Boston, MA -- (SBWIRE) -- 04/02/2014 -- 2013's third quarter reports from the Insurance Commission indicate substantial growth in the life segment of 63% over the previous year to US$4.6bn. Progress from a regulatory perspective is cause for further optimism in the life segment. Non-life insurance has shown slower growth to US$1.2bn, and some insurers will be hit hard by the claims resulting from Typhoon Haiyan in November 2013.
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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Unanticipated growth of 63% in the life segment in 2013 ranks Philippines as one of the most promising insurance markets in the region, and new regulation of life insurers helps to ease some of the concerns expressed in previous years. At less than US$50 per person, life insurance density remains low and will remain below US$100 until at least 2018. Furthermore, the segment is consolidated in the hands of a small number of international insurers, the top 5 of whom have controlled over 60% of the market in each of the past 3 years.
The immediate non-life picture is far less positive, sluggish growth of just 1% in 2013 and continued doubts over the regulatory environment foremost amongst our concerns. Density is a paltry US$12 per person in 2013, rising to only US$18 by 2018. The medium term prospects of the segment are better, with doubledigit growth rates from 2015, and a burgeoning market for health and personal accident as Philippine society develops. In particular, two domestic insurers stand out both for recent growth and for future prospects: Pioneer, specialising in property, motor and transport insurance, and Charter Ping An, recently acquired by Metrobank, the country's largest bank.
Key BMI Forecasts:
- Total premiums to grow to US$6.5bn by 2014.
- Life premiums to grow by 63% in 2013 and 12% in 2014 to US$5.2bn.
- Non-life premium growth of just 5% in 2014 to US$1.3bn, only US$13 per capita.
- Motor vehicle insurance within this to grow to US$404mn.
- Slow growth of 1.1% to US$124mn in transport insurance.
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