The Philippines Insurance report considers the prospects for both life and non-life insurers in the country. BMI remains of the view that how the Philippines' insurance sector develops through 2012 will provide a useful indicator of overall trends in political, business and economic risk in the country. The statistic that we would highlight is that the trade association, and BMI, forecast life insurance premiums in 2012 that are 80% higher than those of 2009. It appears that there is a very high probability that the segment will emerge from three years of near stagnation in terms of premiums. Various commentators are excited about the prospects for micro-insurance in the Philippines. While we accept that growth in the segment may be driven over the coming years by an increase in the number of first time users, we continue to believe that the expansion will be driven mainly by the initiatives that are undertaken by particular companies. The segment is dominated by Philam Life, the local subsidiary of AIA, along with the local offshoots of Manulife, AXA, Sun Life Financial and Prudential plc. These are all companies with regional (or global) scale, strong brand names, a very long-standing commitment to both the Philippines and Asia Pacific, capital and tolerance of emerging markets risk. As we explain in this report, these companies are developing by enlarging their existing distribution channels, improving the productivity of distribution channels, introducing new products or developing new partnerships. Crucially, though, households in the Philippines that can afford to provide for the future are increasingly enthusiastic about taking on long-term relationships with major life insurance companies.