New Financial Services market report from Business Monitor International: "Philippines Insurance Report Q3 2013"

Boston, MA -- (SBWire) -- 07/25/2013 --Although BMI is reasonably upbeat about the prospects for both of the major segments in 2013, we suggest that the outlook is considerably more exciting for the (substantially larger) life segment than for the Philippines' non-life segment. It is clear that life density is growing rapidly, with the result that the life segment should be able to sustain double-digit growth (if from a base that is low by most metrics) for some years. The development of the segment is in part due to the generally positive economic environment. It is also due to the ongoing improvement in perceptions of risk attached to the Philippines. Most crucially, though, the growth of life insurance is due to the companies themselves and the initiatives that they are undertaking. The segment is dominated by subsidiaries and affiliates of major regional or global multinationals, all of whom have access to the capital that they need. Together with Insular Life, the mutual company that is the leading indigenous life insurer, the major players are actively developing new and attractive products. Most of the majors distribute through multiple channels, and have built successful and substantial bancassurance partnerships.

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