Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2020

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Published: March 10, 2017 Report Code: GD-IS1426MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Philippine personal accident and health 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, 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, 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 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 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 personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the Philippine personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in the Philippines.

• It profiles the top personal accident and health insurance companies in the Philippines, and outlines the key regulations affecting them.

Key Highlights

• The personal accident and health segment accounted for 4.9% of the industry’s direct written premium in 2015.

• The health category accounted for 52.9% of the segment’s direct written premium in 2015, followed by personal accident and health which accounted for 47.1%.

• According to the new Republic Act No. 10607 of the Philippines, which was signed on August 15, 2013, the minimum paid-up capital for existing domestic insurers and reinsurers will continue to increase in phases until 2022.

• Personal accident and health insurers are using social media and their own sites to develop dialogues with customers.

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 dynamics, key market trends and growth opportunities in the Philippine personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health 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.

Philippines Health Insurance Corporation,Pacific Cross Insurance, Inc.,Malayan Insurance Company, Inc.,Prudential Guarantee and Assurance, Inc.,BPI/MS Insurance Corporation,Pioneer Insurance and Surety Corporation,Charter Ping An (Philippine Charter Ins. Corp.),Federal Phoenix Assurance Co., Inc.,UCPB General Insurance Company, Inc.,Sun Life of Canada (Philippines), Inc.

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 Personal Accident Insurance

5.1.1 Premium

5.1.2 Profitability

5.2 Health Insurance

5.2.1 Premium

5.2.2 Policies

5.2.3 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Philippine Health Insurance Corporation – company overview

7.1.2 Pacific Cross Insurance, Inc. – company overview

7.1.3 Malayan Insurance Company Inc. – company overview

7.1.4 Prudential Guarantee and Assurance Inc. – company overview

7.1.5 BPI/MS Insurance Corporation – 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

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

9.1.1 Claims and Expenses

9.1.2 Assets and Investments

9.1.3 Personal Accident Insurance

9.1.4 Health Insurance

9.1.5 Health Insurance by Product

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 Personal Accident and Health Insurance – Key Facts, 2015

Table 2: Philippine Personal Accident and Health Insurance – Top Insurers, 2015

Table 3: Philippine Government Credit Ratings

Table 4: Philippine Personal Accident and Health Insurance – Gross Written Premium (PHP Billion and US$ Million), 2011–2015

Table 5: Philippine Personal Accident and Health Insurance – Penetration (%), 2011–2015

Table 6: Philippine Personal Accident and Health Insurance – Gross Written Premium (PHP Billion and US$ Million), 2015–2020

Table 7: Philippine Personal Accident and Health Insurance – Penetration (%), 2015–2020

Table 8: Philippine Personal Accident and Health Insurance – Premium per Capita (PHP and US$), 2011–2015

Table 9: Philippine Personal Accident and Health Insurance – Premium per Capita (PHP and US$), 2015–2020

Table 10: Philippine Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 11: Philippine Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 12: Philippine Personal Accident and Health Insurance – Total Assets (PHP Billion and US$ Billion), 2011–2015

Table 13: Philippine Personal Accident and Health Insurance – Total Assets (PHP Billion and US$ Billion), 2015–2020

Table 14: Philippine Personal Accident and Health Insurance – Total Investment Income (PHP Million and US$ Million), 2011–2015

Table 15: Philippine Personal Accident and Health Insurance – Total Investment Income (PHP Billion and US$ Million), 2015–2020

Table 16: Philippine Personal Accident and Health Insurance – Investment Portfolio (PHP Billion), 2011–2015

Table 17: Philippine Personal Accident and Health Insurance – Investment Portfolio (PHP Billion), 2015–2020

Table 18: Philippine Personal Accident and Health Insurance – Direct Written Premium by Category (PHP Billion),2011–2015

Table 19: Philippine Personal Accident and Health Insurance – Direct Written Premium by Category (PHP Billion), 2015–2020

Table 20: Philippine Personal Accident Insurance – Direct Written Premium (PHP Billion and US$ Million), 2011–2015

Table 21: Philippine Personal Accident Insurance – Direct Written Premium (PHP Billion and US$ Million), 2015–2020

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

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

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

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

Table 26: Philippine Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 27: Philippine Personal Accident Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 28: Philippine Health Insurance – Loss Ratio (%), 2011–2015

Table 29: Philippine Health Insurance – Loss Ratio (%), 2015–2020

Table 30: Philippine Personal Accident and Health Segment – Top Insurers, 2015

Table 31: Philippine Health Insurance Corporation – Key Facts

Table 32: Pacific Cross Insurance, Inc. – Key Facts

Table 33: Malayan Insurance Co., Inc., – Key Facts

Table 34: Malayan Insurance Company Inc., – Key Financials (PHP Million), 2011–2015

Table 35: Prudential Guarantee & Assurance Inc. – Key Facts

Table 36: Prudential Guarantee & Assurance Inc. – Key Financials (PHP Million), 2011–2015

Table 37: BPI/MS Insurance Corporation – Key Facts

Table 38: BPI/MS Insurance Corporation – Key Financials (PHP Million), 2011–2015

Table 39: The Philippines – Insurance Regulatory Framework Key Features

Table 40: The Philippines – Life Insurance Regulatory Framework

Table 41: The Philippines – Property Insurance Regulatory Framework

Table 42: The Philippines– Motor Insurance Regulatory Framework

Table 43: The Philippines – Liability Insurance Regulatory Framework

Table 44: The Philippines – Premiums for Motor Third-party Liability Insurance

Table 45: The Philippines – Premium for Passenger Personal Accident Insurance

Table 46: The Philippines – Benefits of Passenger Personal Accident Insurance

Table 47: The Philippines – Benefits of Insurance Coverage for Ship Passengers and Cargo

Table 48: The Philippines – Premiums for Reserve Computation

Table 49: The Philippines– Liability Limits of Oil Pollution Insurance

Table 50: The Philippines – Treaty and Premium Cession Limits for Outward Reinsurance Arrangements for Non-life Insurers

Table 51: The Philippines – Financial Strength Rating

Table 52: The Philippines – Insolvency Regulations

Table 53: The Philippines – Stamp Taxes on Life Insurance Policies

Table 54: The Philippines – Corporate Tax Rates for the Financial Year 2016

Table 55: Philippine Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 56: Philippine Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 57: Philippine Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 58: Philippine Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 59: Philippine Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 60: Philippine Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 61: Philippine Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 62: Philippine Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 63: Philippine Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 64: Philippine Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 65: Philippine Personal Accident and Health Insurance – Health by Product, 2011–2015

Table 66: Philippine Personal Accident and Health Insurance – Health by Product, 2015–2020

Table 67: 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 Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

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

Figure 8: Philippine Personal Accident and Health Insurance – Gross Written Premium (PHP Billion), 2011–2020

Figure 9: Philippine Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 10: Philippine Personal Accident and Health Insurance – Premium per Capita (PHP), 2011–2020

Figure 11: Philippine Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 12: Philippine Personal Accident and Health Insurance – Total Assets (PHP Billion), 2011–2020

Figure 13: Philippine Personal Accident and Health Insurance – Total Investment Income (PHP Billion), 2011–2020

Figure 14: Philippine Personal Accident and Health Insurance – Investment Portfolio (PHP Billion), 2011–2020

Figure 15: Philippine Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 16: Philippine Personal Accident and Health Insurance – Direct Written Premium by Category (PHP Billion), 2011–2020

Figure 17: Philippine Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 18: Philippine Personal Accident Insurance – Direct Written Premium (PHP Billion), 2011–2020

Figure 19: Philippine Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (PHP Billion and %), 2011–2020

Figure 20: Philippine Health Insurance – Direct Written Premium by Sub-Category (PHP Billion), 2011–2020

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

Figure 22: Philippine Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 23: Philippine Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (PHP Billion and %), 2011–2020

Figure 24: The Philippines – Insurance Supervision and Control at Various Levels

Figure 25: The Philippines – Insurance Regulatory Frameworks for Company Registration and Operation

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