Market Report, "Philippines Insurance Report Q2 2011", published

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April 2, 2011 - PRLog -- Key Insights On The Philippines' Insurance Sector

Writing in March 2011, actual final data for 2009 and updated estimates for 2010 are included based on any appropriate sourced data provided through 2010. We estimate total premiums in 2010 of PHP117,483mn. This includes non-life premiums of PHP48,604mn and life premiums of PHP68,879mn. The growth rates in 2010 are estimated to have been 14% for non-life and 20% for life, assisted by economic growth in 2010 of over 6%. 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 anticipate non-life penetration to rise from 0.56% of GDP in 2010 to 0.80% in 2015 and for life density to rise from US$16 per capita to a still low US$27 over the same period. 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 trade associations). 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), with market shares of 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 in late 2009 was brought under the aegis of AIG's separate AIA operation), Sun Life of Canada (Philippines) and Insular Life Assurance, with market shares of 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 requires all insurers, whether they operate in the non-life or the life segments, to increase minimum paid up capital. The minimum capital is PHP100mn (or around US$2mn) but by 2015 it 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 in the country.

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 are fire, motor car and casualty. Over time, we will be able to use this information to bring greater sophistication to our forecasting process.

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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
- 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 Market 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, 2008-2015
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2008-2015
Country Update
- Macroeconomic Outlook
- Table: Philippines Economic Activity, 2008-2015
- Political Outlook
- Long-Term Political Outlook
Insurance Business Environment Ratings
- 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
- Table: Leading Non-Life Insurance Companies By Gross Written Premiums, 2009
- Table: Leading Life Insurance Companies By Premiums Income, 2009
Analysis Of Regional Competitive Conditions
Company Profiles
- Local Company Profiles
- Insular Life
- Malayan Insurance
- Regional Company Profiles
- Allianz
- Aviva
- Cardif
- Fortis
- Generali
- Groupama
- HDI-Gerling
- HSBC Insurance
- ING Group
- Liberty Mutual
- Manulife
- MetLife
- Prudential Financial
- Prudential plc
- 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

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Tags:Insurance, Premiums, Non-life, Asia, Prudential, Aia, Ratings, Written, 2008-2015, Sun
Industry:Finance, Research, Banking
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