Personal Accident and Health Insurance in Philippines, Key Trends and Opportunities to 2018

Date: October 24, 2014
Pages: 135
Price:
US$ 1,950.00
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Publisher: Timetric
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: P6D7F00B1EAEN
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Personal Accident and Health Insurance in Philippines, Key Trends and Opportunities to 2018
SYNOPSIS

The report provides in-depth market analysis, information and insights into the Philippine personal accident and health insurance segment, including:
  • The Philippine personal accident and health insurance segment’s growth prospects by insurance category
  • Key trends and drivers for the personal accident and health insurance segment
  • The various distribution channels in the Philippine personal accident and health insurance segment
  • The detailed competitive landscape in the personal accident and health insurance segment in the Philippines
  • Detailed regulatory policies of the Philippine insurance industry
SUMMARY

Personal accident and health was the second-fastest-growing segment in terms of gross written premiums in the Philippine insurance industry during the review-period. Although the segment was the smallest in the industry, it grew at a review period (2009−2013) compound annual growth rate (CAGR) of 11.8%. High crime rates, the quality of the country’s private healthcare services and an expanding middle-class population supplemented the segment’s growth.

The increased capital requirement is anticipated to lead to a period of consolidation in the segment. However, government efforts to spread financial awareness are expected to support the segment over the forecast period, backed by a low penetration rate, rising health costs and regulatory amendments.

SCOPE

This report provides a comprehensive analysis of the personal accident and health insurance segment in the Philippines:
  • It provides historical values for the Philippine personal accident and health insurance segment for the report’s 2009–2013 review period and forecast figures for the 2013–2018 forecast period.
  • It offers a detailed analysis of the key sub-segments in the Philippine personal accident and health insurance segment, along with market forecasts until 2018.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
  • It analyses the various distribution channels for personal accident and health insurance products in the Philippines.
  • It profiles the top personal accident and health insurance companies in the Philippines, and outlines the key regulations affecting them.
REASONS TO BUY
  • Make strategic business decisions using in depth historic and forecast market data related to the Philippine personal accident and health insurance segment and each category within it
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Philippine personal accident and health insurance segment
  • Assess the competitive dynamics in the personal accident and health insurance segment
  • Identify the growth opportunities and market dynamics in key product categories
  • Gain insights into key regulations governing the Philippine insurance segment and its impact on companies and the market's future
KEY HIGHLIGHTS
  • Personal accident and health was the second-fastest-growing segment in terms of gross written premiums in the Philippine insurance industry during the review-period
  • Although the segment was the smallest in the industry, it grew at a review period (2009−2013) compound annual growth rate (CAGR) of 11.8%.
  • High crime rates, the quality of the country’s private healthcare services and an expanding middle-class population supplemented the segment’s growth.
  • Government efforts to spread financial awareness are expected to support the segment over the forecast period, backed by a low penetration rate, rising health costs and regulatory amendments.
  • Although the personal accident and health segment is diversified, it is highly mature.
1 KEY FACTS AND EVENTS

2 EXECUTIVE SUMMARY

3 INTRODUCTION

3.1 What is this Report About?
3.2 Definitions
3.3 Methodology

4 PHILIPPINE INSURANCE INDUSTRY ATTRACTIVENESS

4.1 Insurance Industry Size, 2009–2018

5 PERSONAL ACCIDENT AND HEALTH INSURANCE SEGMENT OUTLOOK

5.1 Consumer Segmentation
5.2 Key Drivers
5.3 Key Trends
5.4 Challenges
5.5 Personal Accident and Health Insurance Growth Prospects by Category
  5.5.1 Personal accident insurance
  5.5.2 Travel insurance
  5.5.3 Health insurance

6 ANALYSIS BY DISTRIBUTION CHANNEL

6.1 Direct Marketing
6.2 Bancassurance
6.3 Agencies
6.4 E-Commerce
6.5 Brokers
6.6 Other Channels

7 GOVERNANCE, RISK AND COMPLIANCE

7.1 Legislation Overview and Historical Evolution
7.2 Legislation and Market Practice by Type of Insurance
  7.2.1 Life insurance
  7.2.2 Property insurance
  7.2.3 Motor insurance
  7.2.4 Liability insurance
  7.2.5 Marine, aviation and transit insurance
  7.2.6 Personal accident and health insurance
7.3 Compulsory Insurance
  7.3.1 Motor third-party liability insurance
  7.3.2 Worker’s compensation
  7.3.3 National health insurance
7.4 Supervision and Control
  7.4.1 International Association of Insurance Supervisors
  7.4.2 The Insurance Commission
7.5 Non-Admitted Insurance Regulations
  7.5.1 Overview
  7.5.2 Intermediaries
  7.5.3 Market practices
  7.5.4 Fines and penalties
7.6 Company Registration and Operations
  7.6.1 Types of insurance organization
  7.6.2 Establishing a local company
  7.6.3 Foreign ownership
  7.6.4 Types of license
  7.6.5 Capital requirements
  7.6.6 Solvency margins
  7.6.7 Reserve requirements
  7.6.8 Investment regulations
  7.6.9 Statutory return requirements
  7.6.10 Fee structure
7.7 Taxation
  7.7.1 Insurance premium or policy taxation
  7.7.2 Withholding taxes on premium paid overseas
  7.7.3 Corporate tax
  7.7.4 VAT
  7.7.5 Captives
7.8 Legal System
  7.8.1 Introduction
  7.8.2 Access to court
  7.8.3 Alternative dispute resolution (ADR)

8 COMPETITIVE LANDSCAPE AND STRATEGIC INSIGHTS

8.1 Overview
8.2 Companies in the Philippines Personal Accident and Health Insurance Segment
8.3 Leading Life Insurers – New Product Launches
8.4 Leading Life Insurers – Key Developments
8.5 Philippine Health Insurance Corporation – Company Overview
  8.5.1 Philippine Health Insurance Corporation – key facts
8.6 Blue Cross Insurance Inc – Company Overview
  8.6.1 Blue Cross Insurance Inc – key facts
8.7 Malayan Insurance Co., Inc. – Company Overview
  8.7.1 Malayan Insurance Co., Inc. – key facts
8.8 Prudential Guarantee and Assurance, Inc. – Company Overview
  8.8.1 Prudential Guarantee and Assurance, Inc. – key facts
8.9 BPI/MS Insurance Corporation – Company Overview
  8.9.1 BPI/MS Insurance Corporation – key facts
8.1 Pioneer Insurance & Surety Corporation – Company Overview
  8.10.1 Pioneer Insurance & Surety Corporation – key facts
8.11 Charter Ping An Insurance Corporation – Company Overview
  8.11.1 Charter Ping An Insurance Corporation – key facts
8.12 Federal Phoenix Assurance Co. Inc. – Company Overview
  8.12.1 Federal Phoenix Assurance Co. Inc. – key facts
8.13 UCPB General Insurance Co., Inc. – Company Overview
  8.13.1 UCPB General Insurance Co., Inc. – key facts
8.14 Sun Life of Canada (Philippines) Inc. – Company Overview
  8.14.1 Sun Life of Canada (Philippines) Inc. – key facts

9 APPENDIX –

9.1 Business Confidence
  9.1.1 Market capitalization trend – Philippine Stock Exchange (PSE), Philippines
9.2 Economic Performance
  9.2.1 GDP at constant prices (US$)
  9.2.2 GDP per capita at constant prices (US$)
  9.2.3 GDP at current prices (US$)
  9.2.4 GDP per capita at current prices (US$)
  9.2.5 Inflation rate
  9.2.6 Annual average exchange rate PHP–US$
9.3 Infrastructure
  9.3.1 Total internet subscribers
9.4 Labor Force
  9.4.1 Labor force
  9.4.2 Unemployment rate
9.5 Demographics
  9.5.1 Gross national disposable income (US$)
  9.5.2 Household consumption expenditure (US$)
  9.5.3 Total population
  9.5.4 Urban and rural populations
  9.5.5 Age distribution of the total population

10 APPENDIX –

10.1 Methodology
10.2 Contact Timetric
10.3 About Timetric
10.4 Timetric’s Services
10.5 Disclaimer

LIST OF TABLES

Table 1: Philippine Personal Accident and Health Insurance – Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: Philippine Insurance – Gross Written Premium by Segment (Percentage Share), 2009–2018
Table 4: Philippine Insurance – Direct Written Premium by Segment (Percentage Share), 2009–2018
Table 5: Philippines – Life Insurance Regulatory Framework
Table 6: Philippines – Property Insurance Regulatory Framework
Table 7: Philippines – Motor Insurance Regulatory Framework
Table 8: Philippines – Liability Insurance Regulatory Framework
Table 9: Philippines – Stamp Taxes on Life Insurance Policies
Table 10: Philippines – Corporate Tax Rates for the Financial Year 2013
Table 11: Philippines Personal Accident and Health Insurance Companies, 2013
Table 12: Philippine Health Insurance Corporation, Key Facts
Table 13: Blue Cross Insurance Inc, Key Facts
Table 14: Malayan Insurance Co., Inc., Key Facts
Table 15: Prudential Guarantee and Assurance, Inc., Key Facts
Table 16: BPI/MS Insurance Corporation, Key Facts
Table 17: Pioneer Insurance & Surety Corporation, Key Facts
Table 18: Charter Ping An Insurance Corporation, Key Facts
Table 19: Federal Phoenix Assurance Co. Inc., Key Facts
Table 20: UCPB General Insurance Co., Inc., Key Facts
Table 21: Sun Life of Canada (Philippines) Inc., Key Facts

LIST OF FIGURES

Figure 1: Philippine Insurance – Gross Written Premium by Segment (PHP Billion), 2009–2018
Figure 2: Philippine Insurance – Gross Written Premium Dynamics by Segment (2009–2018)
Figure 3: Philippine Insurance – Direct Written Premium by Segment (PHP Billion), 2009–2018
Figure 4: Philippine Insurance – Direct Written Premium Dynamics by Segment (2009–2018)
Figure 5: Gross Written Premium and Health Expenditure Statistics, 2008–2012
Figure 6: Distribution of Employment by Sector (%), 2012 and 2013
Figure 7: Population Distribution by Gender and Age Group
Figure 8: Rural and Urban Populations (%) and Outbound Tourist (Million), 2009–2013
Figure 9: Philippine Personal Accident and Health Insurance – Gross Written Premium by Category (PHP Billion), 2009–2018
Figure 10: Philippine Personal Accident and Health Insurance – Gross Written Premium by Category (Percentage Share), 2013 and 2018
Figure 11: Philippine Personal Accident and Health Insurance – Direct Written Premium by Category (PHP Billion), 2009–2018
Figure 12: Philippine Personal Accident and Health Insurance – Direct Written Premium by Category (Percentage Share), 2013 and 2018
Figure 13: Philippine Personal Accident and Health Insurance – Earned Premium (PHP Billion), 2009–2013
Figure 14: Philippine Personal Accident and Health Insurance – Earned Premium (PHP Billion), 2013–2018
Figure 15: Philippine Personal Accident and Health Insurance – Paid Claims by Category (PHP Billion), 2009–2018
Figure 16: Philippine Personal Accident and Health Insurance – Incurred Loss by Category (PHP Billion), 2009–2018
Figure 17: Philippine Personal Accident and Health Insurance – Retentions by Category (PHP Billion), 2009–2018
Figure 18: Philippine Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013
Figure 19: Philippine Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018
Figure 20: Philippine Personal Accident and Health Insurance – Commission and Expenses (PHP Billion), 2009–2013
Figure 21: Philippine Personal Accident and Health Insurance – Commission and Expenses (PHP Billion), 2013–2018
Figure 22: Philippine Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013
Figure 23: Philippine Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018
Figure 24: Philippine Personal Accident and Health Insurance – Frauds and Crimes (PHP Billion), 2009–2013
Figure 25: Philippine Personal Accident and Health Insurance – Frauds and Crimes (PHP Billion), 2013–2018
Figure 26: Philippine Personal Accident and Health Insurance – Total Assets (PHP Billion), 2009–2013
Figure 27: Philippine Personal Accident and Health Insurance – Total Assets (PHP Billion), 2013–2018
Figure 28: Philippine Personal Accident and Health Insurance – Total Investment Income (PHP Billion), 2009–2013
Figure 29: Philippine Personal Accident and Health Insurance – Total Investment Income (PHP Billion), 2013–2018
Figure 30: Philippine Personal Accident and Health Insurance – Investment Portfolio (PHP Billion), 2009–2013
Figure 31: Philippine Personal Accident and Health Insurance – Investment Portfolio (Percentage Share), 2009 and 2013
Figure 32: Philippine Personal Accident and Health Insurance Penetration (%), 2009–2013
Figure 33: Philippine Personal Accident and Health Insurance – Number of Policies Sold (Million), 2009–2013
Figure 34: Philippine Personal Accident and Health Insurance – Number of Policies Sold (Million), 2013–2018
Figure 35: Philippine Personal Accident and Health Insurance – Premium Per Capita (PHP), 2009–2013
Figure 36: Philippine Personal Accident Insurance – Gross Written Premium (PHP Billion), 2009–2013
Figure 37: Philippine Personal Accident Insurance – Gross Written Premium (PHP Billion), 2013–2018
Figure 38: Philippine Travel Insurance – Gross Written Premium (PHP Million), 2009–2013
Figure 39: Philippine Travel Insurance – Gross Written Premium (PHP Million), 2013–2018
Figure 40: Philippine Health Insurance – Gross Written Premium (PHP Billion), 2009–2013
Figure 41: Philippine Health Insurance – Gross Written Premium (PHP Billion), 2013–2018
Figure 42: Philippine Health Insurance – Direct Written Premium (PHP Billion), 2009–2013
Figure 43: Philippine Health Insurance – Direct Written Premium (PHP Billion), 2013–2018
Figure 44: Philippine Non-Life Health Insurance – Retentions (PHP Billion), 2009–2013
Figure 45: Philippine Non-Life Health Insurance – Retentions (PHP Billion), 2013–2018
Figure 46: Philippine Personal Accident and Health Insurance – Written Premium by Distribution Channel (Percentage Share), 2013 and 2018
Figure 47: Philippine Personal Accident and Health Insurance – Direct Marketing Commission Paid (PHP Million), 2009–2013
Figure 48: Philippine Personal Accident and Health Insurance – Direct Marketing Commission Paid (PHP Million), 2013–2018
Figure 49: Philippine Personal Accident and Health Insurance – New Business Gross Written Premium Through Direct Marketing (PHP Billion), 2009–2013
Figure 50: Philippine Personal Accident and Health Insurance – New Business Gross Written Premium Through Direct Marketing (PHP Billion), 2013–2018
Figure 51: Philippine Personal Accident and Health Insurance – Policies Sold Through Direct Marketing (Thousand), 2009–2013
Figure 52: Philippine Personal Accident and Health Insurance – Policies Sold Through Direct Marketing (Thousand), 2013–2018
Figure 53: Philippine Personal Accident and Health Insurance – Number of Direct Marketing Distributors, 2009–2013
Figure 54: Philippine Personal Accident and Health Insurance – Number of Direct Marketing Distributors, 2013–2018
Figure 55: Philippine Personal Accident and Health Insurance – Bancassurance Commission Paid (PHP Million), 2009–2013
Figure 56: Philippine Personal Accident and Health Insurance – Bancassurance Commission Paid (PHP Million), 2013–2018
Figure 57: Philippine Personal Accident and Health Insurance – New Business Gross Written Premium Through Bancassurance (PHP Billion), 2009–2013
Figure 58: Philippine Personal Accident and Health Insurance – New Business Gross Written Premium Through Bancassurance (PHP Billion), 2013–2018
Figure 59: Philippine Personal Accident and Health Insurance – Policies Sold Through Bancassurance (Thousand), 2009–2013
Figure 60: Philippine Personal Accident and Health Insurance – Policies Sold Through Bancassurance (Thousand), 2013–2018
Figure 61: Philippine Personal Accident and Health Insurance – Number of Bancassurance Distributors, 2009–2013
Figure 62: Philippine Personal Accident and Health Insurance – Number of Bancassurance Distributors, 2013–2018
Figure 63: Philippine Personal Accident and Health Insurance – Commission Paid to Agencies (PHP Billion), 2009–2013
Figure 64: Philippine Personal Accident and Health Insurance – Commission Paid to Agencies (PHP Billion), 2013–2018
Figure 65: Philippine Personal Accident and Health Insurance – New Business Gross Written Premium Through Agencies (PHP Billion), 2009–2013
Figure 66: Philippine Personal Accident and Health Insurance – New Business Gross Written Premium Through Agencies (PHP Billion), 2013–2018
Figure 67: Philippine Personal Accident and Health Insurance – Policies Sold Through Agencies (Million), 2009–2013
Figure 68: Philippine Personal Accident and Health Insurance – Policies Sold Through Agencies (Million), 2013–2018
Figure 69: Philippine Personal Accident and Health Insurance – Number of Agencies, 2009–2013
Figure 70: Philippine Personal Accident and Health Insurance – Number of Agencies, 2013–2018
Figure 71: Philippine Personal Accident and Health Insurance – E-Commerce Commission Paid (PHP Million), 2009–2013
Figure 72: Philippine Personal Accident and Health Insurance – E-Commerce Commission Paid (PHP Million), 2013–2018
Figure 73: Philippine Personal Accident and Health Insurance – New Business Gross Written Premium Through E-Commerce (PHP Million), 2009–2013
Figure 74: Philippine Personal Accident and Health Insurance – New Business Gross Written Premium Through E-Commerce (PHP Million), 2013–2018
Figure 75: Philippine Personal Accident and Health Insurance – Policies Sold Through E-Commerce (Thousand), 2009–2013
Figure 76: Philippine Personal Accident and Health Insurance – Policies Sold Through E-Commerce (Thousand), 2013–2018
Figure 77: Philippine Personal Accident and Health Insurance – Number of E-Commerce Distributors, 2009–2013
Figure 78: Philippine Personal Accident and Health Insurance – Number of E-Commerce Distributors, 2013–2018
Figure 79: Philippine Personal Accident and Health Insurance – Commission Paid to Brokers (PHP Billion), 2009–2013
Figure 80: Philippine Personal Accident and Health Insurance – Commission Paid to Brokers (PHP Billion), 2013–2018
Figure 81: Philippine Personal Accident and Health Insurance – New Business Gross Written Premium Through Brokers (PHP Billion), 2009–2013
Figure 82: Philippine Personal Accident and Health Insurance – New Business Gross Written Premium Through Brokers (PHP Billion), 2013–2018
Figure 83: Philippine Personal Accident and Health Insurance – Policies Sold Through Brokers (Million), 2009–2013
Figure 84: Philippine Personal Accident and Health Insurance – Policies Sold Through Brokers (Million), 2013–2018
Figure 85: Philippine Personal Accident and Health Insurance – Number of Brokers, 2009–2013
Figure 86: Philippine Personal Accident and Health Insurance – Number of Brokers, 2013–2018
Figure 87: Philippine Personal Accident and Health Insurance – Commission Paid to Other Channels (PHP Million), 2009–2013
Figure 88: Philippine Personal Accident and Health Insurance – Commission Paid to Other Channels (PHP Million), 2013–2018
Figure 89: Philippine Personal Accident and Health Insurance – New Business Gross Written Premium Through Other Channels (PHP Million), 2009–2013
Figure 90: Philippine Personal Accident and Health Insurance – New Business Gross Written Premium Through Other Channels (PHP Million), 2013–2018
Figure 91: Philippine Personal Accident and Health Insurance – Policies Sold Through Other Channels (Thousand), 2009–2013
Figure 92: Philippine Personal Accident and Health Insurance – Policies Sold Through Other Channels (Thousand), 2013–2018
Figure 93: Philippine Personal Accident and Health Insurance – Number of Distributors in Other Channels, 2009–2013
Figure 94: Philippine Personal Accident and Health Insurance – Number of Distributors in Other Channels, 2013–2018
Figure 95: Philippines – Insurance Regulatory Framework
Figure 96: Philippines – Insurance Supervision and Control at Various Levels
Figure 97: Philippines – Insurance Regulatory Frameworks for Company Registration and Operation
Figure 98: Philippine Stock Exchange (PSE) Market Capitalization (US$ Billion), 2008–2012
Figure 99: Philippine GDP at Constant Prices (US$ Billion), 2008–2012
Figure 100: Philippine GDP Per Capita at Constant Prices (US$), 2008–2012
...

COMPANIES MENTIONED

Philippines Health Insurance Corporation
Blue Cross Insurance, Inc
Malayan Insurance Company, Inc.
Prudential Guarantee and Assurance, Inc.
BPI/MS Insurance Corporation
Pioneer Insurance & Surety Corporation
Charter Ping An (Philippine Charter Ins. Corp.)
Federal Phoenix Assurance Co., Inc.
UCPB General Insurance Company, Inc.
Sun Life of Canada (Philippines ), Inc.

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