Market Report, "Philippines Insurance Report Q1 2011", published

New Financial Services market report from Business Monitor International: "Philippines Insurance Report Q1 2011"
 
Dec. 20, 2010 - PRLog -- Writing in November 2010, we have been able to include final data for 2009 and to amend projections for the current year. We are looking for total premiums in 2010 of PHP117,483mn in 2010. This includes non-life premiums of PHP48,604mn and life premiums of PHP68,879mn. In 2015, the corresponding figures should be PHP210,073mn, PHP99,612mn and PHP110,461mn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 0.56% of GDP in 2010 to 0.80% in 2015 and for life density ro rise from US$16 per capita to a still low US$27. BMI's proprietary Insurance Business Environment Rating for the Philippines is 51.9.

As in previous quarters, we provide a ranking of the major players in each of the two main segments as they are seen by the organisation providing the data (which, in practice, is usually the regulator or the trade association). In the Philippines the three largest non-life companies - in terms of gross written premiums in 2009 - were Malayan Insurance Company, Prudential Guarantee & Assurance and BPI/MS Insurance Corp (FEB Mitsui Marine), whose market shares were 12.3%, 9.2% and 5.6% respectively. In the life segment, the leaders were Philam Life (which was previously the main life subsidiary of AIG in the country but which, in late 2009, was brought under the aegis of AIG's separate AIA operation), Sun Life of Canada (Philippines) and Insular Life Assurance, whose market shares were 19.0%, 16.7% and 10.8% respectively. Over time, we hope to derive insights from observing how market shares change. We emphasise, though, that a decline in share of gross written premiums is not automatically a bad thing and is often the result of a corporate decision to focus on more profitable business lines.

In this context, it is worth noting that the Insurance Commission has required all insurers, whether they operate in the non-life or the life segments, to lift minimum paid up capital. Currently, the minimum capital is PHP100mn (or around US$2mn). By 2015, the minimum will be PHP500mn. Given the structure of the non-life segment, where the 20 largest companies account for over 50% of the combined assets, we anticipate that the impact will be greatest on the 60 or so smaller non-life companies.

We also provide a breakdown of the insurance sector by line - from the point of view of the regulator. In the Philippines the largest non-life lines were fire, motor car and casualty. Over time, we should be able to use this information to bring greater sophistication to our forecasting process.

For more information or to purchase this report, go to:
-  http://www.fastmr.com/prod/100872_philippines_insurance_r...

Report Table of Contents:

Executive Summary
- Table: Overview Of The Philippines' Insurance Sector
- Key Insights On The Philippines' Insurance Sector
SWOT Analysis
- Philippines Insurance Industry SWOT
- Philippines Political SWOT
- Philippines Economic SWOT
- Philippines Business Environment SWOT
What Might Have Been: Prudential's Acquisition Of AIA
- The Deal That Never Was
- Tale: AIA - Key Facts
- Table: AIA's Market Positions
- Table: What The Combined Group Would Have Looked Like - Latest Rankings In Asia Pacific Life Insurance
- Table: Asia Highlights Of Prudential plc's 2009 Annual Report
- Table: Prudential plc's New Business In Annualised Premium Equivalent, 2009
- Table: Global Life Insurance Profitability - Selected Figures
- Table: Who's Who - Life Insurance Joint Ventures And Businesses In India And China
Asia Pacific Overview
- Table: Premium's In Asia Pacific's Non-Life Segment (US$mn)
- Table: Premiums In Asia Pacific's Life Segment (US$mn)
Projections And Forecasts
- Table: Insurance Premiums, 2007-2015
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2007-2015
Country Update
- Macroeconomic Outlook
- Table: Philippines Economic Activity, 2007-2014
- Political Outlook
- Long-Term Political Outlook
Insurance Business Environment Rating
- Table: The Philippines' Insurance Business Environment Indicators
- Table: Asia Pacific Insurance Business Environment Ratings
Regional Context
- Table: Non-Life Premiums In A Regional Context, 2009
- Table: Life Premiums In A Regional Context, 2009
Major Players In The Philippines' Insurance Sector
- Table: Principal Insurance Lines, 2009 (PHPmn)
- Table: Leading Non-Life Insurance Companies - Ranking By Gross Written Premiums (PHPmn) 2009
- Table: Leading Life Insurance Companies - Ranking By Premium Income (PHPmn) 2009
Analysis Of Regional Competitive Conditions
Company Profiles
- Local Company Profiles
- Insular Life
- Malayan Insurance
- Regional Company Profiles
- AEGON
- Ageas
- Allianz
- Aviva
- AXA
- Cardif
- Generali
- Groupama
- HDI-Gerling
- HSBC Insurance
- ING Group
- Liberty Mutual
- Manulife
- MetLife
- Prudential Financial
- Prudential Plc
- QBE
- RSA
- Sun Life Financial
- The Principal
- Zurich Financial Services
Country Snapshot: Philippines Demographic Data
- Section 1: Population
- Table: Demographic Indicators, 2005-2030
- Table: Rural/Urban Breakdown, 2005-2030
- Section 2: Education And Healthcare
- Table: Education, 2002-2005
- Table: Vital Statistics, 2005-2030
- Section 3: Labour Market And Spending Power
- Table: Employment Indicators, 2001-2006
- Table: Consumer Expenditure, 2007-2012 (US$)
- Table: Average Annual Manufacturing Wages, 2004-2006
BMI Methodology
- Insurance Business Environment Ratings
- Table: Insurance Business Environment Indicators And Rationale
- Table: Weighting Of Indicators

About Business Monitor International

Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets.  BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports.  Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports.  View more research from Business Monitor International at http://www.fastmr.com/catalog/publishers.aspx?pubid=1010

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

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Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.
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