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Life Insurance in the Philippines, Key Trends and Opportunities to 2020

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Date: 16-Mar-2017
No. of pages: 128
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Synopsis

Timetric's 'Life Insurance in the Philippines, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Philippine life 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, 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 Timetric'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.

Summary

Timetric's 'Life Insurance in the Philippines, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Philippine life insurance segment, including:


  • An overview of the Philippine life insurance segment

  • The Philippine life insurance segment's growth prospects by category

  • A comprehensive overview of the Philippine economy and demographics

  • A comparison of the Philippine life insurance segment with its regional counterparts

  • The various distribution channels in the Philippine life insurance segment

  • Details of the competitive landscape in the life insurance segment in the Philippines

  • Details of regulatory policy applicable to the Philippine insurance industry


Scope

This report provides a comprehensive analysis of the life insurance segment in the Philippines:


  • It provides historical values for the Philippine life 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 life insurance segment, and market forecasts to 2020.

  • It provides a comparison of the Philippine life insurance segment with its regional counterparts

  • It analyzes the various distribution channels for life insurance products in the Philippines.

  • It profiles the top life insurance companies in the Philippines and outlines the key regulations affecting them.


Reasons to buy


  • Make strategic business decisions using in-depth historic and forecast market data related to the Philippine life insurance segment, and each category within it.

  • Understand the demand-side dynamics, key market trends and growth opportunities in the Philippine life insurance segment.

  • Assess the competitive dynamics in the life 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.


Key Highlights


  • The Philippine life insurance segment grew at a review-period CAGR of 20.2%

  • Individual life insurance remained the largest sub-segment during the review period; it accounted for 94.2% of the segment's direct written premium in 2015, of which term life's share was 15.3%.

  • During the review period, the segment registered an increase in bancassurance tie-ups, mainly due to regulatory relaxations and the presence of a robust banking sector in the country.

  • The Philippine life insurance segment is concentrated, with the five leading companies accounting for 62.2% of the total premium income in 2015.

Life Insurance in the Philippines, Key Trends and Opportunities to 2020

Table of Contents

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 Policies sold
4.2.3 Claims
4.2.4 Sum assured
4.2.5 Assets and investments

5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration
5.2 Group Life Insurance
5.2.1 Penetration

6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel

7 Competitive Landscape
7.1 Company Profiles
7.1.1 Sun Life of Canada (Philippines) Inc. - company overview
7.1.2 Philippine Axa Life Insurance Corporation - company overview
7.1.3 Philippine American Life and General Insurance Company, Inc. - company overview
7.1.4 BPI-Philam Life Assurance Corporation - company overview
7.1.5 Pru Life Insurance Corporation of UK - 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 102
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
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Individual Life Insurance
9.5 Individual Life Insurance by Product
9.6 Group Life Insurance
9.7 Individual Life - Single vs. Non-Single Premium
9.8 Group Life - Single vs. Non-Single Premium
9.9 Linked vs. Non-Linked Policies

10 Definitions and Methodology
10.1 Definitions
10.2 Methodology

11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer

List of Tables

Table 1: Philippine Life Insurance - Key Facts, 2015
Table 2: Philippine Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Philippine Government Credit Ratings
Table 4: Philippine Life Insurance - Gross Written Premium (PHP Billion and US$ Billion), 2011-2015
Table 5: Philippine Life Insurance - Penetration (%), 2011-2015
Table 6: Philippine Life Insurance - Gross Written Premium (PHP Billion and US$ Billion), 2015-2020
Table 7: Philippine Life Insurance - Penetration (%), 2015-2020
Table 8: Philippine Life Insurance - New Business Direct Written Premium (PHP Billion and US$ Billion), 2011-2015
Table 9: Philippine Life Insurance - New Business Direct Written Premium (PHP Billion and US$ Billion), 2015-2020
Table 10: Philippine Life Insurance - Premium per Capita (PHP and US$), 2011-2015
Table 11: Philippine Life Insurance - Premium per Capita (PHP and US$), 2015-2020
Table 12: Philippine Life Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 13: Philippine Life Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 14: Philippine Life Insurance - Paid Claims (PHP Billion and US$ Billion), 2011-2015
Table 15: Philippine Life Insurance - Paid Claims (PHP Billion and US$ Billion), 2015-2020
Table 16: Philippine Life Insurance - Sum Assured (PHP Trillion and US$ Billion), 2011-2015
Table 17: Philippine Life Insurance - Sum Assured (PHP Trillion and US$ Billion), 2015-2020
Table 18: Philippine Life Insurance - Total Assets (PHP Billion and US$ Billion), 2011-2015
Table 19: Philippine Life Insurance - Total Assets (PHP Trillion and US$ Billion), 2015-2020
Table 20: Philippine Life Insurance - Total Investment Income (PHP Billion and US$ Million), 2011-2015
Table 21: Philippine Life Insurance - Total Investment Income (PHP Billion and US$ Million), 2015-2020
Table 22: Philippine Life Insurance - Investment Portfolio (PHP Billion), 2011-2015
Table 23: Philippine Life Insurance - Investment Portfolio (PHP Billion), 2015-2020
Table 24: Philippine Life Insurance - Direct Written Premium by Sub-Segment (PHP Billion), 2011-2015
Table 25: Philippine Life Insurance - Direct Written Premium by Sub-Segment (PHP Billion), 2015-2020
Table 26: Philippine Individual Life Insurance - Direct Written Premium by Category (PHP Billion), 2011-2015
Table 27: Philippine Individual Life Insurance - Direct Written Premium by Category (PHP Billion), 2015-2020
Table 28: Philippine Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2015
Table 29: Philippine Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2015-2020
Table 30: Philippine Life Insurance - Market Shares of Leading Insurers (%), 2015
Table 31: Sun Life of Canada (Philippines) Inc. - Key Facts
Table 32: Sun Life of Canada (Philippines) Inc. - Key Financials (PHP Million), 2011-2015
Table 33: Philippine Axa Life Insurance Corporation - Key Facts
Table 34: Philippine Axa Life Insurance Corporation - Key Financials (PHP Million), 2011-2015
Table 35: Philippine American Life and General Insurance Company, Inc. - Key Facts
Table 36: Philippine American Life and General Insurance Company, Inc. - Key Financials (PHP Million), 2011-2015
Table 37: BPI-Philam Life Assurance Corporation - Key Facts
Table 38: BPI-Philam Life Assurance Corporation - Key Financials (PHP Million), 2011-2015
Table 39: Pru Life Insurance Corporation of UK - Key Facts
Table 40: Pru Life Insurance Corporation of UK - Key Financials (PHP Million), 2011-2015
Table 41: The Philippines - Insurance Regulatory Framework Key Features
Table 42: The Philippines - Life Insurance Regulatory Framework
Table 43: The Philippines - Property Insurance Regulatory Framework
Table 44: The Philippines- Motor Insurance Regulatory Framework
Table 45: The Philippines - Liability Insurance Regulatory Framework
Table 46: The Philippines - Premiums for Motor Third-party Liability Insurance
Table 47: The Philippines - Premium for Passenger Personal Accident Insurance
Table 48: The Philippines - Benefits of Passenger Personal Accident Insurance
Table 49: The Philippines - Benefits of Insurance Coverage for Ship Passengers and Cargo
Table 50: The Philippines - Premiums for Reserve Computation
Table 51: The Philippines- Liability Limits of Oil Pollution Insurance
Table 52: The Philippines - Treaty and Premium Cession Limits for Outward Reinsurance Arrangements for Non-life Insurers
Table 53: The Philippines - Financial Strength Rating
Table 54: The Philippines - Insolvency Regulations
Table 55: The Philippines - Stamp Taxes on Life Insurance Policies
Table 56: The Philippines - Corporate Tax Rates for the Financial Year 2016
Table 57: Philippine Life Insurance - Policies and Premium, 2011-2015
Table 58: Philippine Life Insurance - Policies and Premium, 2015-2020
Table 59: Philippine Life Insurance - Claims and Expenses, 2011-2015
Table 60: Philippine Life Insurance - Claims and Expenses, 2015-2020
Table 61: Philippine Life Insurance - Assets and Investments, 2011-2015
Table 62: Philippine Life Insurance - Assets and Investments, 2015-2020
Table 63: Philippine Life Insurance - Individual Life Insurance, 2011-2015
Table 64: Philippine Life Insurance - Individual Life Insurance, 2015-2020
Table 65: Philippine Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 66: Philippine Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 67: Philippine Life Insurance - Group Life Insurance, 2011-2015
Table 68: Philippine Life Insurance - Group Life Insurance, 2015-2020
Table 69: Philippine Life Insurance - Individual Life Insurance by Premium, 2011-2015
Table 70: Philippine Life Insurance - Individual Life Insurance by Premium, 2015-2020
Table 71: Philippine Life Insurance - Group Life Insurance by Premium, 2011-2015
Table 72: Philippine Life Insurance - Group Life Insurance by Premium, 2015-2020
Table 73: Philippine Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 74: Philippine Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 75: Insurance Industry Definitions

List of 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 Life Insurance Penetration - Regional Comparison (%), 2015
Figure 7: Philippine Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 8: Philippine Life Insurance - Gross Written Premium (PHP Billion), 2011-2020
Figure 9: Philippine Life Insurance - Penetration (%), 2011-2020
Figure 10: Philippine Life Insurance - New Business Direct Written Premium (PHP Billion), 2011-2020
Figure 11: Philippine Life Insurance - Premium per Capita (PHP), 2011-2020
Figure 12: Philippine Life Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 13: Philippine Life Insurance - Paid Claims (PHP Billion), 2011-2020
Figure 14: Philippine Life Insurance - Sum Assured (PHP Trillion), 2011-2020
Figure 15: Philippine Life Insurance - Total Assets (PHP Billion), 2011-2020
Figure 16: Philippine Life Insurance - Total Investment Income (PHP Billion), 2011-2020
Figure 17: Philippine Life Insurance - Investment Portfolio (PHP Billion), 2011-2020
Figure 18: Philippine Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 19: Philippine Life Insurance - Direct Written Premium by Sub-Segment (PHP Billion), 2011-2020
Figure 20: Philippine Life Insurance - Direct Written Premium Share by Sub-Segment, 2011-2020
Figure 21: Philippine Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2011-2020
Figure 22: Philippine Individual Life Insurance - Direct Written Premium by Category (PHP Billion), 2011-2020
Figure 23: Philippine Individual Life Insurance - Direct Written Premium Share by Category, 2011-2020
Figure 24: Philippine Individual Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 25: Philippine Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2020
Figure 26: Philippine Individual Life Insurance - Penetration (%), 2011-2015
Figure 27: Philippine Individual Life Insurance - Penetration (%), 2015-2020
Figure 28: Philippine Group Life Insurance - Penetration (%), 2011-2015
Figure 29: Philippine Group Life Insurance - Penetration (%), 2015-2020
Figure 30: Philippine Life Insurance - Market Shares of Leading Insurers (%), 2015
Figure 31: The Philippines - Insurance Supervision and Control at Various Levels
Figure 32: The Philippines - Insurance Regulatory Frameworks for Company Registration and Operation

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