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

Published: Oct, 2014 | Pages: 157 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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. 
Reason 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.

 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 Non-Life Insurance Outlook
5.1 Consumer Segmentation
5.2 Key Drivers
5.3 Key Trends
5.4 Challenges
5.5 Non-Life Insurance Growth Prospects by Category
5.6 Property Insurance
5.7 Motor Insurance
5.8 Liability Insurance
5.9 Marine, Aviation and Transit Insurance
5.9.1 Marine insurance
5.9.2 Aviation insurance
5.9.3 Transit insurance
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 Non-Life Insurance Segment
8.3 Comparison of the Top Five Insurers
8.3.1 Gross written premium
8.3.2 Outwards reinsurance expense
8.3.3 Net earned premium
8.3.4 Retention
8.4 Leading Life Insurers - New Product Launches
8.5 Leading Life Insurers - Key Developments
8.6 Malayan Insurance Co., Inc. - Company Overview
8.6.1 Malayan Insurance Co., Inc. - key facts
8.6.2 Malayan Insurance Co., Inc. - key fincials
8.7 Prudential Guarantee and Assurance, Inc. - Company Overview
8.7.1 Prudential Guarantee and Assurance, Inc. - key facts
8.7.2 Prudential Guarantee and Assurance, Inc. - key fincials
8.8 BPI/MS Insurance Corporation - Company Overview
8.8.1 BPI/MS Insurance Corporation - key facts
8.8.2 BPI/MS Insurance Corporation - key fincials
8.9 Pioneer Insurance & Surety Corporation - Company Overview
8.9.1 Pioneer Insurance & Surety Corporation - key facts
8.9.2 Pioneer Insurance & Surety Corporation - key fincials
8.1 Charter Ping An Insurance Corporation - Company Overview
8.10.1 Charter Ping An Insurance Corporation - key facts
8.10.2 Charter Ping An Insurance Corporation - key fincials
8.11 Federal Phoenix Assurance Co., Inc. - Company Overview
8.11.1 Federal Phoenix Assurance Co., Inc. - key facts
8.11.2 Federal Phoenix Assurance Co., Inc. - key fincials
8.12 UCPB General Insurance Co., Inc. - Company Overview
8.12.1 UCPB General Insurance Co., Inc. - key facts
8.12.2 UCPB General Insurance Co., Inc. - key fincials
8.13 AIG Philippines Insurance Company - Company Overview
8.13.1 AIG Philippines Insurance Company - key facts
8.13.2 AIG Philippines Insurance Company - key fincials
8.14 Standard Insurance Co., Inc. - Company Overview
8.14.1 Standard Insurance Co., Inc. - key facts
8.14.2 Standard Insurance Co., Inc. - key fincials
8.15 Mapfre Insular Insurance Corporation - Company Overview
8.15.1 Mapfre Insular Insurance Corporation - key facts
8.15.2 Mapfre Insular Insurance Corporation - key fincials
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 Non-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 Non-Life Insurance - Segment Shares (%), 2013
Table 12: Malayan Insurance Co., Inc., Key Facts
Table 13: Malayan Insurance Co., Inc., Key Fincials (PHP Million), 2009-2013
Table 14: Prudential Guarantee and Assurance, Inc., Key Facts
Table 15: Prudential Guarantee and Assurance, Inc., Key Fincials (PHP Million), 2009-2013
Table 16: BPI/MS Insurance Corporation, Key Facts
Table 17: BPI/MS Insurance Corporation, Key Fincials (PHP Million), 2009-2013
Table 18: Pioneer Insurance & Surety Corporation, Key Facts
Table 19: Pioneer Insurance & Surety Corporation, Key Fincials (PHP Million), 2009-2013
Table 20: Charter Ping An Insurance Corporation, Key Facts
Table 21: Charter Ping An Insurance Corporation, Key Fincials (PHP Million), 2009-2013
Table 22: Federal Phoenix Assurance Co., Inc., Key Facts
Table 23: Federal Phoenix Assurance Co., Inc., Key Fincials (PHP Million), 2009-2013
Table 24: UCPB General Insurance Co., Inc., Key Facts
Table 25: UCPB General Insurance Co., Inc., Key Fincials (PHP Million), 2009-2013
Table 26: AIG Philippines Insurance Company, Key Facts
Table 27: AIG Philippines Insurance Company, Key Fincials (PHP Million), 2009-2013
Table 28: Standard Insurance Co., Inc., Key Facts
Table 29: Standard Insurance Co., Inc., Key Fincials (PHP Million), 2009-2013
Table 30: Mapfre Insular Insurance Corporation, Key Facts
Table 31: Mapfre Insular Insurance Corporation, Inc., Key Fincials (PHP Million), 2009-2013