Life Insurance in Philippines, Key Trends and Opportunities to 2018

Date: 2015-09

“The Philippine insurance industry recorded strong annual growth rates of 27.8% in 2012 and 31.0% in 2013. Industry growth was primarily driven by the life segment, which posted 36.4% growth in 2012 and 39.6% in 2013. Sales of life insurance registered healthy growth from 2010, primarily driven by the countryโ€™s rising middle-class population, increased urbanization and the underpenetrated life insurance segment. Other factors contributing to the segmentโ€™s robust growth in 2013 included the easing of bancassurance regulations by the central bank, and rising stock market returns. These drivers created demand for life insurance products, to which companies implemented strategic reforms such as expansion of distribution networks and providing innovative products to maximize profits.
Efforts by insurers to increase their market shares are projected to supplement the growing demand for life insurance over the forecast period (2013โˆ’2018). The countryโ€™s middle-class population is expanding, and, coupled with recovery in the global markets, is projected to support the growth of the life segment.


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