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Philippines Insurance Report Q1 2011
Business Monitor International, Dec 2010, Pages: 82
The Philippines Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Philippines's insurance industry.
This report includes final data for 2009 and amended projections for the current year. It looks for total premiums in 2010 of PHP117,483mn in 2010. This includes non-life premiums of PHP48,604mn and life premiums of PHP68,879mn. In 2015, the corresponding figures should be PHP210,073mn, PHP99,612mn and PHP110,461mn. In terms of the key drivers that underpin the forecasts, it looks for non-life penetration to rise from 0.56% of GDP in 2010 to 0.80% in 2015 and for life density ro rise from US$16 per capita to a still low US$27. BMI’s proprietary Insurance Business Environment Rating for the Philippines is 51.9.
As in previous quarters, a ranking of the major players in each of the two main segments is provided as they are seen by the organisation providing the data (which, in practice, is usually the regulator or the trade association). In the Philippines the three largest non-life companies – in terms of gross written premiums in 2009 – were Malayan Insurance Company, Prudential Guarantee & Assurance and BPI/MS Insurance Corp (FEB Mitsui Marine), whose market shares were 12.3%, 9.2% and 5.6% respectively. In the life segment, the leaders were Philam Life (which was previously the main life subsidiary of AIG in the country but which, in late 2009, was brought under the aegis of AIG’s separate AIA operation), Sun Life of Canada (Philippines) and Insular Life Assurance, whose market shares were 19.0%, 16.7% and 10.8% respectively. Over time, we hope to derive insights from observing how market shares change. It must be emphasised, though, that a decline in share of gross written premiums is not automatically a bad thing and is often the result of a corporate decision to focus on more profitable business lines.
In this context, it is worth noting that the Insurance Commission has required all insurers, whether they operate in the non-life or the life segments, to lift minimum paid up capital. Currently, the minimum capital is PHP100mn (or around US$2mn). By 2015, the minimum will be PHP500mn. Given the structure of the non-life segment, where the 20 largest companies account for over 50% of the combined assets, we anticipate that the impact will be greatest on the 60 or so smaller non-life companies.
The report also provides a breakdown of the insurance sector by line – from the point of view of the regulator. In the Philippines the largest non-life lines were fire, motor car and casualty.
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