Non-Life Insurance in Philippines, Key Trends and Opportunities to 2018

Date: 2015-09

“In terms of gross written premium, the Philippine non-life segment grew at a review-period CAGR of 11.3%. This growth was supported by the property and motor insurance categories, which are also the segmentโ€™s largest categories in terms of gross written premium. These categories registered double-digit growth during the review period, and contributed to the segmentโ€™s overall growth. The Philippine economy flourished due to the booming business processing outsourcing (BPO) and information technology (IT) sectors, which led to the rise of the middle-class population. The countryโ€™s high frequency of natural disasters created high awareness of insurance among Filipino consumers.
Non-life insurers, however, face a major challenge to meet the huge damages caused by natural disasters, as well a large tax burden. These, along with increasing capital requirements for insurers, are projected to challenge the growth and consolidate the non-life segment over the forecast period. However, insurersโ€™ efforts to provide innovative products for middle-class and niche savers, along with encouragement to save among Filipino consumers are projected to supplement the segmentโ€™s growth over the forecast period.”

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