Executive summary

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Scope

• This report provides a comprehensive analysis of the reinsurance market in the Philippines:
• It provides historical values for the Philippines’ reinsurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
• It offers a detailed analysis of the key sub-segments in the Philippines’ reinsurance market, along with market forecasts until 2016
• It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in the Philippines and its growth prospects
• It profiles the top reinsurance companies in the Philippines

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Key highlights

• The Philippine reinsurance segment declined in 2009 as a result of the global economic crisis, before recovering and recording annual growth in 2010 and in 2011.
• During the review period, the Philippine reinsurance segment was dominated by National Reinsurance Corporation of the Philippines.
• Growth in the direct insurance segments, including life, non-life, and personal accident and health insurance, is expected to drive the reinsurance segment over the forecast period.
• As insurance companies tend to share some proportion of their risk with reinsurers, this creates significant opportunities for reinsurance companies operating in the Philippines.

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Reasons to buy

• Make strategic business decisions using in depth historic and forecast market data related to the Philippine reinsurance market and each sector within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Philippine reinsurance market
• Assess the competitive dynamics in the reinsurance market
• Identify the growth opportunities and market dynamics within key product categories
• Gain insights into key regulations governing the Philippine insurance market and its impact on companies and the market's future

Table of contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Philippine Insurance Industry Attractiveness
3.1 Insurance Industry Market Size, 2007–2016
3.2 Reinsurance Growth Dynamics and Challenges
3.2.1 Reinsurance market size, 2007–2016
3.2.2 Reinsurance market size by type of insurance, 2007–2016
4 Key Industry Trends and Drivers
4.1 Fundamental Business Drivers
4.2 Life Insurance Segment Drivers
4.3 Non-Life Insurance Segment Drivers
4.4 Personal Accident and Health Insurance Segment Drivers
4.5 Recent Market Developments
5 Competitive Landscape and Strategic Insights
5.1 Overview
5.2 Leading Companies in the Philippine Reinsurance Segment
5.3 National Reinsurance Corporation of the Philippines – Company Overview
5.3.1 National Reinsurance Corporation of the Philippines – key facts
5.3.2 National Reinsurance Corporation of the Philippines – key financials
6 Business Environment and Country Risk
6.1 Business Confidence
6.1.1 Business confidence indicator
6.1.2 Market capitalization trend – Philippine Stock Exchange, Philippines
6.1.3 FDI inflows
6.2 Economic Performance
6.2.1 GDP at constant prices (US dollars)
6.2.2 GDP per capita at constant prices (US dollars)
6.2.3 GDP at current prices (US dollars)
6.2.4 GDP per capita at current prices (US dollars)
6.2.5 GDP by key segments
6.2.6 Agricultural net output at current prices (Philippine pesos)
6.2.7 Agricultural net output at current prices (US dollars)
6.2.8 Agricultural net output at current prices as a percentage of GDP
6.2.9 Manufacturing net output at current prices (Philippine pesos)
6.2.10 Manufacturing net output at current prices (US dollars)
6.2.11 Manufacturing net output at current prices as a percentage of GDP
6.2.12 Mining, manufacturing and utilities net output at current prices (Philippine pesos)
6.2.13 Mining, manufacturing and utilities at current prices (US dollars)
6.2.14 Mining, manufacturing and utilities at current prices, as percentage of GDP
6.2.15 Construction net output at current prices (Philippine pesos)
6.2.16 Construction net output at current prices, (US dollars)
6.2.17 Construction net output at current prices as a percentage of GDP
6.2.18 Inflation rate
6.2.19 Fiscal balance as a percentage of GDP
6.2.20 Current account balance as a percentage of GDP
6.2.21 Exports as a percentage of GDP
6.2.22 Imports as a percentage of GDP
6.2.23 Exports growth
6.2.24 Imports growth
6.2.25 External debt as a percentage of GDP
6.2.26 Annual average exchange rate US$–PHP
6.2.27 End-of-period exchange rate US$–PHP
6.3 Infrastructure Quality and Availability
6.3.1 Total airports and sea ports
6.3.2 Railways and roadways
6.3.3 Passenger vehicle sales volume
6.3.4 Commercial vehicle sales volume
6.3.5 Automotive component exports trend
6.3.6 Automotive component imports trend
6.3.7 Passenger car penetration
6.3.8 Healthcare expenditure
6.3.9 Healthcare expenditure as a percentage of GDP
6.3.10 Healthcare expenditure per capita
6.3.11 Total internet subscribers
6.4 Labor Force
6.4.1 Labor force
6.4.2 Unemployment rate
6.5 Demographics
6.5.1 Annual disposable income
6.5.2 Annual per capita disposable income
6.5.3 Total population
6.5.4 Urban and rural populations
6.5.5 Female percentage of the population
6.5.6 Male percentage of the population
6.5.7 Mean age of the population
6.5.8 Median age of the population
6.5.9 Population density
6.5.10 Age distribution of the total population
6.5.11 Age distribution of the male population
6.5.12 Age distribution of the female population
6.5.13 Number of households
6.6 Political and Social Risk
6.6.1 Political stability
6.6.2 Terrorism index
6.6.3 Transparency index
7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

List of tables

Table 1: Insurance Industry Definitions
Table 2: Philippine Insurance – Overall Written Premium by Segment (PHP Billion), 2007–2011
Table 3: Philippine Insurance – Overall Written Premium by Segment (US$ Billion), 2007–2011
Table 4: Philippine Insurance – Overall Written Premium by Segment (PHP Billion), 2011–2016
Table 5: Philippine Insurance – Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: Philippine Insurance – Segmentation (% Share), 2007–2016
Table 7: Reinsurance Market in the Philippines by Category (PHP Billion), 2007–2011
Table 8: Reinsurance Market in the Philippines by Category (US$ Billion), 2007–2011
Table 9: Reinsurance Market in the Philippines by Category (PHP Billion), 2011–2016
Table 10: Reinsurance Market in the Philippines by Category (US$ Billion), 2011–2016
Table 11: Philippine Premium Ceded to Reinsurance by Type of Insurance (PHP Billion), 2007–2011
Table 12: Philippine Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2007–2011
Table 13: Philippine Premium Ceded to Reinsurance by Type of Insurance (PHP Billion), 2011–2016
Table 14: Philippine Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2011–2016
Table 15: Philippine Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 16: Philippine Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 17: Philippine Non-Life Insurance – Percentage of Reinsurance Ceded, 2007–2011
Table 18: Philippine Non-Life Insurance – Percentage of Reinsurance Ceded, 2011–2016
Table 19: Philippine Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 20: Philippine Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 21: Philippine Reinsurance Company, 2011
Table 22: National Reinsurance Corporation of the Philippines, Key Facts
Table 23: National Reinsurance Corporation of the Philippines, Key Financials (PHP Thousand)

List of figures

Figure 1: Philippine Insurance – Overall Written Premium by Segment (PHP Billion), 2007–2016
Figure 2: Philippine Insurance – Market Dynamics by Segment, 2007–2016
Figure 3: Philippine Premium Ceded to Reinsurance by Category (PHP Billion), 2007–2016
Figure 4: Philippine Premium Ceded to Reinsurance by Category (% Share), 2011 and 2016
Figure 5: Philippine Reinsurance – Market Dynamics by Category, 2007–2016
Figure 6: Philippine Premium Ceded to Reinsurance by Type of Insurance (PHP Billion), 2007–2016
Figure 7: Philippine Reinsurance Market Dynamics by Type of Insurance, 2007–2016
Figure 8: Philippine Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 9: Philippine Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 10: Philippine Non-Life Insurance – Percentage of Reinsurance Ceded, 2007–2011
Figure 11: Philippine Non-Life Insurance – Percentage of Reinsurance Ceded, 2011–2016
Figure 12: Philippine Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 13: Philippine Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 14: Philippine Business Confidence Indicator, Q1 2008–Q4 2011
Figure 15: Philippine Stock Exchange Market Capitalization (US$ Billion), 2007–2011
Figure 16: FDI Inflows (US$ Billion), 2007–2011
Figure 17: Philippine GDP at Constant Prices (US$ Billion), 2007–2011
Figure 18: Philippine GDP Per Capita at Constant Prices (US$), 2007–2011
Figure 19: Philippine GDP at Current Prices (US$ Billion), 2007–2011
Figure 20: Philippine GDP Per Capita at Current Prices (US$), 2007–2011
Figure 21: Philippine GDP by Key Segments (%) 2009 and 2011
Figure 22: Philippine Agricultural Net Output at Current Prices (PHP Billion), 2007–2011
Figure 23: Philippine Agricultural Net Output at Current Prices (US$ Billion), 2007–2011
Figure 24: Philippine Agricultural Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 25: Philippine Manufacturing Net Output at Current Prices (PHP Billion), 2007–2011
Figure 26: Philippine Manufacturing Net Output at Current Prices (US$ Billion), 2007–2011
Figure 27: Philippine Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 28: Philippine Mining, Manufacturing and Utilities Net Output at Current Prices (PHP Billion), 2007–2011
Figure 29: Philippine Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2011
Figure 30: Philippine Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 31: Philippine Construction Net Output at Current Prices (PHP Billion), 2007–2011
Figure 32: Philippine Construction Net Output at Current Prices (US$ Billion), 2007– 2011
Figure 33: Philippine Construction Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 34: Philippine Inflation Rate (%), 2007–2011
Figure 35: Philippine Fiscal Balance as a Percentage of GDP (%), 2007–2011
Figure 36: Philippine Current Account Balance as a Percentage of GDP(%), 2007–2011
Figure 37: Philippine Exports as a Percentage of GDP (%), 2007–2011
Figure 38: Philippine Imports as a Percentage of GDP (%), 2007–2011
Figure 39: Philippine Exports Growth (%), 2007–2011
Figure 40: Philippine Imports Growth (%), 2007–2011
Figure 41: Philippine External Debt as a Percentage of GDP (%), 2007–2011
Figure 42: Philippine Annual Average Exchange Rate US$–PHP, 2007–2011
Figure 43: Philippine End-of-Period Exchange Rate US$–PHP, 2007–2011
Figure 44: Total Number of Philippine Airports and Sea Ports, 2011
Figure 45: Philippine Railways and Roadways (Kilometers), 2011
Figure 46: Philippine Passenger Vehicle Sales, 2007–2011
Figure 47: Philippine Commercial Vehicle Sales, 2007–2011
Figure 48: Philippine Automotive Component Exports (US$ Billion), 2007–2011
Figure 49: Philippine Automotive Component Imports (US$ Billion), 2007–2011
Figure 50: Philippine Passenger Car Penetration (per Thousand People), 2007–2011
Figure 51: Philippine Healthcare Expenditure (US$ Billion), 2007–2011
Figure 52: Philippine Healthcare Expenditure as a Percentage of GDP (%), 2007–2011
Figure 53: Philippine Per Capita Healthcare Expenditure (US$), 2007–2011
Figure 54: Philippine Internet Subscriptions (Millions), 2007–2011
Figure 55: Philippine Size of Labor Force in 15–59 Age Group (Million), 2007–2011
Figure 56: Philippine Unemployment Rate (%), 2007–2011
Figure 57: Philippine Annual Disposable Income (US$ Billion), 2007–2011
Figure 58: Philippine Annual Per Capita Disposable Income (US$), 2007–2011
Figure 59: Philippine Total Population (Million), 2007–2011
Figure 60: Philippine Urban and Rural Population (%), 2007–2011
Figure 61: Philippine Females as a Percentage of the Population (%), 2007–2011
Figure 62: Philippine Male as a Percentage of the Population (%), 2007–2011
Figure 63: Philippine Mean Age of the Population (Years), 2007–2011
Figure 64: Philippine Median Age of the Population (Years), 2007–2011
Figure 65: Philippine Population Density (per Square Kilometer), 2007–2011
Figure 66: Philippine Population Distribution by Age (%), 2007–2011
Figure 67: Philippine Male Population Distribution by Age (%), 2007–2011
Figure 68: Philippine Female Population Distribution by Age (%), 2007–2011
Figure 69: Philippine Households, Number of (Million), 2007–2011
Figure 70: Global Terrorism Heat Map, 2011
Figure 71: Philippine Transparency Index, 2007–2011