Report Published: "Philippines Insurance Report Q1 2015"
New Financial Services research report from Business Monitor International is now available from Fast Market Research
[UKPRwire, Mon Jan 12 2015] Philippines life insurance will remain among the fastest growing in the region, expanding by 1 8 % between 2015-2018 and rising to a premium of USD 9.1 bn by 2018 . N on-life premiums will grow much more slowly , at an annual average growth of just 9.6% , with premiums reaching 2bn by 2018. T he non-life market is underperforming with the insurance densit y only USD15.5 in 2015.
The Philippines life insurance market is a promising growth market and is the fastest growing in the South East Asian region (excluding the newly-formed Cambodian life market). 2014 and 2015 will see slower expansion than recent years, but growth of over 15% will remain through to 2018 and beyond. Despite these positives, the market remains small, reaching just USD5.7bn in 2015, only USD56 per capita.
Full Report Details at
Non-life growth suffered in 2014, largely due to the impact of Typhoon Haiyan, but will recover in 2015 to double-digit rates seen in recent years. The non life sector is, however, dwarfed by the life sector premiums which will be less than one third the size of the life sector premiums over 2015. Pioneer and Charter Ping An stand out as two domestic insurers that will exhibit strong growth over the next five years, particularly if regulatory developments continue to assist the market.
Key BMI Forecasts:
* Total premiums to grow to USD7.3bn in 2015.
* Life premium growth will slow in 2014, compared to previous years, but still maintain an annual average growth rate of 18.16% between 2015 and 2018, with overall premiums rising from USD 5.7bn in 2015 to USD 9.1bn in 2018.
* Non-life premium growth will bounce back in 2015, with an annual average growth rate of 9.58% between 2015 and 2018, though gross premium will reach only USD2.0bn by 2018.
* Within non-life motor, health and personal accident insurance will grow the most with motor growing by 9.5% per annum and health & personal accident by in excess of 13% per annum.
* Property insurance growth to...
The Philippines Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Philippines Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Philippine insurance industry.
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