Microinsurance Market in the Philippines 2016-2020

  • ID: 3846182
  • Report
  • Region: Philippines
  • 75 pages
  • TechNavio
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FEATURED COMPANIES

  • AFP General lnsurance
  • AIG Philippines
  • CARD Pioneer
  • CLIMBS Life
  • PNB MetLife
  • xMicroEnsure
  • MORE
About Micro-Insurance Products

Micro-insurance products are coverage policies targeted at households with low income levels. Micro-insurance plans provide tailored insurance coverage policies for individuals with little or low saving plans. Such policies provide lower value assets and compensation for injury, illness, or death to an individual than in other insurance policies.

Micro-insurance companies assist poor families by offering customized insurance plans to meet the specific needs of the customers. The value of the coverage policy is lower compared to other insurance plans because of which the policyholder pays smaller premiums to the insurance company than in the case of a usual plan. The micro-insurance market is stronger in developing countries which offer high growth opportunities for the insurance industry.

The analysts forecast the micro-insurance market in the Philippines to grow at a CAGR of 21.47% during the period 2016-2020.

Covered in this report

The report covers the present scenario and the growth prospects of the micro-insurance market in the Philippines for 2016-2020. To calculate the market size, the report considered the premiums earned from accidental micro-insurance, life micro-insurance, health micro-insurance, agriculture micro-insurance, and property micro-insurance from the Philippines market.

The report, Micro-Insurance Market in the Philippines 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
- AIG Philippines
- Asian Life and General Assurance
- CARD Pioneer
- CLIMBS Life

Other prominent vendors
- AFP General lnsurance
- PNB MetLife
- xMicroEnsure

Market drivers
- Encouraging regulatory environment

Market challenges
- Lack of trained staff to explain insurance products to the poor

Market trends
- Increase in financial inclusion programs

Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?

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FEATURED COMPANIES

  • AFP General lnsurance
  • AIG Philippines
  • CARD Pioneer
  • CLIMBS Life
  • PNB MetLife
  • xMicroEnsure
  • MORE
PART 01: Executive summary
  • Highlights
PART 02: Scope of the report
  • Market overview
  • Top-vendor offerings
PART 03: Market research methodology
  • Research methodology
  • Economic indicators
PART 04: Introduction
  • Key market highlights
  • Definition of micro-insurance
  • Key players in micro-insurance value chain
  • Micro-insurance transaction
  • Role of policy and regulation in shaping business environment of micro-insurance sector
  • Difference between traditional insurance and micro-insurance
PART 05: Market landscape
  • Market overview
  • Market size and forecast
  • Five forces analysis
PART 06: Market drivers
  • Encouraging regulatory environment
  • Impact of growing urbanization on markets pertaining to life micro-insurance, health micro-insurance, and various kinds of agricultural insurance
  • Different valuation strategies
PART 07: Impact of drivers

PART 08: Market challenges
  • Decapitalization due to high insurance claims
  • Lack of trained staff to explain insurance products to the poor
  • Difficulty in credit assessment
PART 09: Impact of drivers and challenges

PART 10: Market trends
  • Increase in financial inclusion programs
  • Micro-insurance becoming mandatory
  • Leveraging social media channels for better market penetration and better customer connectivity
PART 11: Vendor landscape
  • Competitive landscape
  • Other prominent vendors
PART 12: Key vendor analysis
  • AIG Philippines
  • Asian Life and General Assurance
  • CARD Pioneer
  • CLIMBS Life
PART 13: Appendix
  • List of abbreviations
PART 14: About the Author

List of Exhibits

Exhibit 01: Products offered by micro-insurance providers
Exhibit 02: Product offerings
Exhibit 03: Key players in micro-insurance value chain
Exhibit 04: Life cycle of micro-insurance
Exhibit 05: Role of policy and regulation in shaping business environment of micro-insurance sector
Exhibit 06: Difference between traditional insurance and micro-insurance
Exhibit 07: Products offered by micro-insurance providers
Exhibit 08: Concept of life insurance based on two fundamental principles
Exhibit 09: Personal uses of life insurance business
Exhibit 10: Types of life insurance
Exhibit 11: Primary reasons for investing in life insurance
Exhibit 12: Types of property insurance
Exhibit 13: Damages and losses covered under property insurance
Exhibit 14: Global micro-insurance market in Philippines 2015-2020 ($ millions)
Exhibit 15: Premium generated and forecasted from different micro-insurance products 2015-2020
Exhibit 16: Market share of micro-insurance products in Philippines 2015 and 2020
Exhibit 17: Reasons for upgrading capital management
Exhibit 18: Strategies to manage significant risks for low-income people
Exhibit 19: Five forces analysis
Exhibit 20: Whole life insurance policy features
Exhibit 21: Impact of drivers
Exhibit 22: Impact of drivers and challenges
Exhibit 23: Benefits of mandatory coverage
Exhibit 24: Social media benefits to insurance firms
Exhibit 25: Innovations in customer services
Exhibit 26: Factors that drive customer satisfaction
Exhibit 27: Customer connectivity
Exhibit 28: Other prominent vendors
Exhibit 29: AIG Philippines: Key takeaways
Exhibit 30: Recent developments
Exhibit 31: Asian Life and General Assurance: Key takeaways
Exhibit 32: CARD Pioneer: Service portfolio
Exhibit 33: Recent developments
Exhibit 34: CARD Pioneer: Key takeaways
Exhibit 35: CLIMBS Life: Product and service portfolio
Exhibit 36: Recent developments
Exhibit 37: CLIMBS Life: Key takeaways
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FEATURED COMPANIES

  • AFP General lnsurance
  • AIG Philippines
  • CARD Pioneer
  • CLIMBS Life
  • PNB MetLife
  • xMicroEnsure
  • MORE
New Report Released: - Micro-Insurance Market in the Philippines 2016-2020

The author of the report recognizes the following companies as the key players in the micro-insurance market in the Philippines: AIG Philippines, Asian Life and General Assurance, CARD Pioneer, and CLIMBS Life.

Other Prominent Vendors in the market are: AFP General lnsurance, PNB MetLife, and xMicroEnsure.

Commenting on the report, an analyst from the research team said: “Increase in financial inclusion programs will be a key trend for market growth. It is important to focus on the financially inclusive ecosystems especially for low-income clients, including small and medium enterprises. The financial inclusion empowers the poor to manage their finances and reduce their vulnerability to financial distress, debt, and poverty. The majority of populations in the Philippines do not have access to insurance with a bank or any other formal institution. The government in the Philippines focuses more on financial inclusion policies as it is considered an important strategy for growth of the micro-insurance market. The financial inclusion in micro-insurance is given to low-income clients who are excluded from the traditional commercial insurance schemes because they come from the informal sector, have irregular cash flows, or have seasonal fluctuations in earning capacity.”

According to the report, different valuation strategies will be a key driver for market growth. Micro-insurance is subject to normal industry cyclicals. Market players therefore formulate different strategies to earn positive yields and generate cash flows. These techniques help to bring in stable earnings year-on-year for players in the micro-insurance industry. While micro-insurance players remain subject to business cyclicals, the growth resulting from changes in premiums may not affect much of the relative growth prospects of the industry players. However, it is important to note that a micro-insurance company’s underwriting activities do cast an effect on the valuation of the insurer. This applies to instances when the insurance company hikes the rate of premium.

Further, the report states that if we look at the current market scenario, there has been low penetration of micro-insurance as there is a lack of insurance culture amongst the population. So, to increase market penetration, the government and top players in the market should tap the low-income market segment. The lack of general awareness about micro-insurance as a protection tool and details about the types of insurances pose major challenges to market growth. This lack of awareness often keeps potential clients away. Micro-insurance service providers offer services at a slow pace. The claim settlement process is a vital component in the whole process flow as it is crucial for the goodwill of the micro-insurance company.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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- AIG Philippines
- Asian Life and General Assurance
- CARD Pioneer
- CLIMBS Life
- AFP General lnsurance
- PNB MetLife
- xMicroEnsure
Note: Product cover images may vary from those shown
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