Life Insurance in the Philippines, Key Trends and Opportunities to 2020

All the vital news, analysis, and commentary curated by our industry experts.

$1450

Buy Report View Sample

Published: March 10, 2017 Report Code: GD-IS1424MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Life Insurance in the Philippines, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Philippine life insurance segment, and a comparison of the Philippine insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Philippine economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the life insurance segment in the Philippines:

• It provides historical values for the Philippine life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Philippine life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Philippine life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in the Philippines.

• It profiles the top life insurance companies in the Philippines and outlines the key regulations affecting them.

Key Highlights

• The Philippine life insurance segment grew at a review-period CAGR of 20.2%

• Individual life insurance remained the largest sub-segment during the review period; it accounted for 94.2% of the segment’s direct written premium in 2015, of which term life’s share was 15.3%.

• During the review period, the segment registered an increase in bancassurance tie-ups, mainly due to regulatory relaxations and the presence of a robust banking sector in the country.

• The Philippine life insurance segment is concentrated, with the five leading companies accounting for 62.2% of the total premium income in 2015.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Philippine life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Philippine life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Philippine insurance industry, and their impact on companies and the industry's future.

Sun Life of Canada (Philippines), Inc.,Philippines Axa Life Insurance Corporation,Philippine American Life and General Insurance Company, Inc.,BPI-Philam Life Assurance Corporation ,Pru Life Insurance Corporation of UK,The Manufacturers Life Insurance Co. (Phils.), Inc.,The Insular Life Assurance Co., Ltd,Sun Life Grepa Financial Inc.,Generali Pilipinas Life Assurance Company,Manulife China Bank Life Assurance Corporation

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Sum assured

4.2.5 Assets and investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Policies sold

5.1.3 Penetration

5.2 Group Life Insurance

5.2.1 Penetration

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Sun Life of Canada (Philippines) Inc. – company overview

7.1.2 Philippine Axa Life Insurance Corporation – company overview

7.1.3 Philippine American Life and General Insurance Company, Inc. – company overview

7.1.4 BPI-Philam Life Assurance Corporation – company overview

7.1.5 Pru Life Insurance Corporation of UK – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Passenger personal accident insurance (PPAI) for public transport vehicles and ferry operators

8.4.3 Insurance coverage for ship passengers and cargo

8.4.4 Worker’s compensation

8.4.5 National health insurance

8.4.6 Insurance cover for overseas Filipino workers

8.4.7 Professional indemnity insurance for insurance and reinsurance brokers

8.4.8 Civil liability insurance for businesses

8.4.9 Oil pollution insurance

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 The Insurance Commission

8.5.3 The Philippine Life Insurance Association

8.5.4 The Philippine Insurers and Reinsurers Association

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure 102

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Individual Life Insurance

9.5 Individual Life Insurance by Product

9.6 Group Life Insurance

9.7 Individual Life – Single vs Non-Single Premium

9.8 Group Life – Single vs Non-Single Premium

9.9 Linked vs Non-Linked Policies

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Philippine Life Insurance – Key Facts, 2015

Table 2: Philippine Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Philippine Government Credit Ratings

Table 4: Philippine Life Insurance – Gross Written Premium (PHP Billion and US$ Billion), 2011–2015

Table 5: Philippine Life Insurance – Penetration (%), 2011–2015

Table 6: Philippine Life Insurance – Gross Written Premium (PHP Billion and US$ Billion), 2015–2020

Table 7: Philippine Life Insurance – Penetration (%), 2015–2020

Table 8: Philippine Life Insurance – New Business Direct Written Premium (PHP Billion and US$ Billion), 2011–2015

Table 9: Philippine Life Insurance – New Business Direct Written Premium (PHP Billion and US$ Billion), 2015–2020

Table 10: Philippine Life Insurance – Premium per Capita (PHP and US$), 2011–2015

Table 11: Philippine Life Insurance – Premium per Capita (PHP and US$), 2015–2020

Table 12: Philippine Life Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 13: Philippine Life Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 14: Philippine Life Insurance – Paid Claims (PHP Billion and US$ Billion), 2011–2015

Table 15: Philippine Life Insurance – Paid Claims (PHP Billion and US$ Billion), 2015–2020

Table 16: Philippine Life Insurance – Sum Assured (PHP Trillion and US$ Billion), 2011–2015

Table 17: Philippine Life Insurance – Sum Assured (PHP Trillion and US$ Billion), 2015–2020

Table 18: Philippine Life Insurance – Total Assets (PHP Billion and US$ Billion), 2011–2015

Table 19: Philippine Life Insurance – Total Assets (PHP Trillion and US$ Billion), 2015–2020

Table 20: Philippine Life Insurance – Total Investment Income (PHP Billion and US$ Million), 2011–2015

Table 21: Philippine Life Insurance – Total Investment Income (PHP Billion and US$ Million), 2015–2020

Table 22: Philippine Life Insurance – Investment Portfolio (PHP Billion), 2011–2015

Table 23: Philippine Life Insurance – Investment Portfolio (PHP Billion), 2015–2020

Table 24: Philippine Life Insurance – Direct Written Premium by Sub-Segment (PHP Billion), 2011–2015

Table 25: Philippine Life Insurance – Direct Written Premium by Sub-Segment (PHP Billion), 2015–2020

Table 26: Philippine Individual Life Insurance – Direct Written Premium by Category (PHP Billion), 2011–2015

Table 27: Philippine Individual Life Insurance – Direct Written Premium by Category (PHP Billion), 2015–2020

Table 28: Philippine Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2015

Table 29: Philippine Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2015–2020

Table 30: Philippine Life Insurance – Market Shares of Leading Insurers (%), 2015

Table 31: Sun Life of Canada (Philippines) Inc. – Key Facts

Table 32: Sun Life of Canada (Philippines) Inc. – Key Financials (PHP Million), 2011–2015

Table 33: Philippine Axa Life Insurance Corporation – Key Facts

Table 34: Philippine Axa Life Insurance Corporation – Key Financials (PHP Million), 2011–2015

Table 35: Philippine American Life and General Insurance Company, Inc. – Key Facts

Table 36: Philippine American Life and General Insurance Company, Inc. – Key Financials (PHP Million), 2011–2015

Table 37: BPI-Philam Life Assurance Corporation – Key Facts

Table 38: BPI-Philam Life Assurance Corporation – Key Financials (PHP Million), 2011–2015

Table 39: Pru Life Insurance Corporation of UK – Key Facts

Table 40: Pru Life Insurance Corporation of UK – Key Financials (PHP Million), 2011–2015

Table 41: The Philippines – Insurance Regulatory Framework Key Features

Table 42: The Philippines – Life Insurance Regulatory Framework

Table 43: The Philippines – Property Insurance Regulatory Framework

Table 44: The Philippines– Motor Insurance Regulatory Framework

Table 45: The Philippines – Liability Insurance Regulatory Framework

Table 46: The Philippines – Premiums for Motor Third-party Liability Insurance

Table 47: The Philippines – Premium for Passenger Personal Accident Insurance

Table 48: The Philippines – Benefits of Passenger Personal Accident Insurance

Table 49: The Philippines – Benefits of Insurance Coverage for Ship Passengers and Cargo

Table 50: The Philippines – Premiums for Reserve Computation

Table 51: The Philippines– Liability Limits of Oil Pollution Insurance

Table 52: The Philippines – Treaty and Premium Cession Limits for Outward Reinsurance Arrangements for Non-life Insurers

Table 53: The Philippines – Financial Strength Rating

Table 54: The Philippines – Insolvency Regulations

Table 55: The Philippines – Stamp Taxes on Life Insurance Policies

Table 56: The Philippines – Corporate Tax Rates for the Financial Year 2016

Table 57: Philippine Life Insurance – Policies and Premium, 2011–2015

Table 58: Philippine Life Insurance – Policies and Premium, 2015–2020

Table 59: Philippine Life Insurance – Claims and Expenses, 2011–2015

Table 60: Philippine Life Insurance – Claims and Expenses, 2015–2020

Table 61: Philippine Life Insurance – Assets and Investments, 2011–2015

Table 62: Philippine Life Insurance – Assets and Investments, 2015–2020

Table 63: Philippine Life Insurance – Individual Life Insurance, 2011–2015

Table 64: Philippine Life Insurance – Individual Life Insurance, 2015–2020

Table 65: Philippine Life Insurance – Individual Life Insurance by Product, 2011–2015

Table 66: Philippine Life Insurance – Individual Life Insurance by Product, 2015–2020

Table 67: Philippine Life Insurance – Group Life Insurance, 2011–2015

Table 68: Philippine Life Insurance – Group Life Insurance, 2015–2020

Table 69: Philippine Life Insurance – Individual Life Insurance by Premium, 2011–2015

Table 70: Philippine Life Insurance – Individual Life Insurance by Premium, 2015–2020

Table 71: Philippine Life Insurance – Group Life Insurance by Premium, 2011–2015

Table 72: Philippine Life Insurance – Group Life Insurance by Premium, 2015–2020

Table 73: Philippine Life Insurance – Linked vs Non-Linked Policies, 2011–2015

Table 74: Philippine Life Insurance – Linked vs Non-Linked Policies, 2015–2020

Table 75: Insurance Industry Definitions

Figures

Figure 1: Philippine Real GDP (PHP Trillion), 2011–2020

Figure 2: Philippine Consumer Price Inflation (%), 2011–2020

Figure 3: Philippine Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 4: Philippine Unemployment Rate, 2011–2020

Figure 5: Philippine Population by Age Group, 1990–2025

Figure 6: Philippine Life Insurance Penetration – Regional Comparison (%), 2015

Figure 7: Philippine Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 8: Philippine Life Insurance – Gross Written Premium (PHP Billion), 2011–2020

Figure 9: Philippine Life Insurance – Penetration (%), 2011–2020

Figure 10: Philippine Life Insurance – New Business Direct Written Premium (PHP Billion), 2011–2020

Figure 11: Philippine Life Insurance – Premium per Capita (PHP), 2011–2020

Figure 12: Philippine Life Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 13: Philippine Life Insurance – Paid Claims (PHP Billion), 2011–2020

Figure 14: Philippine Life Insurance – Sum Assured (PHP Trillion), 2011–2020

Figure 15: Philippine Life Insurance – Total Assets (PHP Billion), 2011–2020

Figure 16: Philippine Life Insurance – Total Investment Income (PHP Billion), 2011–2020

Figure 17: Philippine Life Insurance – Investment Portfolio (PHP Billion), 2011–2020

Figure 18: Philippine Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 19: Philippine Life Insurance – Direct Written Premium by Sub-Segment (PHP Billion), 2011–2020

Figure 20: Philippine Life Insurance – Direct Written Premium Share by Sub-Segment, 2011–2020

Figure 21: Philippine Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2011–2020

Figure 22: Philippine Individual Life Insurance – Direct Written Premium by Category (PHP Billion), 2011–2020

Figure 23: Philippine Individual Life Insurance – Direct Written Premium Share by Category, 2011–2020

Figure 24: Philippine Individual Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 25: Philippine Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2020

Figure 26: Philippine Individual Life Insurance – Penetration (%), 2011–2015

Figure 27: Philippine Individual Life Insurance – Penetration (%), 2015–2020

Figure 28: Philippine Group Life Insurance – Penetration (%), 2011–2015

Figure 29: Philippine Group Life Insurance – Penetration (%), 2015–2020

Figure 30: Philippine Life Insurance – Market Shares of Leading Insurers (%), 2015

Figure 31: The Philippines – Insurance Supervision and Control at Various Levels

Figure 32: The Philippines – Insurance Regulatory Frameworks for Company Registration and Operation

Frequently asked questions

Life Insurance in the Philippines, Key Trends and Opportunities to 2020 standard reports

Currency USD

Single User

$1,450

Can be used by individual purchaser only

Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Life Insurance in the Philippines, Key Trends and Opportunities to 2020 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

Assess the relevance of the report
Evaluate the quality of the report
Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS

Related reports

View more Financial Services reports

Financial Services

New

Worldline - Competitor Profile

Financial Services

New

United Kingdom (UK) Whole of Life Assurance Distribution Dynamics and…

Financial Services

New

United Kingdom (UK) Personal Lines Insurance Distribution Dynamics and Future…

Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Life Insurance in the Philippines, Key Trends and Opportunities to 2020 in real time.

Access a live Life Insurance in the Philippines, Key Trends and Opportunities to 2020 dashboard for 12 months, with up-to-the-minute insights.
Fuel your decision making with real-time deal coverage and media activity.
Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.

Tell me more

Reports

Reports by Sector

Report Type

Life Insurance in the Philippines, Key Trends and Opportunities to 2020

Scope

Key Highlights

Reasons to Buy

Table of Contents

Table

Figures

Frequently asked questions

Undecided about purchasing this report?

Get in touch to find out about multi-purchase discounts

Sample Report

Below is a sample report to understand what you are buying

Related reports