New Financial Services research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 12/09/2014 -- Philippines life insurance will remain among the fastest growing in the region, expanding by 1 8 % between 2015-2018 and rising to a premium of USD 9.1 bn by 2018 . N on-life premiums will grow much more slowly , at an annual average growth of just 9.6% , with premiums reaching 2bn by 2018. T he non-life market is underperforming with the insurance densit y only USD15.5 in 2015.
The Philippines life insurance market is a promising growth market and is the fastest growing in the South East Asian region (excluding the newly-formed Cambodian life market). 2014 and 2015 will see slower expansion than recent years, but growth of over 15% will remain through to 2018 and beyond. Despite these positives, the market remains small, reaching just USD5.7bn in 2015, only USD56 per capita.
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Non-life growth suffered in 2014, largely due to the impact of Typhoon Haiyan, but will recover in 2015 to double-digit rates seen in recent years. The non life sector is, however, dwarfed by the life sector premiums which will be less than one third the size of the life sector premiums over 2015. Pioneer and Charter Ping An stand out as two domestic insurers that will exhibit strong growth over the next five years, particularly if regulatory developments continue to assist the market.
Key BMI Forecasts:
- Total premiums to grow to USD7.3bn in 2015.
- Life premium growth will slow in 2014, compared to previous years, but still maintain an annual average growth rate of 18.16% between 2015 and 2018, with overall premiums rising from USD 5.7bn in 2015 to USD 9.1bn in 2018.
- Non-life premium growth will bounce back in 2015, with an annual average growth rate of 9.58% between 2015 and 2018, though gross premium will reach only USD2.0bn by 2018.
- Within non-life motor, health and personal accident insurance will grow the most with motor growing by 9.5% per annum and health & personal accident by in excess of 13% per annum.
- Property insurance growth to...
The Philippines Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Philippines Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Philippine insurance industry.
- Benchmark BMI's independent insurance industry forecasts for Philippines to test other views - a key input for successful budgeting and strategic business planning in Philippines's insurance market.
- Target business opportunities and risks in Philippines through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
- Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
BMI Industry View
Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.
Business Environment Rankings
BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.
The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
BMI Industry Forecasts
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:
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