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Personal Accident and Health Insurance in the Philippines to 2017:Industry Analysis Report

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  • 1. Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2017 Synopsis The report provides in depth market analysis, information and insights into the Philippine personal accident and health insurance segment, including: The Philippine personal accident and health insurance segment’s growth prospects by insurance categories Key trends and drivers for the personal accident and health insurance segment The various distribution channels in the Philippine personal accident and health insurance segment Detailed competitive landscape of the personal accident and health insurance segment in the Philippines Detailed regulatory framework of the Philippine insurance industry A description of the personal accident and health reinsurance segment in the Philippines Porter's Five Forces Analysis of the personal accident and health insurance segment Benchmarking section on the Philippine personal accident and health insurance segment in comparison to other countries in the Southeast Asian region Executive summary The written premium of the Philippines personal accident and health insurance segment increased from PHP3.7 billion (US$83.8 million) in 2008 to PHP8.5 billion (US$202.4 million) in 2012, after recording a compound annual growth rate (CAGR) of 23.2% during the review period (2008–2012). This growth was fuelled by the country’s rising healthcare expenditure, the growing number of private hospitals and high frequency of crimes and natural disasters. The low standard of the country’s public healthcare system is encouraging a substantial proportion of the population to choose private healthcare facilities, although the high cost of such facilities means access is restricted to the country’s middle and upper classes. Over the forecast period, increasing healthcare expenditure, the growth of private healthcare and rising awareness of natural disasters and crimes in the country are all expected to drive growth in the Philippines personal accident and health insurance segment. Scope This report provides a comprehensive analysis of the personal accident and health insurance segment in the Philippines: It provides historical values for the Philippine personal accident and health insurance segment for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period It offers a detailed analysis of the key sub-segments in the Philippine personal accident and health insurance segment, along with market forecasts until 2017 It covers an exhaustive list of parameters including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions It analyses the various distribution channels for personal accident and health insurance products in the Philippines Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in the Philippines for the personal accident and health insurance segment It provides a detailed analysis of the reinsurance segment in the Philippines and its growth prospects It profiles the top personal accident and health 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 personal accident and health insurance segment and each category within it Understand the demand-side Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2017
  • 2. dynamics, key market trends and growth opportunities within the Philippine personal accident and health insurance segment Assess the competitive dynamics in the personal accident and health insurance segment, along with the reinsurance segment Identify the growth opportunities and market dynamics within key product categories Gain insights into key regulations governing the Philippine insurance segment and its impact on companies and the market's future Key highlights The written premium of the Philippines personal accident and health insurance segment increased from PHP3.7 billion (US$83.8 million) in 2008 to PHP8.5 billion (US$202.4 million) in 2012, after recording a compound annual growth rate (CAGR) of 23.2% during the review period (2008–2012) The Philippine personal accident and health segment is considered one of the fastest-growing insurance segments in Asia, making the country a preferred destination for investment The low penetration rate and underdevelopment of the industry are expected to support growth In 2012, the agencies channel accounted for 49.6% of the written premium generated in the segment, the highest share of all the distribution channels The insurance industry of the Philippines is supervised and regulated by the Insurance Commissioner of the Philippines, according to the rules and regulations of the Insurance Code (enacted in 1974) The segment is dominated by PhilHealth table Of Contents 1 Executive Summary 2 Introduction 2.1 What Is This Report About? 2.2 Definitions 2.3 Methodology 3 Regional Market Dynamics 3.1 Overview 3.2 Market Trends 3.3 Market Size 4 Personal Accident And Health Insurance Segment-regional Benchmarking 4.1 Scale And Penetration 4.1.1 Total Segment Gross Written Premium 4.1.2 Premium Per Capita 4.1.3 Personal Accident And Health Insurance Penetration As A Percentage Of Gdp 4.2 Growth 4.2.1 Gross Written Premium 4.2.2 Gross Written Premium Per Capita 4.3 Efficiency And Risk Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2017
  • 3. 4.3.1 Loss Ratio 4.3.2 Combined Ratio 4.3.3 Incurred Losses Per Capita 4.3.4 Incurred Losses As A Percentage Of Gdp 5 Philippines Insurance Industry Attractiveness 5.1 Insurance Industry Size, 2008-2017 5.2 Key Industry Trends And Drivers 6 Personal Accident And Health Insurance Segment Outlook 6.1 Personal Accident And Health Insurance Growth Prospects By Category 6.1.1 Personal Accident 6.1.2 Travel Insurance 6.1.3 Health Insurance 6.1.4 Non-life Health Insurance 7 Analysis By Distribution Channels 7.1 Direct Marketing 7.2 Bancassurance 7.3 Agencies 7.4 E-commerce 7.5 Brokers 7.6 Other Channels 8 Porter's Five Forces Analysis - Philippines Personal Accident And Health Insurance Segment 8.1 Bargaining Power Of Supplier: Medium-to-high 8.2 Bargaining Power Of Buyer: Low-to-medium 8.3 Barriers To Entry: Medium 8.4 Intensity Of Rivalry: High 8.5 Threat Of Substitutes: Low 9 Reinsurance Growth Dynamics And Challenges 9.1 Reinsurance Segment Size, 2008-2017 9.2 Reinsurance Segment Size By Type Of Insurance, 2008-2017 10 Governance, Risk And Compliance 10.1 Legislation Overview And Historical Evolution Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2017
  • 4. 10.2 Legislation Trends By Type Of Insurance 10.2.1 Life Insurance Regulatory Trends 10.2.2 Property Insurance Regulatory Trends 10.2.3 Motor Insurance Regulatory Trends 10.2.4 Marine, Aviation And Transit Insurance Regulatory Trends 10.2.5 Health Insurance Regulatory Trends 10.3 Compulsory Insurance 10.3.1 Worker's Compensation Insurance 10.3.2 Motor Third Party Liability Insurance 10.3.3 Compulsory Health Insurance 10.4 Supervision And Control 10.4.1 International Association Of Insurance Supervisors 10.4.2 The Insurance Commissioner 10.5 Non-admitted Insurance Regulatory Trends 10.5.1 Overview 10.5.2 Intermediaries 10.5.3 Market Practices 10.5.4 Fines And Penalties 10.6 Company Registration And Operations 10.6.1 Types Of Insurance Organisation 10.6.2 Establishing A Local Company 10.6.3 Foreign Ownership 10.6.4 Types Of License 10.6.5 Capital Requirements 10.6.6 Solvency Margins 10.6.7 Reserve Requirements 10.6.8 Investment Regulations 10.6.9 Statutory Return Requirements 10.6.10 Policy Terms And Conditions 10.7 Taxation 10.7.1 Insurance Premium Or Policy Taxation 10.7.2 Corporate Tax 10.7.3 Vat 10.7.4 Captives 10.8 Legal System 10.8.1 Introduction 10.8.2 Access To Court 10.8.3 Alternative Dispute Resolution (adr) 11 Competitive Landscape And Strategic Insights 11.1 Overview 11.2 Leading Companies In The Philippines Personal Accident And Health Insurance Segment Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2017
  • 5. 11.3 Philippine Health Insurance Corporation - Company Overview 11.3.1 Philippine Health Insurance Corporation - Key Facts 11.4 Blue Cross Insurance, Inc. - Company Overview 11.4.1 Blue Cross Insurance, Inc. - Key Facts 11.5 Mapfre Insular Insurance Corporation - Company Overview 11.5.1 Mapfre Insular Insurance Corporation - Key Facts 11.6 Ucpb General Insurance Co., Inc. - Company Overview 11.6.1 Ucpb General Insurance Co., Inc. - Key Facts 11.7 Federal Phoenix Assurance Co. Inc. - Company Overview 11.7.1 Federal Phoenix Assurance Co. Inc. - Key Facts 11.8 Insular Health Care, Inc. - Company Overview 11.8.1 Insular Health Care, Inc. - Key Facts 12 Business Environment And Country Risk 12.1 Business Confidence 12.1.1 Market Capitalization Trend - Philippine Stock Exchange, Philippines 12.2 Economic Performance 12.2.1 Gdp At Constant Prices (us$) 12.2.2 Gdp Per Capita At Constant Prices (us$) 12.2.3 Gdp At Current Prices (us$) 12.2.4 Gdp Per Capita At Current Prices (us$) 12.2.5 Gdp By Key Segments 12.2.6 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices (us$) 12.2.7 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices As A Percentage Of Gdp 12.2.8 Manufacturing Net Output At Current Prices (us$) 12.2.9 Manufacturing Net Output At Current Prices As A Percentage Of Gdp 12.2.10 Mining, Manufacturing And Utilities At Current Prices (us$) 12.2.11 Mining, Manufacturing And Utilities At Current Prices As Percentage Of Gdp 12.2.12 Construction Net Output At Current Prices (us$) 12.2.13 Construction Net Output At Current Prices As A Percentage Of Gdp 12.2.14 Inflation Rate 12.2.15 Exports As A Percentage Of Gdp 12.2.16 Imports As A Percentage Of Gdp 12.2.17 Exports Growth 12.2.18 Imports Growth 12.2.19 Annual Average Exchange Rate Inr-us$ 12.3 Infrastructure Quality And Availability 12.3.1 Commercial Vehicles Exports Total Value 12.3.2 Commercial Vehicles Imports Total Value 12.3.3 Automotive Exports Total Value 12.3.4 Automotive Imports Total Value 12.3.5 Total Internet Subscribers Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2017
  • 6. 12.4 Labor Force 12.4.1 Labor Force 12.4.2 Unemployment Rate 12.5 Demographics 12.5.1 Household Consumption Expenditure (us$) 12.5.2 Total Population 12.5.3 Urban And Rural Populations 12.5.4 Age Distribution Of The Total Population 13 Appendix 13.1 Methodology 13.2 Contact Timetric 13.3 About Timetric 13.4 Timetric's Services 13.5 Disclaimer ResearchMoz(http://www.researchmoz.us/) is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price. Contact: M/s Sheela, 90 State Street, Suite 700, Albany NY - 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free 866-997-4948 Email: sales@researchmoz.us Website: http://www.researchmoz.us/ Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2017