Boston, MA -- (ReleaseWire) -- 06/02/2014 -- The Philippines insurance market will continue to be one of the fastest growing in the region. 2013 saw growth of over 42% in the life sector, albeit from a low base of USD2.85bn in 2012. The non-life sector is even smaller and growing at a much slower pace, at USD1.15bn in 2013 it is smaller than Vietnam's and less than 20% the size of Thailand's.
Life segment growth of 42% in 2013 is far below the initial estimates prompted by over-zealous reports for the first three quarters of the year. However, it remains a promising growth market and is the fastest growing in the South East Asian region (excluding the newly-formed Cambodian life market). However, at a little of USD40 per person, life insurance density remains low and will only reach USD80 in 2018. By comparison, Thai life insurance density was over USD200 per person in 2013 and Indonesia's USD55 and growing quickly. The segment remains dominated by the top 5 players, controlling over 60% of gross premiums
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The non-life sector grew at a faster pace than previously expected in 2013, with initial reports indicating 18% growth to USD1.4bn. No further breakdown has been released, but we expect to see growth in the motor insurance and health and personal accident lines. Insurance penetration passed 0.5% of GDP for the first time since 2004, a level far below that of Thailand, but roughly similar to Vietnam. Pioneer and Charter Ping An stand out as two domestic insurers that will exhibit strong growth over the next five years, particularly if regulatory developments continue to assist the market.
Key BMI Forecasts:
- Total premiums to grow to USD6.0bn by 2014.
- Life premiums grew by 43% in 2013 and will grow by 19% in 2014 to USD4.6bn.
- Non-life premium growth of USD2.0bn is forecast to 2018, only USD19 per capita.
- Motor vehicle insurance within this to grow to USD406mn.
- Moderate decline to USD117mn in 2014 in transport insurance.
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