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Key Benefits | Executive Summary | Report Coverage | Contents | Competitive Landscape Information Sources | Full Range of Reports The Philippines Insurance Report -
- Independent 5-year insurance industry forecast for the Philippines.
- Original insurance market research and insurance sector trend analysis for the Philippines’s insurance industry.
- Competitive intelligence, regional insurance company rankings and SWOT analyses on international and domestic insurance companies in the Philippines.
The Philippines Insurance Report has been researched at source and features latest available data for annual insurance premiums and claims; assets and investments; 5-year insurance industry forecasts for the Philippines through end-2012; insurance company rankings and competitive landscapes for local insurers and multinational insurance subsidiaries in the Philippines; and analysis of the latest insurance industry developments, trends and regulatory changes in the Philippines. Business Monitor International's the 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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Key Benefits of the Philippines Insurance Report [TOP] -
- Benchmark BMI’s Independent 5-Year Insurance Industry Forecast on the Philippines
to test other views - a key input for successful budgeting and planning in this strategic insurance market. - Target Business Opportunities & Risks in the Philippines's Insurance Sector
through our reviews of latest insurance industry trends, regulatory changes, and major deals, projects and investments in the Philippines. - Exploit The Latest Competitive Insurance Intelligence & Company SWOTS
on your competitors and peers in the Philippines through our insurance company rankings by assets, premiums, income, market share, investments and leading products and services. View a list of BMI's ranked insurance companies for Asia. |
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BMI's Coverage of the Philippines Insurance Industry [TOP] the Philippines Insurance Sector At A Glance Key insights into the insurance market, covering industry trends, key players and the regulatory environment, plus snapshots of life and non-life premium values in local currency and US$. Evolution of the Philippine Insurance Market Analysis of recent developments in the local insurance market, including data on life and non-life premium values, density and penetration, dating from 1998. BMI 5-Year Industry Forecasts for the Philippines Analysis of market growth drivers, including 5-year projections (to end-2011) for premium values. Forecasts section also includes BMI risk ratings on local economy, politics and business environment. Industry indicators covered include: Number of life and non-life insurance companies; total and per capita Property/Casualty premiums and claims; total and per capita Life/Health premiums and claims; total premium income; total claims/expenses; total operating expenses; total assets and investments; industry density (per capita premiums) and penetration (premiums as a portion of GDP) BMI 5-Year Macroeconomic Forecast for the Philippines BMI forecasts for all headline macroeconomic indicators, including real GDP growth, inflation, fiscal balance, trade balance, current account and external debt. Insurance Company Rankings in the Philippines Comparative company analyses and rankings by premium income (life and non-life). View a list of BMI's ranked insurance companies for Asia Insurance Industry Competitive Landscape in Asia A cross-border overview of key players and their market share across the region. Tables and graphs show country presence of multinationals throughout the region. |
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BMI's Executive Summary for the Philippines Insurance Report
[TOP]
This report differs from its predecessors in that it includes BMI's Insurance Business Environment Rating
(IBER). The rating brings together a number of pieces of relevant quantitative data, together with BMI's
Country Risk Rating (CRR). It is now much easier to consider the business environment for the insurance
sector in any one country relative to the business environment for other industries in that country that are
surveyed by BMI, and the business environment for the insurance sector in other countries.
The Philippines IBER is 51.4. Relative to other countries in the Asia Pacific it is a medium-sized market,
although much less-developed than it immediate neighbours. Regionally it equates to Indonesia in terms
of penetration and density. Its IBER is significantly held back by a heavy bureaucratic and tax burden in a
generally unhelpful regulatory environment. The Philippines stands out for its highly fragmented
insurance market.
Over the forecast period, we anticipate that non-life premiums will grow by 20% annually in local
currency terms and by 10% in US$ terms. Life premiums are expected to increase by 6% annually in local
currency terms and by 9% in US$ terms. The key drivers of growth in the non-life segment in 2007-2012
are the anticipated rise in nominal GDP from around US$141.4bn to US$196.9bn. Nevertheless in nonlife
penetration from is expected to be sluggish from around 0.65% to 0.75% of GDP. Life penetration is
likely to perform even worse rising from 0.85% to 0.94% over the period. However, life density is
expected to be the key driver of growth with the envisaged rise from a miniscule US$14.02 per capita in
2007 to US$20 per capita in 2012. The Philippines' total population is growing slowly.
The competitive landscape, in both the non-life and the life segment, is extremely fragmented by any
comparison. Both segments are open to participation by foreign groups and these have been prepared to
overlook the challenges of doing business in the Philippines, possibly because their ability to insure
offshore against risks inn the country give them an advantage over local groups.
The Philippines insurance sector has relatively few barriers to entry and has tried and tested strong brands
that have weathered many adverse conditions in the market over the year. It is, however, extremely
fragmented in both in the life and non-life segments.
Perhaps the most significant obstacle the industry faces is the heavy tax burden put on premiums which
erodes corporate profit margins and discourages new customers. Combined with this, the economy is
expected to continue a slowdown and there are ongoing security and stability concerns in the country.
Nothwithstanding these negatives, with low penetration rates there is obviously room for growth should
other issues be successfully dealt with.
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Contents of the Philippines Insurance Report
[TOP]
Chapter 1 - The Sector At A Glance
Table: Overview
Key Features Of This Report & Likely Future Changes
Chapter 2 - Latest News
Recent Developments
Chapter 3 - Evolution Since The Mid-1990s
Table: Evolution of the Insurance Sector (in millions of currency specified)
Evolution
Chapter 4 - Projections And Forecasts
Table: BMI Projections (in millions of currency specified)
Table: Drivers of Growth
Projections And Drivers Of Growth
Chapter 5 - Macroeconomic Outlook
Table: Bahrain - Economic Activity
Chapter 6 - Country Update
Political Risk Al-Wefaq To Gain In Elections
Economic Risk Spending Rises
Business Environment Labour Reforms
Chapter 7 - Analysis of Competitive Conditions
How to read the tables
Table: Non-Life Segment Rankings of Markets
Table: Presence Of Cross-Border Insurers Non-Life
Table: Selected Local Non-Life Insurers
Table: Life Segment Rankings of Markets
Table: Presence Of Cross-Border Insurers Life
Table: Selected Local Life Insurers
Chapter 8 - Regional Context
Table: Regional Context premiums
Table: Regional Context Total premiums
Chapter 9 - Methodology And Objectives
Introduction
Background
Forecasts
Chapter 10 - Appendix
Table: Latest Estimates / Actual Figures For 2005
Table: Latest Estimates For 2010
Table: Latest Estimates For 2005-2010
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Competitive Landscape for Asia Insurance Reports: Sample of Companies Ranked
[TOP]
A cross-border overview of key players and their insurance
market share across Asia. Tables and graphs show country presence of
multinationals across the region. Comparative company analyses and rankings by
premium income (life and non-life). Company SWOTS for leading life and non-life
insurers, covering network of offices, presence of foreign
stakeholders, strategic relationships, joint ventures; portfolio of clients;
diversity of product range; profit growth, investment strategy and risk exposure.
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[TOP]
BMI's Asian Insurance Reports are based on an extensive
network of multilateral organisations, government departments, insurance
industry associations, chambers of commerce and company reports. Information
sources include:
* Abacus Investment Research, Malaysia
* Census & Statistics Department, Hong Kong
* China Insurance Regulatory Commission
* Department of Insurance, Ministry of Finance, Taiwan
* Directorate General of Budget, Accounting and Statistics, Taiwan
* FSS, South Korea
* General Insurance Association of Malaysia
* General Insurance Association of Singapore
* Hong Kong Federation of Insurers
* Indonesian Insurance Council
* Indonesian Life Insurance Association
* Insurance Association of China
* Insurance Institute of India
* Insurance Regulatory and Development Authority, India
* Insurance Supervision Department, Bank Negara Malaysia
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Komisyon ng Seguro - Insurance Commission, Philippines
* Korean Life Insurers Association
* Korean Non-Life Insurers Association
* Life Insurance association of Malaysia
* Monetary Authority of Singapore
* National Association of Malaysian Life Insurance and Financial Advisors
* National Bureau Statistics, China
* National Economic and Development Authority, Philippines
* Office of the Commisioner of Insurance, Hong Kong
* Philippine Life Insurance Association
* Registrar General, India
* The Life Insurance Association of the Republic of China, Taiwan
* The Non-Life Insurance Association Republic of China, Taiwan
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Read about our other Insurance Reports
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Australia, China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam |
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Bulgaria, Croatia, Czech Republic, Estonia, Germany, Greece, Hungary, Kazakhstan, Latvia, Lithuania, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, UK, Ukraine |
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Bahrain, Egypt, Iran, Israel, Jordan & Lebanon, Kuwait, Nigeria, North Africa, Oman, Qatar, Saudi Arabia, South Africa, Turkey, UAE |
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Argentina, Bermuda, Brazil, Caribbean, Mexico |
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 Business Monitor International A Market Leader in Country Risk, Industry Intelligence and Company Research Mermaid House, 2 Puddle Dock, Blackfriars, London EC4V 3DS, UK | BUSINESS MONITOR INTERNATIONAL's country risk analysis and forecasts, market research on leading industries, and multinational company research is relied upon by corporates, banks, government departments and multilateral organisations in over 125 countries around the world. Country Risk Analysis and Forecasts BMI has for 25 years specialised in political risk analysis, financial markets analysis, and macroeconomic forecasts on 175 global markets. Industry Intelligence and Market Research BMI's industry research covers Automotives; Banking; Chemicals; Defence & Security; Food & Drink; Freight Transport; Information Technology; Infrastructure; Insurance; Mining; Oil & Gas; Petrochemicals; Pharmaceuticals & Healthcare; Power; Telecommunications, and Tourism. Company Research BMI maintains a fully-researched 55,000-site database of multinational company subsidiaries located across global markets. |
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