DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/l74j6b/life_insurance_in) has announced the addition of the "Life Insurance in Philippines, Key Trends and Opportunities to 2018" report to their offering.
The Philippine insurance industry recorded strong annual growth rates of 27.8% in 2012 and 31.0% in 2013. Industry growth was primarily driven by the life segment, which posted 36.4% growth in 2012 and 39.6% in 2013. Sales of life insurance registered healthy growth from 2010, primarily driven by the country's rising middle-class population, increased urbanization and the underpenetrated life insurance segment.
Other factors contributing to the segment's robust growth in 2013 included the easing of bancassurance regulations by the central bank, and rising stock market returns. These drivers created demand for life insurance products, to which companies implemented strategic reforms such as expansion of distribution networks and providing innovative products to maximize profits.
Efforts by insurers to increase their market shares are projected to supplement the growing demand for life insurance over the forecast period (2013-2018). The country's middle-class population is expanding, and, coupled with recovery in the global markets, is projected to support the growth of the life segment.
- The Philippine insurance industry recorded strong annual growth rates of 27.8% in 2012 and 31.0% in 2013.
- Industry growth was primarily driven by the life segment, which posted 36.4% growth in 2012 and 39.6% in 2013.
- Sales of life insurance registered healthy growth from 2010, primarily driven by the country's rising middle-class population, increased urbanization and the underpenetrated life insurance segment.
- In June 2012, the Philippine government amended the country's insurance law, increasing minimum capital requirements for both life and non-life insurers
- According to the rules set by Bangko Sentral ng Pilipinas (BSP) - the nation's central bank - bancassurance standards (including abolishment of rules where in banks had to hold 5% stakes in insurance companies) were amended to enable insurers expand through the channel.
- Many M&As were recorded in 2011, 2012 and 2013. Over the forecast period, capital requirements will increase further according to the provisions of the law, and the Philippine life segment is expected to consolidate as insurers struggle to survive.
Key Topics Covered:
1 Key Facts and Events
2 Executive Summary
4 Philippine Insurance Industry Attractiveness
5 Life Insurance Outlook
6 Analysis by Distribution Channel
7 Governance, Risk and Compliance
8 Competitive Landscape and Strategic Insights
- Sun Life of Canada ( Philippines ), Inc.
- Philippine American Life and General Insurance Company, Inc.
- Philippines Axa Life Insurance Corporation
- Pru Life Insurance Corporation of UK
- The Manufacturers Life Insurance Co. (Phils.), Inc.
- BPI-Philam Life Assurance Corporation
- Sun Life Grepa Financial Inc.
- The Insular Life Assurance Co., Ltd
- Manulife China Bank Life Assurance Corporation
- PNB Life Insurance Co., Inc.
For more information visit http://www.researchandmarkets.com/research/l74j6b/life_insurance_in