LONDON--(BUSINESS WIRE)--Technavio has announced the top seven leading vendors in their recent micro-insurance market in the Philippines report. To calculate the market size, Technavio considered the total premium from the micro-insurance segment in the Philippines.
The insurance industry in the Philippines is facing a massive pricing cycle. As a result, micro-insurance companies in the Philippines are trying to expand their market share by offering new and cost-effective services, which target low-income populations in that nation. Such actions are designed to help the micro-insurance companies in the Philippines to capitalize on the growth factor, diversify risks, and improve insurance industry valuations during the forecast period.
Competitive vendor landscape
The growth of the nominal GDP in the Philippines is largely driven by the micro-population segment. Hence, a boost in the GDP of APAC countries indicates growth in these segments, which contributes to more opportunities. Therefore, many multinational companies (MNCs) and state-owned companies are actively taking advantage of the untapped potential and the opportunities that the Philippines offers. So it is important that firms focus more on the huge untapped potential in this market.
“There is an increase in technological innovations in the micro-insurance industry. The recovery of the global economy, future innovations, and the sustainability of a growing global population rely on micro-insurance companies as these are considered economic growth engines,” says Amit Sharma, a lead research analyst from Technavio.
In response to high demand for micro-insurance products, micro-insurance companies must focus on innovation to gain a larger share of the markets. Micro-insurance customers are largely dependent on insurance providers as they are less aware of micro-insurance products. The low-income customers often do not have knowledge or proper understanding of the products and this lack of awareness about various sources of microfinancing products is hampering the growth of micro-insurance companies.
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Top seven micro-insurance market vendors in the Philippines
AIG Philippines
AIG is a major insurance provider with over 88 million customers across the world. This company offers life and retirement services, casualty and property insurance, and mortgage guarantee. It is serving the institutional, commercial, and individual customers.
Asian Life and General Assurance
Asian Life and General Assurance offers many insurance products to the various institutions located in the Philippines. This company focuses on providing individual life insurance products including endowment plans, whole life, and term plans, plan maturity options, capital venture, and health protect products. In addition, it also provides group life and group health insurance products to corporate and individual markets.
CARD Pioneer
CARD Pioneer is formed from the joining of CARD and Pioneer together for providing micro-insurance products to the economically-and-socially challenged families located in the Philippines. This company focuses on the community-based social development undertakings for improving the quality of life of the economically-and-socially challenged families and women in the country. The firm has 34 regional offices, 1,051 unit offices.
CLIMBS Life
CLIMBS Life is among the leading vendors of insurance products in the Philippines. This company is a composite insurance co-operative that is owned by more than 2,000 cooperatives in the Philippines. It is majorly known for offering Grassroots insurance along with insuring co-operative members.
AFP General Insurance Corporation
The company offers barangay family protection that provides three main coverages: personal accident, property, and cash assistance. The company pays USD 424.41 in the case of accidental death of the insured to the beneficiary. A cash assistance of USD 6.37 per day is paid in the case of hospital confinement for a maximum period of 30 days to the insured. In the case of a total damage of the insured’s property due to an accidental fire, the company pays the insured an amount of USD 212.20.
PNB MetLife
The company provides MetLife Vishwas, which is a single premium, micro-insurance, non-participating term assurance plan that provides life cover at a nominal cost to the insured. On survival, the insured gets 110% or 125% of the premium (110% of the single premium is paid for a five-year coverage term and 125% of the single premium is paid for a 10-year coverage term).
MicroEnsure
MicroEnsure provides insurance to the mass market with more than 15 million customers in 17 markets across Asia, Africa, and the Caribbean. The company provides a range of health, life insurance, and property products through its widespread distribution partners that include cooperatives, microfinance companies, and mobile network operators.
Browse Related Reports:
- Global Micro-Insurance Market 2016-2020
- Life Insurance Market in Southeast Asia 2016-2020
- Global Insurance Brokerage Market 2016-2020
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