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Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2018 
Synopsis 
The report provides in-depth market analysis, information and insights into the Philippine non-life insurance segment, including: 
The Philippine non-life insurance segment’s growth prospects by non-life insurance category Key trends and drivers for the non-life insurance segment 
The various distribution channels in the Philippine non-life insurance segment The detailed competitive landscape in the non-life insurance segment in the 
Philippines Detailed regulatory policies of the Philippine insurance industry 
Executive summary 
In terms of gross written premium, the Philippine non-life segment grew at a review-period CAGR of 11.3%. This growth was supported by the property and 
motor insurance categories, which are also the segment’s largest categories in terms of gross written premium. These categories registered double-digit 
growth during the review period, and contributed to the segment’s overall growth. The Philippine economy flourished due to the booming business 
processing outsourcing (BPO) and information technology (IT) sectors, which led to the rise of the middle-class population. The country’s high frequency 
of natural disasters created high awareness of insurance among Filipino consumers. Non-life insurers, however, face a major challenge to meet the huge damages 
caused by natural disasters, as well a large tax burden. These, along with increasing capital requirements for insurers, are projected to challenge the growth and 
consolidate the non-life segment over the forecast period. However, insurers’ efforts to provide innovative products for middle-class and niche savers, 
along with encouragement to save among Filipino consumers are projected to supplement the segment’s growth over the forecast period. 
Scope 
This report provides a comprehensive analysis of the non-life insurance segment in the Philippines: 
It provides historical values for the Philippine non-life insurance segment for the report’s 2009–2013 review period and forecast figures for the 
2013–2018 forecast period. It offers a detailed analysis of the key categories in the Philippine non-life insurance segment, along with market forecasts 
until 2018. 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 non-life insurance products in the Philippines. It 
profiles the top non-life 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 non-life insurance segment and each category within 
it Understand the demand-side dynamics, key market trends and growth opportunities in the Philippine non-life insurance segment Assess the competitive 
dynamics in the non-life insurance segment Identify the growth opportunities and market dynamics in key product categories Gain insights into key regulations 
governing Philippine insurance industry and its impact on companies and the market's future 
Key highlights 
In terms of gross written premium, the Philippine non-life segment grew at a review-period CAGR of 11.3%. This growth was supported by the property and 
motor insurance categories, which are also the segment’s largest categories in terms of gross written premium. Non-life insurers, however, face a major 
challenge to meet the huge damages caused by natural disasters, as well a large tax burden. Increasing capital requirements for insurers, are projected to 
challenge the growth and consolidate the non-life segment over the forecast period. Insurers’ efforts to provide innovative products for middle-class and 
niche savers, along with encouragement to save among Filipino consumers are projected to supplement the segment’s growth over the forecast period. 
table Of Contents 
1 Key Facts And Events 
2 Executive Summary 
3 Introduction 
3.1 What Is This Report About? 
3.2 Definitions 
3.3 Methodology 
4 Philippine Insurance Industry Attractiveness 
4.1 Insurance Industry Size, 2009–2018 
5 Non-life Insurance Outlook 
5.1 Consumer Segmentation 
5.2 Key Drivers 
5.3 Key Trends 
5.4 Challenges 
5.5 Non-life Insurance Growth Prospects By Category 
5.6 Property Insurance 
5.7 Motor Insurance 
5.8 Liability Insurance 
5.9 Marine, Aviation And Transit Insurance 
5.9.1 Marine Insurance 
5.9.2 Aviation Insurance 
Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2018
5.9.3 Transit Insurance 
6 Analysis By Distribution Channel 
6.1 Direct Marketing 
6.2 Bancassurance 
6.3 Agencies 
6.4 E-commerce 
6.5 Brokers 
6.6 Other Channels 
7 Governance, Risk And Compliance 
7.1 Legislation Overview And Historical Evolution 
7.2 Legislation And Market Practice By Type Of Insurance 
7.2.1 Life Insurance 
7.2.2 Property Insurance 
7.2.3 Motor Insurance 
7.2.4 Liability Insurance 
7.2.5 Marine, Aviation And Transit Insurance 
7.2.6 Personal Accident And Health Insurance 
7.3 Compulsory Insurance 
7.3.1 Motor Third-party Liability Insurance 
7.3.2 Worker’s Compensation 
7.3.3 National Health Insurance 
7.4 Supervision And Control 
7.4.1 International Association Of Insurance Supervisors 
7.4.2 The Insurance Commission 
7.5 Non-admitted Insurance Regulations 
7.5.1 Overview 
7.5.2 Intermediaries 
7.5.3 Market Practices 
7.5.4 Fines And Penalties 
7.6 Company Registration And Operations 
7.6.1 Types Of Insurance Organization 
7.6.2 Establishing A Local Company 
7.6.3 Foreign Ownership 
7.6.4 Types Of License 
7.6.5 Capital Requirements 
7.6.6 Solvency Margins 
7.6.7 Reserve Requirements 
7.6.8 Investment Regulations 
7.6.9 Statutory Return Requirements 
7.6.10 Fee Structure 
7.7 Taxation 
7.7.1 Insurance Premium Or Policy Taxation 
7.7.2 Withholding Taxes On Premium Paid Overseas 
7.7.3 Corporate Tax 
7.7.4 Vat 
7.7.5 Captives 
7.8 Legal System 
7.8.1 Introduction 
7.8.2 Access To Court 
7.8.3 Alternative Dispute Resolution (adr) 
8 Competitive Landscape And Strategic Insights 
8.1 Overview 
8.2 Leading Companies In The Philippine Non-life Insurance Segment 
8.3 Comparison Of The Top Five Insurers 
8.3.1 Gross Written Premium 
8.3.2 Outwards Reinsurance Expense 
8.3.3 Net Earned Premium 
8.3.4 Retention 
8.4 Leading Life Insurers – New Product Launches 
8.5 Leading Life Insurers – Key Developments 
8.6 Malayan Insurance Co., Inc. – Company Overview 
8.6.1 Malayan Insurance Co., Inc. – Key Facts 
Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2018
8.6.2 Malayan Insurance Co., Inc. – Key Financials 
8.7 Prudential Guarantee And Assurance, Inc. – Company Overview 
8.7.1 Prudential Guarantee And Assurance, Inc. – Key Facts 
8.7.2 Prudential Guarantee And Assurance, Inc. – Key Financials 
8.8 Bpi/ms Insurance Corporation – Company Overview 
8.8.1 Bpi/ms Insurance Corporation – Key Facts 
8.8.2 Bpi/ms Insurance Corporation – Key Financials 
8.9 Pioneer Insurance & Surety Corporation – Company Overview 
8.9.1 Pioneer Insurance & Surety Corporation – Key Facts 
8.9.2 Pioneer Insurance & Surety Corporation – Key Financials 
8.10 Charter Ping An Insurance Corporation – Company Overview 
8.10.1 Charter Ping An Insurance Corporation – Key Facts 
8.10.2 Charter Ping An Insurance Corporation – Key Financials 
8.11 Federal Phoenix Assurance Co., Inc. – Company Overview 
8.11.1 Federal Phoenix Assurance Co., Inc. – Key Facts 
8.11.2 Federal Phoenix Assurance Co., Inc. – Key Financials 
8.12 Ucpb General Insurance Co., Inc. – Company Overview 
8.12.1 Ucpb General Insurance Co., Inc. – Key Facts 
8.12.2 Ucpb General Insurance Co., Inc. – Key Financials 
8.13 Aig Philippines Insurance Company – Company Overview 
8.13.1 Aig Philippines Insurance Company – Key Facts 
8.13.2 Aig Philippines Insurance Company – Key Financials 
8.14 Standard Insurance Co., Inc. – Company Overview 
8.14.1 Standard Insurance Co., Inc. – Key Facts 
8.14.2 Standard Insurance Co., Inc. – Key Financials 
8.15 Mapfre Insular Insurance Corporation – Company Overview 
8.15.1 Mapfre Insular Insurance Corporation – Key Facts 
8.15.2 Mapfre Insular Insurance Corporation – Key Financials 
9 Appendix – 1 
9.1 Business Confidence 
9.1.1 Market Capitalization Trend – Philippine Stock Exchange (pse), Philippines 
9.2 Economic Performance 
9.2.1 Gdp At Constant Prices (us$) 
9.2.2 Gdp Per Capita At Constant Prices (us$) 
9.2.3 Gdp At Current Prices (us$) 
9.2.4 Gdp Per Capita At Current Prices (us$) 
9.2.5 Inflation Rate 
9.2.6 Annual Average Exchange Rate Php–us$ 
9.3 Infrastructure 
9.3.1 Total Internet Subscribers 
9.4 Labor Force 
9.4.1 Labor Force 
9.4.2 Unemployment Rate 
9.5 Demographics 
9.5.1 Gross National Disposable Income (us$) 
9.5.2 Household Consumption Expenditure (us$) 
9.5.3 Total Population 
9.5.4 Urban And Rural Populations 
9.5.5 Age Distribution Of The Total Population 
10 Appendix – 2 
10.1 Methodology 
10.2 Contact Timetric 
10.3 About Timetric 
10.4 Timetric’s Services 
10.5 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, 
Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2018
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/ 
Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2018

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Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2018 - Market Share,Analysis

  • 1. Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2018 Synopsis The report provides in-depth market analysis, information and insights into the Philippine non-life insurance segment, including: The Philippine non-life insurance segment’s growth prospects by non-life insurance category Key trends and drivers for the non-life insurance segment The various distribution channels in the Philippine non-life insurance segment The detailed competitive landscape in the non-life insurance segment in the Philippines Detailed regulatory policies of the Philippine insurance industry Executive summary In terms of gross written premium, the Philippine non-life segment grew at a review-period CAGR of 11.3%. This growth was supported by the property and motor insurance categories, which are also the segment’s largest categories in terms of gross written premium. These categories registered double-digit growth during the review period, and contributed to the segment’s overall growth. The Philippine economy flourished due to the booming business processing outsourcing (BPO) and information technology (IT) sectors, which led to the rise of the middle-class population. The country’s high frequency of natural disasters created high awareness of insurance among Filipino consumers. Non-life insurers, however, face a major challenge to meet the huge damages caused by natural disasters, as well a large tax burden. These, along with increasing capital requirements for insurers, are projected to challenge the growth and consolidate the non-life segment over the forecast period. However, insurers’ efforts to provide innovative products for middle-class and niche savers, along with encouragement to save among Filipino consumers are projected to supplement the segment’s growth over the forecast period. Scope This report provides a comprehensive analysis of the non-life insurance segment in the Philippines: It provides historical values for the Philippine non-life insurance segment for the report’s 2009–2013 review period and forecast figures for the 2013–2018 forecast period. It offers a detailed analysis of the key categories in the Philippine non-life insurance segment, along with market forecasts until 2018. 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 non-life insurance products in the Philippines. It profiles the top non-life 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 non-life insurance segment and each category within it Understand the demand-side dynamics, key market trends and growth opportunities in the Philippine non-life insurance segment Assess the competitive dynamics in the non-life insurance segment Identify the growth opportunities and market dynamics in key product categories Gain insights into key regulations governing Philippine insurance industry and its impact on companies and the market's future Key highlights In terms of gross written premium, the Philippine non-life segment grew at a review-period CAGR of 11.3%. This growth was supported by the property and motor insurance categories, which are also the segment’s largest categories in terms of gross written premium. Non-life insurers, however, face a major challenge to meet the huge damages caused by natural disasters, as well a large tax burden. Increasing capital requirements for insurers, are projected to challenge the growth and consolidate the non-life segment over the forecast period. Insurers’ efforts to provide innovative products for middle-class and niche savers, along with encouragement to save among Filipino consumers are projected to supplement the segment’s growth over the forecast period. table Of Contents 1 Key Facts And Events 2 Executive Summary 3 Introduction 3.1 What Is This Report About? 3.2 Definitions 3.3 Methodology 4 Philippine Insurance Industry Attractiveness 4.1 Insurance Industry Size, 2009–2018 5 Non-life Insurance Outlook 5.1 Consumer Segmentation 5.2 Key Drivers 5.3 Key Trends 5.4 Challenges 5.5 Non-life Insurance Growth Prospects By Category 5.6 Property Insurance 5.7 Motor Insurance 5.8 Liability Insurance 5.9 Marine, Aviation And Transit Insurance 5.9.1 Marine Insurance 5.9.2 Aviation Insurance Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2018
  • 2. 5.9.3 Transit Insurance 6 Analysis By Distribution Channel 6.1 Direct Marketing 6.2 Bancassurance 6.3 Agencies 6.4 E-commerce 6.5 Brokers 6.6 Other Channels 7 Governance, Risk And Compliance 7.1 Legislation Overview And Historical Evolution 7.2 Legislation And Market Practice By Type Of Insurance 7.2.1 Life Insurance 7.2.2 Property Insurance 7.2.3 Motor Insurance 7.2.4 Liability Insurance 7.2.5 Marine, Aviation And Transit Insurance 7.2.6 Personal Accident And Health Insurance 7.3 Compulsory Insurance 7.3.1 Motor Third-party Liability Insurance 7.3.2 Worker’s Compensation 7.3.3 National Health Insurance 7.4 Supervision And Control 7.4.1 International Association Of Insurance Supervisors 7.4.2 The Insurance Commission 7.5 Non-admitted Insurance Regulations 7.5.1 Overview 7.5.2 Intermediaries 7.5.3 Market Practices 7.5.4 Fines And Penalties 7.6 Company Registration And Operations 7.6.1 Types Of Insurance Organization 7.6.2 Establishing A Local Company 7.6.3 Foreign Ownership 7.6.4 Types Of License 7.6.5 Capital Requirements 7.6.6 Solvency Margins 7.6.7 Reserve Requirements 7.6.8 Investment Regulations 7.6.9 Statutory Return Requirements 7.6.10 Fee Structure 7.7 Taxation 7.7.1 Insurance Premium Or Policy Taxation 7.7.2 Withholding Taxes On Premium Paid Overseas 7.7.3 Corporate Tax 7.7.4 Vat 7.7.5 Captives 7.8 Legal System 7.8.1 Introduction 7.8.2 Access To Court 7.8.3 Alternative Dispute Resolution (adr) 8 Competitive Landscape And Strategic Insights 8.1 Overview 8.2 Leading Companies In The Philippine Non-life Insurance Segment 8.3 Comparison Of The Top Five Insurers 8.3.1 Gross Written Premium 8.3.2 Outwards Reinsurance Expense 8.3.3 Net Earned Premium 8.3.4 Retention 8.4 Leading Life Insurers – New Product Launches 8.5 Leading Life Insurers – Key Developments 8.6 Malayan Insurance Co., Inc. – Company Overview 8.6.1 Malayan Insurance Co., Inc. – Key Facts Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2018
  • 3. 8.6.2 Malayan Insurance Co., Inc. – Key Financials 8.7 Prudential Guarantee And Assurance, Inc. – Company Overview 8.7.1 Prudential Guarantee And Assurance, Inc. – Key Facts 8.7.2 Prudential Guarantee And Assurance, Inc. – Key Financials 8.8 Bpi/ms Insurance Corporation – Company Overview 8.8.1 Bpi/ms Insurance Corporation – Key Facts 8.8.2 Bpi/ms Insurance Corporation – Key Financials 8.9 Pioneer Insurance & Surety Corporation – Company Overview 8.9.1 Pioneer Insurance & Surety Corporation – Key Facts 8.9.2 Pioneer Insurance & Surety Corporation – Key Financials 8.10 Charter Ping An Insurance Corporation – Company Overview 8.10.1 Charter Ping An Insurance Corporation – Key Facts 8.10.2 Charter Ping An Insurance Corporation – Key Financials 8.11 Federal Phoenix Assurance Co., Inc. – Company Overview 8.11.1 Federal Phoenix Assurance Co., Inc. – Key Facts 8.11.2 Federal Phoenix Assurance Co., Inc. – Key Financials 8.12 Ucpb General Insurance Co., Inc. – Company Overview 8.12.1 Ucpb General Insurance Co., Inc. – Key Facts 8.12.2 Ucpb General Insurance Co., Inc. – Key Financials 8.13 Aig Philippines Insurance Company – Company Overview 8.13.1 Aig Philippines Insurance Company – Key Facts 8.13.2 Aig Philippines Insurance Company – Key Financials 8.14 Standard Insurance Co., Inc. – Company Overview 8.14.1 Standard Insurance Co., Inc. – Key Facts 8.14.2 Standard Insurance Co., Inc. – Key Financials 8.15 Mapfre Insular Insurance Corporation – Company Overview 8.15.1 Mapfre Insular Insurance Corporation – Key Facts 8.15.2 Mapfre Insular Insurance Corporation – Key Financials 9 Appendix – 1 9.1 Business Confidence 9.1.1 Market Capitalization Trend – Philippine Stock Exchange (pse), Philippines 9.2 Economic Performance 9.2.1 Gdp At Constant Prices (us$) 9.2.2 Gdp Per Capita At Constant Prices (us$) 9.2.3 Gdp At Current Prices (us$) 9.2.4 Gdp Per Capita At Current Prices (us$) 9.2.5 Inflation Rate 9.2.6 Annual Average Exchange Rate Php–us$ 9.3 Infrastructure 9.3.1 Total Internet Subscribers 9.4 Labor Force 9.4.1 Labor Force 9.4.2 Unemployment Rate 9.5 Demographics 9.5.1 Gross National Disposable Income (us$) 9.5.2 Household Consumption Expenditure (us$) 9.5.3 Total Population 9.5.4 Urban And Rural Populations 9.5.5 Age Distribution Of The Total Population 10 Appendix – 2 10.1 Methodology 10.2 Contact Timetric 10.3 About Timetric 10.4 Timetric’s Services 10.5 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, Non-Life Insurance in the Philippines, Key Trends and Opportunities to 2018
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