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

Published: Mar, 2017 | Pages: 140 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Philippine insurance industry, 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 'Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Philippine non-life insurance segment, including:

• The Philippine non-life segment's detailed outlook by product category

• A comprehensive overview of the Philippine economy and demographics

• A comparison of the Philippine non-life insurance segment with its regional counterparts

• The various distribution channels in the Philippine non-life insurance segment

• Detailed analysis of natural hazards and their impact on the Philippine insurance industry

• Details of the competitive landscape in the non-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 non-life insurance segment in the Philippines:

• It provides historical values for the Philippine non-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 non-life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Philippine non-life insurance segment with its regional counterparts

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

• It analyzes various natural hazards and their impact on the Philippine insurance industry

• 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 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 non-life insurance segment expanded during the review period, at a review-period CAGR of 11.9%. 

• Property insurance was the largest category in the non-life segment, and accounted for 52.9% of the segment's gross written premium in 2015. 

• Bancassurance is the most popular insurance distribution channel in the Philippines, due in part to the Republic Act No. 10607, which was signed into law on August 15, 2013.

• The non-life segment is moderately concentrated, with the 10 leading companies accounting for 65.0% of the segment's gross written premiums in 2015.

 Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Profitability
4.2.3 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Profitability
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Agencies
6.1.2 Bancassurance
6.1.3 Brokers
6.1.4 Direct marketing
6.1.5 E-commerce
6.1.6 Other Distribution Channels
7 Natural Hazards
7.1 Storms
7.2 Floods
7.3 Earthquakes
7.4 Landslides
7.5 Volcanic Eruptions
7.6 Exposure
8 Competitive Landscape
8.1 Company Profiles
8.1.1 Malayan Insurance Company Inc. - company overview
8.1.2 Prudential Guarantee & Assurance Inc. - company overview
8.1.3 Pioneer Insurance and Surety Corporation - company overview
8.1.4 BPI/MS Insurance Corporation - company overview
8.1.5 Charter Ping An Insurance Corporation - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Passenger personal accident insurance (PPAI) for public transport vehicles and ferry operators
9.4.3 Insurance coverage for ship passengers and cargo
9.4.4 Worker's compensation
9.4.5 National health insurance
9.4.6 Insurance cover for overseas Filipino workers
9.4.7 Professional indemnity insurance for insurance and reinsurance brokers
9.4.8 Civil liability insurance for businesses
9.4.9 Oil pollution insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 The Insurance Commission
9.5.3 The Philippine Life Insurance Association
9.5.4 The Philippine Insurers and Reinsurers Association
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margin
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure 115
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution
10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Motor Insurance by Product
10.8 Marine, Aviation and Transit Insurance
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables
Table 1: Philippine Non-Life Insurance - Key Facts, 2015
Table 2: Philippine Non-Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Philippine Government Credit Ratings
Table 4: Philippine Non-Life Insurance - Gross Written Premium (PHP Billion and US$ Billion), 2011-2015
Table 5: Philippine Non-Life Insurance - Penetration (%), 2011-2015
Table 6: Philippine Non-Life Insurance - Gross Written Premium (PHP Billion and US$ Billion), 2015-2020
Table 7: Philippine Non-Life Insurance - Penetration (%), 2015-2020
Table 8: Philippine Non-Life Insurance - Premium per Capita (PHP and US$), 2011-2015
Table 9: Philippine Non-Life Insurance - Premium per Capita (PHP and US$), 2015-2020
Table 10: Philippine Non-Life Insurance - Profitability Ratio (%), 2011-2015
Table 11: Philippine Non-Life Insurance - Profitability Ratio (%), 2015-2020
Table 12: Philippine Non-Life Insurance - Total Assets (PHP Billion and US$ Billion), 2011-2015
Table 13: Philippine Non-Life Insurance - Total Assets (PHP Billion and US$ Billion), 2015-2020
Table 14: Philippine Non-Life Insurance - Total Investment Income (PHP Billion and US$ Million), 2011-2015
Table 15: Philippine Non-Life Insurance - Total Investment Income (PHP Billion and US$ Million), 2015-2020
Table 16: Philippine Non-Life Insurance - Investment Portfolio (PHP Billion), 2011-2015
Table 17: Philippine Non-Life Insurance - Investment Portfolio (PHP Billion), 2015-2020
Table 18: Philippine Non-Life Insurance - Gross Written Premium by Category (PHP Billion), 2011-2015
Table 19: Philippine Non-Life Insurance - Gross Written Premium by Category (PHP Billion), 2015-2020
Table 20: Philippine Property Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2011-2015
Table 21: Philippine Property Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2015-2020
Table 22: Philippine Property Insurance - Loss Ratio (%), 2011-2015
Table 23: Philippine Property Insurance - Loss Ratio (%), 2015-2020
Table 24: Philippine Motor Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2011-2015
Table 25: Philippine Motor Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2015-2020
Table 26: Philippine Motor Insurance - Loss Ratio (%), 2011-2015
Table 27: Philippine Motor Insurance - Loss Ratio (%), 2015-2020
Table 28: Philippine Transport Network - Global Rankings
Table 29: Philippine Marine, Aviation and Transit Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2011-2015
Table 30: Philippine Marine, Aviation and Transit Insurance - Gross Written Premium by Sub-Category (PHP Billion), 2015-2020
Table 31: Philippine Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
Table 32: Philippine Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
Table 33: Philippine Average Annual Loss by Hazard, 1990-2014
Table 34: Philippine Worst Disasters in Terms of Number of Casualties
Table 35: Philippine Biggest Earthquakes in Terms of Magnitude
Table 36: Philippine All Natural Catastrophes in 2013 and 2014
Table 37: Philippine Non-Life Segment - Market Shares of Leading Insurers (%), 2015
Table 38: Malayan Insurance Co., Inc., - Key Facts
Table 39: Malayan Insurance Company Inc., - Key Financials (PHP Million), 2011-2015
Table 40: Prudential Guarantee & Assurance Inc. - Key Facts
Table 41: Prudential Guarantee & Assurance Inc. - Key Financials (PHP Million), 2011-2015
Table 42: Pioneer Insurance and Surety Corporation - Key Facts
Table 43: Pioneer Insurance and Surety Corporation - Key Financials (PHP Million), 2011-2015
Table 44: BPI/MS Insurance Corporation - Key Facts
Table 45: BPI/MS Insurance Corporation - Key Financials (PHP Million), 2011-2015
Table 46: Charter Ping An Insurance Corporation - Key Facts
Table 47: Charter Ping An Insurance Corporation - Key Financials (PHP Million), 2011-2015
Table 48: The Philippines - Insurance Regulatory Framework Key Features
Table 49: The Philippines - Life Insurance Regulatory Framework
Table 50: The Philippines - Property Insurance Regulatory Framework
Table 51: The Philippines- Motor Insurance Regulatory Framework
Table 52: The Philippines - Liability Insurance Regulatory Framework
Table 53: The Philippines - Premiums for Motor Third-party Liability  Insurance
Table 54: The Philippines - Premium for Passenger Personal Accident Insurance
Table 55: The Philippines - Benefits of Passenger Personal Accident Insurance
Table 56: The Philippines - Benefits of Insurance Coverage for Ship Passengers and Cargo
Table 57: The Philippines - Premiums for Reserve Computation
Table 58: The Philippines- Liability Limits of Oil Pollution Insurance
Table 59: The Philippines - Treaty and Premium Cession Limits for Outward Reinsurance Arrangements for Non-life Insurers
Table 60: The Philippines - Financial Strength Rating
Table 61: The Philippines - Insolvency Regulations
Table 62: The Philippines - Stamp Taxes on Life Insurance Policies
Table 63: The Philippines - Corporate Tax Rates for the Financial Year 2016
Table 64: Philippine Insurance Industry - Policies and Premium, 2011-2015
Table 65: Philippine Insurance Industry - Policies and Premium, 2015-2020
Table 66: Philippine Non-Life Insurance - Claims and Expenses, 2011-2015
Table 67: Philippine Non-Life Insurance - Claims and Expenses, 2015-2020
Table 68: Philippine Non-Life Insurance - Assets and Investments, 2011-2015
Table 69: Philippine Non-Life Insurance - Assets and Investments, 2015-2020
Table 70: Philippine Non-Life Insurance - Property Insurance, 2011-2015
Table 71: Philippine Non-Life Insurance - Property Insurance, 2015-2020
Table 72: Philippine Non-Life Insurance - Property Insurance by Product, 2011-2015
Table 73: Philippine Non-Life Insurance - Property Insurance by Product, 2015-2020
Table 74: Philippine Non-Life Insurance - Motor Insurance, 2011-2015
Table 75: Philippine Non-Life Insurance - Motor Insurance, 2015-2020
Table 76: Philippine Non-Life Insurance - Motor Insurance by Product, 2011-2015
Table 77: Philippine Non-Life Insurance - Motor Insurance by Product, 2015-2020
Table 78: Philippine Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
Table 79: Philippine Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
Table 80: Insurance Industry Definitions