Research and Markets: Non-Life Insurance in Philippines Market - Key Trends and Opportunities to 2018

DUBLIN--()--Research and Markets (http://www.researchandmarkets.com/research/qx6p39/nonlife) has announced the addition of the "Non-Life Insurance in Philippines, Key Trends and Opportunities to 2018" report to their offering.

In terms of gross written premium, the Philippine non-life segment grew at a review-period CAGR of 11.3%. This growth was supported by the property and motor insurance categories, which are also the segment's largest categories in terms of gross written premium. These categories registered double-digit growth during the review period, and contributed to the segment's overall growth. The Philippine economy flourished due to the booming business processing outsourcing (BPO) and information technology (IT) sectors, which led to the rise of the middle-class population. The country's high frequency of natural disasters created high awareness of insurance among Filipino consumers.

Non-life insurers, however, face a major challenge to meet the huge damages caused by natural disasters, as well a large tax burden. These, along with increasing capital requirements for insurers, are projected to challenge the growth and consolidate the non-life segment over the forecast period. However, insurers' efforts to provide innovative products for middle-class and niche savers, along with encouragement to save among Filipino consumers are projected to supplement the segment's growth over the forecast period.

Key Highlights

  • In terms of gross written premium, the Philippine non-life segment grew at a review-period CAGR of 11.3%.
  • This growth was supported by the property and motor insurance categories, which are also the segment's largest categories in terms of gross written premium.
  • Non-life insurers, however, face a major challenge to meet the huge damages caused by natural disasters, as well a large tax burden.
  • Increasing capital requirements for insurers, are projected to challenge the growth and consolidate the non-life segment over the forecast period.
  • Insurers' efforts to provide innovative products for middle-class and niche savers, along with encouragement to save among Filipino consumers are projected to supplement the segment's growth over the forecast period.

Key Topics Covered:

1 Key Facts and Events

2 Executive Summary

3 Introduction

4 Philippine Insurance Industry Attractiveness

5 Non-Life Insurance Outlook

6 Analysis by Distribution Channel

7 Governance, Risk and Compliance

8 Competitive Landscape and Strategic Insights

9 Appendix

Companies Mentioned

  • Malayan Insurance Company, Inc.
  • Prudential Guarantee and Assurance, Inc.
  • BPI/MS Insurance Corporation
  • Pioneer Insurance & Surety Corporation
  • Charter Ping An (Philippine Charter Ins. Corp.)
  • Federal Phoenix Assurance Co., Inc.
  • UCPB General Insurance Company, Inc.
  • AIG Phil. Ins. Company (Chartis Phils., Inc.)
  • Standard Insurance Company, Inc.
  • Mapfre Insular Insurance Corporation

For more information visit http://www.researchandmarkets.com/research/qx6p39/nonlife

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
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For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Sector: Insurance

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Sector: Insurance