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Philippines Insurance Report Q3 2008
Business Monitor International, Sep 2008, Pages: 83
Our Philippines Insurance Report provides independent forecasts and competitive intelligence on Philippines' insurance industry.
In Q308, the key change is that we have incorporated much more information about the companies that are operating across the regions of which each country is a part. We have sought to make it much clearer who is operating in each country and under what name(s). Perhaps equally importantly, our profiles make it plain which multinational companies are not operating in each country.
In the Asia Pacific, we profile 23 companies. These are AEGON, AIG, Allianz, Aviva, AXA, Cardif, Fortis, Generali, Groupama, HDI-Gerling, HSBC Insurance, ING Group, Liberty Mutual, Manulife, MetLife, Prudential Financial, Prudential plc, QBE, RSA, Sun Life Financial, The Hartford, Principal Financial Group and Zurich Financial Services.
We also look at various local firms that are active in the region: some of these companies rank, in terms of the premiums that they write, among the largest in the world.
For almost all the countries whose reports we are updating, we are also able to include actual data for calendar 2007: this was not the case for our Q208 reports. In 2007, we estimate that total premiums in the Philippines rose by 9% to PHP101, 163mn. Non-life premiums, we estimate, rose by 17% to PHP43, 804mn, while Life premiums rose by 4% to an estimated PHP57, 358mn.
Between now and the end of the forecast period, we expect that annual Non-life premiums will grow by PHP21, 170mn, while annual Life premiums should increase by PHP19, 210mn. Growth in Non-life premiums should be driven by the general growth in nominal GDP plus a rise in Non-life penetration from the current level of 0.65% to 0.80%. Growth in Life premiums should be driven by the change in the overall population and a rise in life density from US$14.02 to US$20.00 per capita. Our Insurance Business Environment Rating is 51.4.
Also available
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