Philippines Insurance Report Q2 2012
Business Monitor International, April 2012, Pages: 87
Business Monitor International's 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.
How the Philippines’ insurance sector develops through 2012 will provide a useful indicator of overall trends in political, business and economic risk in the country. The statistic that BMI would highlight is that the trade association, and BMI, forecast life insurance premiums in 2012 that are 80% higher than those of 2009. It appears that there is a very high probability that the segment will emerge from three years of near stagnation in terms of premiums. Various commentators are excited about the prospects for microinsurance in the Philippines. While BMI accept that growth in the segment may be driven over the coming years by an increase in the number of first time users, BMI think that the expansion will be driven by the initiatives that are undertaken by particular companies.
The segment is dominated by Philam Life, the local subsidiary of AIA, along with the local offshoots of Manulife, AXA, Sun Life Financial and Prudential plc. These are all companies with regional (or global) scale, strong brand names, a very longstanding commitment to both the Philippines and Asia Pacific, capital and tolerance of emerging markets risk. As BMI explain in this report, these companies are developing by enlarging their existing distribution channels, improving the productivity of distribution channels, introducing new products or developing new partnerships. Crucially, though, households in the Philippines that can afford to provide for the future are increasingly enthusiastic about taking on long-term relationships with major life insurance companies.
The Philippines remains at an early stage of a transition from a situation where the non-life segment consists of dozens of tiny, and under-capitalised firms. As is the case in some other South East Asian countries (and in the Middle East) it is not obvious that many of these companies have a clear competence in insurance. The slippage in non-life penetration over recent years is a clear sign of a lack of discipline in pricing risks. Minimum capital requirements are being increased – as a part of the preparation for 2015, when the arrival of the Association of Southeast Asian Nations (ASEAN) Free Trade Agreement (AFTA) could result in much higher competition from other companies that are based elsewhere in the region. In practice, BMI are not certain that other ASEAN-based non-life insurers will see the opportunities in the Philippines as being more attractive than those at home. However, BMI would be amazed if there is not a wave of mergers & acquisitions over the coming two years.
Improved appetite for risk among life insurance customers and investors means some of the growth figures that have been published in relation to 2011 have been spectacular. Some companies are focusing on bancassurance opportunities. For instance, the newly formed Sun Life Grepa Financial joint venture (JV), in which Canada’s Sun Life Financial has a 49% stake and management control, will be working with Rizal Commercial Banking Corporation (RCBC) to distribute its products. RCBC is owned by the Yuchengco Group, which sold the 49% of Grepalife to Sun Life Financial.
Executive Summary
Table: Total Premiums, 2008-2016
Key Insights And Key Risks
SWOT Analysis
Philippines Insurance Industry SWOT
Philippines Political SWOT
Philippines Economic SWOT
Philippines Business Environment SWOT
Life Sector
Asia Pacific Life Sector Overview
Table: Asia Pacific Life Premiums, 2008-2016 (US$mn)
Philippines Life Sector Update
Life Industry Forecast Scenario
Table: Total Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
Population
Table: Insurance Key Drivers, Demographics, 2008-2016
Non-Life Sector
Asia Pacific Non-Life Sector Overview
Table: Asia Pacific Insurance Risk/Reward Ratings, 2008-2016
Philippines Non-Life Sector Update
Non-Life Industry Forecast Scenario
Table: Total Non-Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
Table: Philippines Economic Activity, 2011-2016
Political Stability Outlook
Table: Asia Pacific Regional Security Ratings
Healthcare
Health Insurance
Epidemiology
Table: Top 10 Causes Of Mortality In The Philippines
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2008-2016
Motor
Table: Insurance Key Drivers, Car Ownership, 2008-2015
Insurance Risk/Reward Ratings
Table: Philippines’ Insurance Risk/Reward Ratings
Table: Asia Pacific Insurance Risk/Reward Ratings
Competitive Landscape
Competitive Landscape Analysis
Major Players In The Philippines’ Insurance Sector
Table: Ranking Of Non-Life Insurance Companies By Gross Written Premiums, 2010
Table: Ranking Of Life Insurance Companies By Gross Written Premiums, 2010
Company Profiles
Local Company Profiles
Insular Life
Malayan Insurance/Grepalife Financial
Regional Company Profiles
Ageas
AEGON
AIA Group Limited
Allianz
Aviva
AXA
BNP Paribas Cardif
Chartis
HSBC Insurance
ING Group
Liberty Mutual
Manulife
MetLife ALICO
Prudential Financial
Prudential plc
QBE
RSA
Sun Life Financial
The Principal
Zurich Financial Services
BMI Methodology
Insurance Risk/Reward Ratings
Table: Insurance Risk/Reward Indicators And Rationale
Table: Weighting Of Indicators
- Insular Life
- Malayan Insurance/Grepalife Financial
- Ageas
- AEGON
- AIA Group Limited
- Allianz
- Aviva
- AXA
- BNP Paribas Cardif
- Chartis
- HSBC Insurance
- ING Group
- Liberty Mutual
- Manulife
- MetLife ALICO
- Prudential Financial
- Prudential plc
- QBE
- RSA
- Sun Life Financial
- The Principal
- Zurich Financial Services ,
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