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

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Published: March 10, 2017 Report Code: GD-IS1425MR-ST

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

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Philippine insurance industry, 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 non-life insurance segment in the Philippines:

• It provides historical values for the Philippine non-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 non-life insurance segment, and market forecasts to 2020.

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

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

• It analyzes various natural hazards and their impact on the Philippine insurance industry

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

Key Highlights

• The Philippine non-life insurance segment expanded during the review period, at a review-period CAGR of 11.9%.

• Property insurance was the largest category in the non-life segment, and accounted for 52.9% of the segment’s gross written premium in 2015.

• Bancassurance is the most popular insurance distribution channel in the Philippines, due in part to the Republic Act No. 10607, which was signed into law on August 15, 2013.

• The non-life segment is moderately concentrated, with the 10 leading companies accounting for 65.0% of the segment’s gross written premiums in 2015.

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 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.

Malayan Insurance Company, Inc.,Prudential Guarantee and Assurance, Inc.,Pioneer Insurance and Surety Corporation,BPI/MS Insurance Corporation,Charter Ping An (Philippine Charter Ins. Corp.),Federal Phoenix Assurance Co., Inc.,AIG Phil. Ins. Company (Chartis Phils., Inc.),Standard Insurance Company, Inc.,PNB General Insurers Company, Inc.,UCPB General Insurance Company, Inc.

Table of Contents

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 Profitability

4.2.3 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Bancassurance

6.1.3 Brokers

6.1.4 Direct marketing

6.1.5 E-commerce

6.1.6 Other Distribution Channels

7 Natural Hazards

7.1 Storms

7.2 Floods

7.3 Earthquakes

7.4 Landslides

7.5 Volcanic Eruptions

7.6 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Malayan Insurance Company Inc. – company overview

8.1.2 Prudential Guarantee & Assurance Inc. – company overview

8.1.3 Pioneer Insurance and Surety Corporation – company overview

8.1.4 BPI/MS Insurance Corporation – company overview

8.1.5 Charter Ping An Insurance Corporation – company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

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

9.4.3 Insurance coverage for ship passengers and cargo

9.4.4 Worker’s compensation

9.4.5 National health insurance

9.4.6 Insurance cover for overseas Filipino workers

9.4.7 Professional indemnity insurance for insurance and reinsurance brokers

9.4.8 Civil liability insurance for businesses

9.4.9 Oil pollution insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 The Insurance Commission

9.5.3 The Philippine Life Insurance Association

9.5.4 The Philippine Insurers and Reinsurers Association

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure 115

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Motor Insurance by Product

10.8 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: Philippine Non-Life Insurance – Key Facts, 2015

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

Table 3: Philippine Government Credit Ratings

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

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

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

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

Table 8: Philippine Non-Life Insurance – Premium per Capita (PHP and US$), 2011–2015

Table 9: Philippine Non-Life Insurance – Premium per Capita (PHP and US$), 2015–2020

Table 10: Philippine Non-Life Insurance – Profitability Ratio (%), 2011–2015

Table 11: Philippine Non-Life Insurance – Profitability Ratio (%), 2015–2020

Table 12: Philippine Non-Life Insurance – Total Assets (PHP Billion and US$ Billion), 2011–2015

Table 13: Philippine Non-Life Insurance – Total Assets (PHP Billion and US$ Billion), 2015–2020

Table 14: Philippine Non-Life Insurance – Total Investment Income (PHP Billion and US$ Million), 2011–2015

Table 15: Philippine Non-Life Insurance – Total Investment Income (PHP Billion and US$ Million), 2015–2020

Table 16: Philippine Non-Life Insurance – Investment Portfolio (PHP Billion), 2011–2015

Table 17: Philippine Non-Life Insurance – Investment Portfolio (PHP Billion), 2015–2020

Table 18: Philippine Non-Life Insurance – Gross Written Premium by Category (PHP Billion), 2011–2015

Table 19: Philippine Non-Life Insurance – Gross Written Premium by Category (PHP Billion), 2015–2020

Table 20: Philippine Property Insurance – Gross Written Premium by Sub-Category (PHP Billion), 2011–2015

Table 21: Philippine Property Insurance – Gross Written Premium by Sub-Category (PHP Billion), 2015–2020

Table 22: Philippine Property Insurance – Loss Ratio (%), 2011–2015

Table 23: Philippine Property Insurance – Loss Ratio (%), 2015–2020

Table 24: Philippine Motor Insurance – Gross Written Premium by Sub-Category (PHP Billion), 2011–2015

Table 25: Philippine Motor Insurance – Gross Written Premium by Sub-Category (PHP Billion), 2015–2020

Table 26: Philippine Motor Insurance – Loss Ratio (%), 2011–2015

Table 27: Philippine Motor Insurance – Loss Ratio (%), 2015–2020

Table 28: Philippine Transport Network – Global Rankings

Table 29: Philippine Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (PHP Billion), 2011–2015

Table 30: Philippine Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (PHP Billion), 2015–2020

Table 31: Philippine Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 32: Philippine Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020

Table 33: Philippine Average Annual Loss by Hazard, 1990–2014

Table 34: Philippine Worst Disasters in Terms of Number of Casualties

Table 35: Philippine Biggest Earthquakes in Terms of Magnitude

Table 36: Philippine All Natural Catastrophes in 2013 and 2014

Table 37: Philippine Non-Life Segment – Market Shares of Leading Insurers (%), 2015

Table 38: Malayan Insurance Co., Inc., – Key Facts

Table 39: Malayan Insurance Company Inc., – Key Financials (PHP Million), 2011–2015

Table 40: Prudential Guarantee & Assurance Inc. – Key Facts

Table 41: Prudential Guarantee & Assurance Inc. – Key Financials (PHP Million), 2011–2015

Table 42: Pioneer Insurance and Surety Corporation – Key Facts

Table 43: Pioneer Insurance and Surety Corporation – Key Financials (PHP Million), 2011–2015

Table 44: BPI/MS Insurance Corporation – Key Facts

Table 45: BPI/MS Insurance Corporation – Key Financials (PHP Million), 2011–2015

Table 46: Charter Ping An Insurance Corporation – Key Facts

Table 47: Charter Ping An Insurance Corporation – Key Financials (PHP Million), 2011–2015

Table 48: The Philippines – Insurance Regulatory Framework Key Features

Table 49: The Philippines – Life Insurance Regulatory Framework

Table 50: The Philippines – Property Insurance Regulatory Framework

Table 51: The Philippines– Motor Insurance Regulatory Framework

Table 52: The Philippines – Liability Insurance Regulatory Framework

Table 53: The Philippines – Premiums for Motor Third-party Liability Insurance

Table 54: The Philippines – Premium for Passenger Personal Accident Insurance

Table 55: The Philippines – Benefits of Passenger Personal Accident Insurance

Table 56: The Philippines – Benefits of Insurance Coverage for Ship Passengers and Cargo

Table 57: The Philippines – Premiums for Reserve Computation

Table 58: The Philippines– Liability Limits of Oil Pollution Insurance

Table 59: The Philippines – Treaty and Premium Cession Limits for Outward Reinsurance Arrangements for Non-life Insurers

Table 60: The Philippines – Financial Strength Rating

Table 61: The Philippines – Insolvency Regulations

Table 62: The Philippines – Stamp Taxes on Life Insurance Policies

Table 63: The Philippines – Corporate Tax Rates for the Financial Year 2016

Table 64: Philippine Insurance Industry – Policies and Premium, 2011–2015

Table 65: Philippine Insurance Industry – Policies and Premium, 2015–2020

Table 66: Philippine Non-Life Insurance – Claims and Expenses, 2011–2015

Table 67: Philippine Non-Life Insurance – Claims and Expenses, 2015–2020

Table 68: Philippine Non-Life Insurance – Assets and Investments, 2011–2015

Table 69: Philippine Non-Life Insurance – Assets and Investments, 2015–2020

Table 70: Philippine Non-Life Insurance – Property Insurance, 2011–2015

Table 71: Philippine Non-Life Insurance – Property Insurance, 2015–2020

Table 72: Philippine Non-Life Insurance – Property Insurance by Product, 2011–2015

Table 73: Philippine Non-Life Insurance – Property Insurance by Product, 2015–2020

Table 74: Philippine Non-Life Insurance – Motor Insurance, 2011–2015

Table 75: Philippine Non-Life Insurance – Motor Insurance, 2015–2020

Table 76: Philippine Non-Life Insurance – Motor Insurance by Product, 2011–2015

Table 77: Philippine Non-Life Insurance – Motor Insurance by Product, 2015–2020

Table 78: Philippine Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 79: Philippine Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 80: 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 Non-Life Insurance Penetration – Regional Comparison (%), 2015

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

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

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

Figure 10: Philippine Non-Life Insurance – Premium per Capita (PHP), 2011–2020

Figure 11: Philippine Non-Life Insurance – Profitability Ratio (%), 2011–2020

Figure 12: Philippine Non-Life Insurance – Total Assets (PHP Billion), 2011–2020

Figure 13: Philippine Non-Life Insurance – Total Investment Income (PHP Billion), 2011–2020

Figure 14: Philippine Non-Life Insurance – Investment Portfolio (PHP Billion), 2011–2020

Figure 15: Philippine Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 16: Philippine Non-Life Insurance – Gross Written Premium by Category (PHP Billion), 2011–2020

Figure 17: Philippine Non-Life Insurance – Gross Written Premium Dynamics by Category, 2011–2020

Figure 18: Philippine Property Insurance – Gross Written Premium by Sub-Category (PHP Billion), 2011–2020

Figure 19: Philippine Property Insurance – Gross Written Premium Dynamics by Sub-Category, 2011–2020

Figure 20: Philippine Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (PHP Billion and %), 2011–2020

Figure 21: Philippine Motor Insurance – Total Registered Vehicles by Type, 2011–2015

Figure 22: Philippine Motor Insurance – Gross Written Premium by Sub-Category (PHP Billion), 2011–2020

Figure 23: Philippine Motor Insurance – Gross Written Premium Dynamics by Sub-Category, 2011–2020

Figure 24: Philippine Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (PHP Billion and %), 2011–2020

Figure 25: Philippine Marine, Aviation and Transit Insurance – Imports and Exports (PHP Trillion), 2011–2015

Figure 26: Philippine Marine, Aviation and Transit Insurance – Gross Written Premium (PHP Billion), 2011–2020

Figure 27: Philippine Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (PHP Million and %), 2011–2020

Figure 28: Philippine – Frequency of Hazards by Type, 1990–2014

Figure 29: Philippine Mortality by Hazards Type, 1990–2014

Figure 30: Philippine Economic Loss by Hazards Type, 1990–2014

Figure 31: Philippine Non-Life Segment – Market Shares of Leading Insurers (%), 2015

Figure 32: The Philippines – Insurance Supervision and Control at Various Levels

Figure 33: The Philippines – Insurance Regulatory Frameworks for Company Registration and Operation

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