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Published: Mar, 2017 | Pages:
117 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis
Timetric's 'Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Philippine personal accident and health insurance segment, and a comparison of the Philippine insurance industry with its regional counterparts. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Philippine economy and demographics, and provides detailed information on the competitive landscape in the country. The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Summary
Timetric's 'Personal Accident and Health Insurance in the Philippines, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Philippine personal accident and health insurance segment, including: • An overview of the Philippine personal accident and health insurance segment • The Philippine personal accident and health insurance segment's growth prospects by category • A comprehensive overview of the Philippine economy and demographics • A comparison of the Philippine personal accident and health insurance segment with its regional counterparts • The various distribution channels in the Philippine personal accident and health insurance segment • Details of the competitive landscape in the personal accident and health insurance segment in the Philippines • Details of regulatory policy applicable to the Philippine insurance industry
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 2011-2015 review period, and projected figures for the 2015-2020 forecast period. • It offers a detailed analysis of the key categories in the Philippine personal accident and health insurance segment, and market forecasts to 2020. • It provides a comparison of the Philippine personal accident and health insurance segment with its regional counterparts • It provides an overview of 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 growth opportunities and market dynamics in key product categories. • Gain insights into key regulations governing the Philippine insurance industry, and their impact on companies and the industry's future.
Key Highlights
• The personal accident and health segment accounted for 4.9% of the industry's direct written premium in 2015. • The health category accounted for 52.9% of the segment's direct written premium in 2015, followed by personal accident and health which accounted for 47.1%. • According to the new Republic Act No. 10607 of the Philippines, which was signed on August 15, 2013, the minimum paid-up capital for existing domestic insurers and reinsurers will continue to increase in phases until 2022. • Personal accident and health insurers are using social media and their own sites to develop dialogues with customers.
Table of Contents
1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Segment Outlook 4.1 Regional Comparison 4.2 Segment Indicators 4.2.1 Gross written premium and penetration 4.2.2 Profitability 4.2.3 Assets and investments 5 Outlook by Category 5.1 Personal Accident Insurance 5.1.1 Premium 5.1.2 Profitability 5.2 Health Insurance 5.2.1 Premium 5.2.2 Policies 5.2.3 Profitability 6 Distribution Channel Outlook 6.1 Analysis by Distribution Channel 7 Competitive Landscape 7.1 Company Profiles 7.1.1 Philippine Health Insurance Corporation - company overview 7.1.2 Pacific Cross Insurance, Inc. - company overview 7.1.3 Malayan Insurance Company Inc. - company overview 7.1.4 Prudential Guarantee and Assurance Inc. - company overview 7.1.5 BPI/MS Insurance Corporation - company overview 8 Governance, Risk and Compliance 8.1 Legislation Overview and Historical Evolution 8.2 Latest Changes in Regulation 8.3 Legislation and Market Practice by Type of Insurance 8.3.1 Life insurance 8.3.2 Property insurance 8.3.3 Motor insurance 8.3.4 Liability insurance 8.3.5 Marine, aviation and transit insurance 8.3.6 Personal accident and health insurance 8.4 Compulsory Insurance 8.4.1 Motor third-party liability insurance 8.4.2 Passenger personal accident insurance (PPAI) for public transport vehicles and ferry operators 8.4.3 Insurance coverage for ship passengers and cargo 8.4.4 Worker's compensation 8.4.5 National health insurance 8.4.6 Insurance cover for overseas Filipino workers 8.4.7 Professional indemnity insurance for insurance and reinsurance brokers 8.4.8 Civil liability insurance for businesses 8.4.9 Oil pollution insurance 8.5 Supervision and Control 8.5.1 International Association of Insurance Supervisors 8.5.2 The Insurance Commission 8.5.3 The Philippine Life Insurance Association 8.5.4 The Philippine Insurers and Reinsurers Association 8.6 Non-Admitted Insurance Regulations 8.6.1 Overview 8.6.2 Intermediaries 8.6.3 Market practices 8.6.4 Fines and Penalties 8.7 Company Registration and Operations 8.7.1 Type of insurance organization 8.7.2 Establishing a local company 8.7.3 Foreign ownership 8.7.4 Types of license 8.7.5 Capital requirements 8.7.6 Solvency margin 8.7.7 Reserve requirements 8.7.8 Investment regulations 8.7.9 Statutory return requirements 8.7.10 Fee structure 8.8 Taxation 8.8.1 Insurance premium or policy taxation 8.8.2 Withholding taxes on premium paid overseas 8.8.3 Corporate tax 8.8.4 VAT 8.8.5 Captives 8.9 Legal System 8.9.1 Introduction 8.9.2 Access to court 8.9.3 Alternative dispute resolution 9 Databook 9.1 Policies and Premium 9.1.1 Claims and Expenses 9.1.2 Assets and Investments 9.1.3 Personal Accident Insurance 9.1.4 Health Insurance 9.1.5 Health Insurance by Product 10 Definitions and Methodology 10.1 Definitions 10.2 Methodology 11 About Timetric 11.1 Contact Timetric 11.2 About Timetric 11.3 Timetric's Services 11.4 Disclaimer
List of Tables
Table 1: Philippine Personal Accident and Health Insurance - Key Facts, 2015 Table 2: Philippine Personal Accident and Health Insurance - Top Insurers, 2015 Table 3: Philippine Government Credit Ratings Table 4: Philippine Personal Accident and Health Insurance - Gross Written Premium (PHP Billion and US$ Million), 2011-2015 Table 5: Philippine Personal Accident and Health Insurance - Penetration (%), 2011-2015 Table 6: Philippine Personal Accident and Health Insurance - Gross Written Premium (PHP Billion and US$ Million), 2015-2020 Table 7: Philippine Personal Accident and Health Insurance - Penetration (%), 2015-2020 Table 8: Philippine Personal Accident and Health Insurance - Premium per Capita (PHP and US$), 2011-2015 Table 9: Philippine Personal Accident and Health Insurance - Premium per Capita (PHP and US$), 2015-2020 Table 10: Philippine Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2015 Table 11: Philippine Personal Accident and Health Insurance - Profitability Ratio (%), 2015-2020 Table 12: Philippine Personal Accident and Health Insurance - Total Assets (PHP Billion and US$ Billion), 2011-2015 Table 13: Philippine Personal Accident and Health Insurance - Total Assets (PHP Billion and US$ Billion), 2015-2020 Table 14: Philippine Personal Accident and Health Insurance - Total Investment Income (PHP Million and US$ Million), 2011-2015 Table 15: Philippine Personal Accident and Health Insurance - Total Investment Income (PHP Billion and US$ Million), 2015-2020 Table 16: Philippine Personal Accident and Health Insurance - Investment Portfolio (PHP Billion), 2011-2015 Table 17: Philippine Personal Accident and Health Insurance - Investment Portfolio (PHP Billion), 2015-2020 Table 18: Philippine Personal Accident and Health Insurance - Direct Written Premium by Category (PHP Billion),2011-2015 Table 19: Philippine Personal Accident and Health Insurance - Direct Written Premium by Category (PHP Billion), 2015-2020 Table 20: Philippine Personal Accident Insurance - Direct Written Premium (PHP Billion and US$ Million), 2011-2015 Table 21: Philippine Personal Accident Insurance - Direct Written Premium (PHP Billion and US$ Million), 2015-2020 Table 22: Philippine Personal Accident Insurance - Loss Ratio (%), 2011-2015 Table 23: Philippine Personal Accident Insurance - Loss Ratio (%), 2015-2020 Table 24: Philippine Health Insurance - Direct Written Premium by Sub-Category (PHP Billion), 2011-2015 Table 25: Philippine Health Insurance - Direct Written Premium by Sub-Category (PHP Billion), 2015-2020 Table 26: Philippine Personal Accident Insurance - Number of Policies Sold (Thousand), 2011-2015 Table 27: Philippine Personal Accident Insurance - Number of Policies Sold (Thousand), 2015-2020 Table 28: Philippine Health Insurance - Loss Ratio (%), 2011-2015 Table 29: Philippine Health Insurance - Loss Ratio (%), 2015-2020 Table 30: Philippine Personal Accident and Health Segment - Top Insurers, 2015 Table 31: Philippine Health Insurance Corporation - Key Facts Table 32: Pacific Cross Insurance, Inc. - Key Facts Table 33: Malayan Insurance Co., Inc., - Key Facts Table 34: Malayan Insurance Company Inc., - Key Financials (PHP Million), 2011-2015 Table 35: Prudential Guarantee & Assurance Inc. - Key Facts Table 36: Prudential Guarantee & Assurance Inc. - Key Financials (PHP Million), 2011-2015 Table 37: BPI/MS Insurance Corporation - Key Facts Table 38: BPI/MS Insurance Corporation - Key Financials (PHP Million), 2011-2015 Table 39: The Philippines - Insurance Regulatory Framework Key Features Table 40: The Philippines - Life Insurance Regulatory Framework Table 41: The Philippines - Property Insurance Regulatory Framework Table 42: The Philippines- Motor Insurance Regulatory Framework Table 43: The Philippines - Liability Insurance Regulatory Framework Table 44: The Philippines - Premiums for Motor Third-party Liability Insurance Table 45: The Philippines - Premium for Passenger Personal Accident Insurance Table 46: The Philippines - Benefits of Passenger Personal Accident Insurance Table 47: The Philippines - Benefits of Insurance Coverage for Ship Passengers and Cargo Table 48: The Philippines - Premiums for Reserve Computation Table 49: The Philippines- Liability Limits of Oil Pollution Insurance Table 50: The Philippines - Treaty and Premium Cession Limits for Outward Reinsurance Arrangements for Non-life Insurers Table 51: The Philippines - Financial Strength Rating Table 52: The Philippines - Insolvency Regulations Table 53: The Philippines - Stamp Taxes on Life Insurance Policies Table 54: The Philippines - Corporate Tax Rates for the Financial Year 2016 Table 55: Philippine Personal Accident and Health Insurance Industry - Policies and Premium, 2011-2015 Table 56: Philippine Personal Accident and Health Insurance Industry - Policies and Premium, 2015-2020 Table 57: Philippine Personal Accident and Health Insurance - Claims and Expenses, 2011-2015 Table 58: Philippine Personal Accident and Health Insurance - Claims and Expenses, 2015-2020 Table 59: Philippine Personal Accident and Health Insurance - Assets and Investments, 2011-2015 Table 60: Philippine Personal Accident and Health Insurance - Assets and Investments, 2015-2020 Table 61: Philippine Personal Accident and Health Insurance - Personal Accident Insurance, 2011-2015 Table 62: Philippine Personal Accident and Health Insurance - Personal Accident Insurance, 2015-2020 Table 63: Philippine Personal Accident and Health Insurance - Health Insurance, 2011-2015 Table 64: Philippine Personal Accident and Health Insurance - Health Insurance, 2015-2020 Table 65: Philippine Personal Accident and Health Insurance - Health by Product, 2011-2015 Table 66: Philippine Personal Accident and Health Insurance - Health by Product, 2015-2020 Table 67: Insurance Industry Definitions
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