"Philippines Insurance Report Q2 2015" now available at Fast Market Research

From: Fast Market Research, Inc.
Published: Fri Feb 13 2015

The Philippines insurance market is one of the fastest growing in the Asia-Pacific region as a rapidly expanding middle class and the increased presence of multi-national firms sees coverage expand rapidly to new regions and areas of the population. The life insurance segment remains the clear outperformer with premiums growing at double-digit rates, though the non-life segment, despite significant challenges, is not far behind. The level of penetration of insurance coverage remains relatively low throughout the Philippines, with the potential for growth to continue at its current rate over the next two decades.

2015 will see the Philippines life insurance sector continue to outperform the non-life market in terms of premium growth as insurers, particularly multi-nationals, step up their distribution efforts and expand coverage to communities outside of the capital and other major cities. The recent relaxation of regulation surrounding bancassurance distribution should provide particular scope for growth as insurers leverage the relatively high penetration of international banking groups in the country. Meanwhile, the growth of new distribution platforms such as online banking should increase awareness and accessibility among a rapidly growing middle class market.

Full Report Details at
- http://www.fastmr.com/prod/953257_philippines_insurance_report_q2_2015.aspx?afid=301

The divergence in growth rates between life and non-life insurance coverage should continue to be seen over our mid-term (2015-2019) forecast period. Non-life providers will remain more cautious in terms of expanding business due to the unpredictable nature of insurance claims, following significant spikes over recent years as the result of tropical storms and other natural disasters. We expect growth in premiums relating to core non-life lines such as property and motor vehicle insurance to gradually decline as providers become increasingly risk adverse. Increasing their market share will be less development segments of the market such as health and financial guarantee insurance. These...

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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Contact Name: Bill Thompson
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