium Cession Limits for Outward Reinsurance Arrangements for Non-life Insurers
        • Table The Philippines - Financial Strength Rating
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
        • Table The Philippines - Insolvency Regulations
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
        • Table The Philippines - Stamp Taxes on Life Insurance Policies
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table The Philippines - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table Philippine Life Insurance - Policies and Premium, 2011-2015
      • Table Philippine Life Insurance - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table Philippine Life Insurance - Claims and Expenses, 2011-2015
      • Table Philippine Life Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table Philippine Life Insurance - Assets and Investments, 2011-2015
      • Table Philippine Life Insurance - Assets and Investments, 2015-2020
    • Individual Life Insurance
      • Table Philippine Life Insurance - Individual Life Insurance, 2011-2015
      • Table Philippine Life Insurance - Individual Life Insurance, 2015-2020
    • Individual Life Insurance by Product
      • Table Philippine Life Insurance - Individual Life Insurance by Product, 2011-2015
      • Table Philippine Life Insurance - Individual Life Insurance by Product, 2015-2020
    • Group Life Insurance
      • Table Philippine Life Insurance - Group Life Insurance, 2011-2015
      • Table Philippine Life Insurance - Group Life Insurance, 2015-2020
    • Individual Life - Single vs Non-Single Premium
      • Table Philippine Life Insurance - Individual Life Insurance by Premium, 2011-2015
      • Table Philippine Life Insurance - Individual Life Insurance by Premium, 2015-2020
    • Group Life - Single vs Non-Single Premium
      • Table Philippine Life Insurance - Group Life Insurance by Premium, 2011-2015
      • Table Philippine Life Insurance - Group Life Insurance by Premium, 2015-2020
    • Linked vs Non-Linked Policies
      • Table Philippine Life Insurance - Linked vs Non-Linked Policies, 2011-2015
      • Table Philippine Life Insurance - Linked vs Non-Linked Policies, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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