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Published: Oct, 2014 | Pages:
164 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis
The report provides in-depth market analysis, information and insights into the Philippine life insurance segment, including:
The Philippine life insurance segment's growth prospects by life insurance category
Key trends and drivers for the life insurance segment
The various distribution channels in the Philippine life insurance segment
The detailed competitive landscape in the life insurance segment in the Philippines
Detailed regulatory policies of the Philippine insurance industry
Summary
The Philippine insurance industry recorded strong annual growth rates of 27.8% in 2012 and 31.0% in 2013. Industry growth was primarily driven by the life segment, which posted 36.4% growth in 2012 and 39.6% in 2013. Sales of life insurance registered healthy growth from 2010, primarily driven by the country's rising middle-class population, increased urbanization and the underpenetrated life insurance segment. Other factors contributing to the segment's robust growth in 2013 included the easing of bancassurance regulations by the central bank, and rising stock market returns. These drivers created demand for life insurance products, to which companies implemented strategic reforms such as expansion of distribution networks and providing innovative products to maximize profits.
Efforts by insurers to increase their market shares are projected to supplement the growing demand for life insurance over the forecast period (2013?2018). The country's middle-class population is expanding, and, coupled with recovery in the global markets, is projected to support the growth of the life segment.
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 2009-2013 review period, and projected figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key categories in the Philippine 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 life insurance products in the Philippines.
It profiles the top life insurance companies in the Philippines and outlines the key regulations affecting them.
Reason 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 the growth opportunities and market dynamics in key product categories
Gain insights into key regulations governing the Philippine insurance industry and its impact on companies and the market's future
Key Highlights
The Philippine insurance industry recorded strong annual growth rates of 27.8% in 2012 and 31.0% in 2013.
Industry growth was primarily driven by the life segment, which posted 36.4% growth in 2012 and 39.6% in 2013.
Sales of life insurance registered healthy growth from 2010, primarily driven by the country's rising middle-class population, increased urbanization and the underpenetrated life insurance segment.
In June 2012, the Philippine government amended the country's insurance law, increasing minimum capital requirements for both life and non-life insurers
According to the rules set by Bangko Sentral ng Pilipinas (BSP) - the nation's central bank ? bancassurance standards (including abolishment of rules where in banks had to hold 5% stakes in insurance companies) were amended to enable insurers expand through the channel.
Many M&As were recorded in 2011, 2012 and 2013. Over the forecast period, capital requirements will increase further according to the provisions of the law, and the Philippine life segment is expected to consolidate as insurers struggle to survive.
1 Key Facts and Events 2 Executive Summary 3 Introduction 3.1 What is this Report About? 3.2 Definitions 3.3 Methodology 4 Philippine Insurance Industry Attractiveness 4.1 Insurance Industry Size, 2009-2018 5 Life Insurance Outlook 5.1 Consumer Segmentation 5.2 Key Drivers 5.3 Key Trends 5.4 Challenges 5.5 Life Insurance Growth Prospects by Category 5.6 Individual Life Insurance 5.6.1 Individual whole life insurance 5.6.2 Individual pension insurance 5.6.3 Individual endowment insurance 5.6.4 Individual term life insurance 5.6.5 Individual other insurance 5.7 Group Life Insurance 5.8 Life Insurance Growth Prospects by Customer Segment 5.8.1 Individual single-premium insurance 5.8.2 Individual non-single-premium insurance 5.8.3 Group single-premium insurance 5.8.4 Group non-single-premium insurance 5.9 Life Insurance Growth Prospects by Product Type 5.9.1 Total linked insurance business 5.9.2 Total non-linked insurance business 6 Alysis by Distribution Channel 6.1 Direct Marketing 6.2 Bancassurance 6.3 Agencies 6.4 E-Commerce 6.5 Brokers 6.6 Other Channels 7 Governce, Risk and Compliance 7.1 Legislation Overview and Historical Evolution 7.2 Legislation and Market Practice by Type of Insurance 7.2.1 Life insurance 7.2.2 Property insurance 7.2.3 Motor insurance 7.2.4 Liability insurance 7.2.5 Marine, aviation and transit insurance 7.2.6 Persol accident and health insurance 7.3 Compulsory Insurance 7.3.1 Motor third-party liability insurance 7.3.2 Worker's compensation 7.3.3 tiol health insurance 7.4 Supervision and Control 7.4.1 Intertiol Association of Insurance Supervisors 7.4.2 The Insurance Commission 7.5 Non-Admitted Insurance Regulations 7.5.1 Overview 7.5.2 Intermediaries 7.5.3 Market practices 7.5.4 Fines and pelties 7.6 Company Registration and Operations 7.6.1 Types of insurance organization 7.6.2 Establishing a local company 7.6.3 Foreign ownership 7.6.4 Types of license 7.6.5 Capital requirements 7.6.6 Solvency margins 7.6.7 Reserve requirements 7.6.8 Investment regulations 7.6.9 Statutory return requirements 7.6.10 Fee structure 7.7 Taxation 7.7.1 Insurance premium or policy taxation 7.7.2 Withholding taxes on premium paid overseas 7.7.3 Corporate tax 7.7.4 VAT 7.7.5 Captives 7.8 Legal System 7.8.1 Introduction 7.8.2 Access to court 7.8.3 Altertive dispute resolution (ADR) 8 Competitive Landscape and Strategic Insights 8.1 Overview 8.2 Leading Companies in the Philippine Life Insurance Segment 8.3 Comparison of the Top Five Insurers 8.3.1 Gross written premium 8.4 Leading Life Insurers - New Product Launches 8.5 Leading Life Insurers - Key Developments 8.6 Sun Life of Cada (Philippines) Inc. - Company Overview 8.6.1 Sun Life of Cada (Philippines) Inc. - key facts 8.7 The Philippine American Life and General Insurance Company - Company Overview 8.7.1 The Philippine American Life and General Insurance Company - key facts 8.8 Philippine Axa Life Insurance Corporation - Company Overview 8.8.1 Philippine Axa Life Insurance Corporation - key facts 8.9 Pru Life UK - Company Overview 8.9.1 Pru Life UK - key facts 8.1 The Manufacturers Life Insurance Co. (Phils.) - Company Overview 8.10.1 The Manufacturers Life Insurance Co. (Phils.) - key facts 8.11 BPI-Philam Life Assurance Corporation - Company Overview 8.11.1 BPI-Philam Life Assurance Corporation - key facts 8.12 Sun Life Grepa Fincial - Company Overview 8.12.1 Sun Life Grepa Fincial - key facts 8.13 The Insular Life Assurance Co., Ltd - Company Overview 8.13.1 The Insular Life Assurance Co., Ltd - key facts 8.14 Manulife Chi Bank Life Assurance Corporation (MCBL) - Company Overview 8.14.1 Manulife Chi Bank Life Assurance Corporation - key facts 9 Appendix - 1 9.1 Business Confidence 9.1.1 Market capitalization trend - Philippine Stock Exchange (PSE), Philippines 9.2 Economic Performance 9.2.1 GDP at constant prices (US$) 9.2.2 GDP per capita at constant prices (US$) 9.2.3 GDP at current prices (US$) 9.2.4 GDP per capita at current prices (US$) 9.2.5 Inflation rate 9.2.6 Annual average exchange rate PHP-US$ 9.3 Infrastructure 9.3.1 Total internet subscribers 9.4 Labor Force 9.4.1 Labor force 9.4.2 Unemployment rate 9.5 Demographics 9.5.1 Gross tiol disposable income (US$) 9.5.2 Household consumption expenditure (US$) 9.5.3 Total population 9.5.4 Urban and rural populations 9.5.5 Age distribution of the total population 10 Appendix - 2 10.1 Methodology 10.2 Contact Timetric 10.3 About Timetric 10.4 Timetric's Services 10.5 Disclaimer
List of Tables
Table 1: Philippine Life Insurance - Key Facts, 2013 Table 2: Insurance Industry Definitions Table 3: Philippine Insurance - Gross Written Premium by Segment (Percentage Share), 2009-2018 Table 4: Philippine Insurance - Direct Written Premium by Segment (Percentage Share), 2009-2018 Table 5: Philippines - Life Insurance Regulatory Framework Table 6: Philippines - Property Insurance Regulatory Framework Table 7: Philippines - Motor Insurance Regulatory Framework Table 8: Philippines - Liability Insurance Regulatory Framework Table 9: Philippines - Stamp Taxes on Life Insurance Policies Table 10: Philippines - Corporate Tax Rates for the Fincial Year 2013 Table 11: Philippine Life Insurance - Segment Shares (%), 2013 Table 12: Sun Life of Cada (Philippines) Inc., Key Facts Table 13: The Philippine American Life and General Insurance Company, Key Facts Table 14: Philippine Axa Life Insurance Corporation, Key Facts Table 15: Pru Life UK, Key Facts Table 16: The Manufacturers Life Insurance Co. (Phils.), Key Facts Table 17: BPI-Philam Life Assurance Corporation, Key Facts Table 18: Sun Life Grepa Fincial, Key Facts Table 19: The Insular Life Assurance Co., Ltd, Key Facts Table 20: Manulife Chi Bank Life Assurance Corporation, Key Facts
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